Global Interventional Oncology Market Size, Share, Growth Analysis, By Therapy(Radiation Therapy, Ablation Devices), By Cancer Type(Liver Cancer, Kidney Cancer), By End-User(Hospitals, Ambulatory surgical centres), By Procedure([Embolization (TARE, TACE)), By Product Type(Embolization Devices, Ablation Devices) - Industry Forecast 2022-2028

The Global Interventional Oncology market is segmented based on Therapy, Cancer Type, End-User, Product Type, Procedures, Product Type, and Region. Based on Therapy the market is segmented into Radiation Therapy, Ablation Devices, Particle Embolization Devices. Based on End-User the market is segmented into Hospitals, Ambulatory surgical centres, Specialty clinics, Others. Based on Procedure the market is segmented into [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation))]. Based on Cancer Type the market is segmented into Liver Cancer, Kidney Cancer, Lung Cancer, Others. Based on Product Type the market is segmented into Embolization Devices, Ablation Devices, and Support Devices. Based on region the global Interventional Oncology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Analysis by Product Type

In 2021, hospitals held the largest share of the global interventional oncology market. The growing number of private hospitals in emerging markets, along with a huge pool of cancer patients visiting hospitals for diagnosis and treatment, is driving the expansion of this industry. According to the Commonwealth Fund, the overall number of hospitals in China has expanded dramatically over the previous decade, from around 29 thousand in 2016 to approximately 35.4 thousand in 2020. Shandong province had the most hospitals in China as of 2017, with 2,451 hospitals, followed by Sichuan province, which had 2,219 hospitals. In the same year, Chinese hospitals offered around 6.12 million hospital beds and approximately 11.75 million people were engaged in China's medical industry. In addition to the aforementioned causes, increased reimbursement for interventional oncology operations, improved healthcare infrastructure, and worldwide hospital accessibility are significant drivers driving the growth of the interventional oncology market in hospitals.

In 2021, North America held the largest share of the global interventional oncology market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. However, Asia-Pacific will be the fastest expanding regional market due to the region's faster economic expansion and increased government attention on the healthcare sector. Furthermore, government initiatives to develop healthcare facilities, rising cancer incidence and prevalence, rising awareness of overall health and treatment availability, increasing middle-class population and disposable income, increasing health insurance penetration, and a growing ageing population in the region are key factors driving the growth of the Asia-Pacific interventional oncology market.

Driver

• Patients' Preference for Least Invasive Therapies Is Growing

Because of the numerous advantages that these techniques have over traditional treatment methods, the demand for minimally invasive treatments has increased significantly in recent years. The primary advantages of minimally invasive treatments are fewer operating problems, shorter hospitalization, less discomfort, smaller and more aesthetic incisions, a lower risk of infection, less post-surgical care, and faster recovery. In minimally invasive treatments, advanced technologies are used to detect and treat a variety of disorders, including cancer. These techniques are used to remove cancer tumors and lymph nodes while leaving no visible scars. Minimally invasive procedures also help surgeons collect tissue for biopsy and staging investigations. As a result, surgeons can develop a more precise cancer treatment strategy. Minimally invasive procedures also result in significant cost savings. Leading interventional oncology market players are increasingly emphasizing the introduction of innovative technologically sophisticated products. The innovation in this market is focused on developing cost-effective, technologically sophisticated, and easy-to-use interventional oncology technologies. These advancements aim to improve the efficiency of interventional oncology systems while also broadening their application areas, thereby increasing end-user demand for these systems.

Restraint

• Scarcity of highly qualified and experienced radiologists and oncologists.

The interventional oncology industry is undergoing continual technical breakthroughs and improvements to improve the accuracy and specificity of equipment and treatments. However, interventional oncology is a method that requires full-time professionals to reach and maintain excellent standards. As a result, the interventional oncology industry is likely to suffer from a scarcity of well-trained and qualified radiologists and oncologists. In the United States, for example, a shortage of more than 2,300 medical oncologists is projected by 2025. (Source: Journal of Global Oncology). This aspect will have a greater impact on developing and impoverished regions. One of the biggest challenges in providing care for patients with treatable tumours in Sub-Saharan Africa is a paucity of medical oncologists, radiation oncologists, and other cancer-care personnel. Similarly, there is a severe scarcity of oncologists, radiotherapists, and surgical oncologists in India. Only one oncologist handles every 2,000 cancer patients in a country with 1.8 million cancer patients. Despite the availability of a large target patient population, the scarcity of oncologists and radiologists in numerous countries throughout the world is predicted to have an impact on the adoption of interventional oncology procedures in their individual healthcare systems.

The market's key players are undertaking various strategic initiatives such as the signing of a collaborations, new partnership agreement, mergers and acquisitions, geographic coverage, with the goal of strengthening their product portfolio and manufacturing capacities, thereby providing a competitive advantage. In 2021, Boston Scientific (US) led the worldwide interventional oncology market. To improve its market presence and product offerings, the corporation primarily relies on growth tactics such as acquisitions and expansions. The acquisition of BTG by the firm will help it increase its product portfolio in chemoembolization, radioembolization, and ablation treatments. Boston Scientific works hard to get regulatory and reimbursement approvals. As part of its long-term growth plan, the firm invests in both fast-growing and new areas in order to improve its position in the global healthcare sector.

Top Player's Company Profiles

• Medtronic (Ireland)
• Boston Scientific (US)
• BD (US)
• Terumo (Japan)
• Merit Medical (US)
• AngioDynamics (US)
• J&J (US)
• Teleflex (US)
• Cook Medical (US)
• HealthTronics (US)
• MedWaves (US)
• Sanarus (US)
• IMBiotechnologies (Canada)
• Trod Medical (US)
• IceCure Medical (Israel)
• Mermaid Medicals (Denmark)
• Interface Biomaterials BV (Netherlands)
• Guerbet (France)
• ABK Biomedical (Canada)
• Shape Memory Medical (US)
• Endo Shape (US)
• Monteris Medical (US)
• Instylla (US)
• Trisalus Lifesciences (US)
• Profound Medical Corp (Canada)
• Sirtex (US)
• Accuray (US)
• Baylis Medical (Canada)
• ALPINION MEDICAL SYSTEMS (South Korea)

Recent Development

• In September 2022, Philips announces significant development milestones for the world's first spectral detector Angio CT system. Leiden University Medical Centre has joined a global network of partners in the development of the Philips Spectral Angio CT suite and its application in clinical research, bringing spectral CT imaging technology into an integrated hybrid Angio CT suite with the goal of innovating a variety of treatment procedures.
• In September 2022, Merit Medical Systems, Inc. a global manufacturer and marketer of healthcare equipment, has announced the commercial launch of the Prelude Roadster Guide Sheath in the United States. The Merit Vascular-Peripheral Access portfolio now includes the Prelude Roadster, in addition to introducers and other devices such as access kits, vascular dilators, and accessories.
• In September 2022, Aster Hospitals Bengaluru, a subsidiary of Aster DM Healthcare, has established the Aster International Institute of Oncology (AIIO). This newly established institute will serve as a centre of excellence for the treatment of all malignancies under one roof.

• The organisations are now concentrating on improving performance by incorporating robotics technology into interventional oncology equipment. Robotic systems have improved accuracy and efficiency by combining image-based planning and navigation with the placement of various instruments for the targeted body part. Furthermore, the fast increase in cancer incidence worldwide, along with a growing desire for less invasive therapies, is boosting market growth throughout the projection period. In addition, increased government and private financing for cancer research, particularly for treatment devices that encourage early detection and enhance survival rates, has fuelled market expansion. Interventional Oncology therapies can be quite beneficial to patients.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information End-Users team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, we found that North America led the worldwide interventional oncology market, followed by Europe, APAC, Latin America, and MEA. Due to higher economic growth and more government emphasis on healthcare, Asia-Pacific will be the fastest-growing regional market. Government initiatives to develop healthcare facilities, rising cancer incidence and prevalence, rising awareness of overall health and treatment availability, increasing middle-class population and disposable income, increasing health insurance penetration, and a growing ageing population in the region are also driving market growth.