The market crossed US$ 2,170.23 million mark in 2022 and is expected to hit US$ 3,752.12 million by 2030, recording a CAGR of 7.1% during the forecast period.
Market Dynamics
Rising breast, lung cancer, and liver cancer
According to the World Health Organization (WHO) data, breast cancer accounts for the most common malignant neoplasm among female patients, impacting 2.1 million women annually. Therefore, interventional radiology is a recent technique added constituting therapeutic and palliative tool for breast cancer metastatic disease, concerning mainly bone, liver, and lung metastases, usually with a combination of the therapies. On the other hand, the UCLA Health 2022 report states that lung cancer is the most prevalent form of cancer, with several types of non-small cell lung cancer involving squamous cell carcinoma, large cell carcinoma, and adenocarcinoma. Therefore, interventional radiology can treat or control lung cancer that is in only 1 area or that has metastasized (spread). The goal of adopting interventional radiology is to cure cancer or to relieve pain and discomfort by using special needles to apply heat, cold, lasers, or chemical agents to kill tumorous cancer cells. Such aforementioned factors are responsible for the adoption of interventional oncology treatment responsible for the influential growth of the global market during the forecast period of 2022-2028.
Market Opportunities:
Interventional Oncology-fastest growing field in interventional oncology
With rising minimally invasive oncology procedures being performed in the angina suite, interventional oncology is now the fastest growing field in interventional oncology, thereby increasing by 52% in the last nine years and expected to grow in the coming years. For records, the Siemens Healthineers report states that more than 10.6 million patients are diagnosed with cancer annually, among which more than 1,300,000 cases are lung cancer, 1,200,000 cases account for breast cancer, and 1,000,000 cases are colorectal cancer globally. Also, many cancer patients develop metastases that are largely not surgically treatable. Therefore, interventional oncology offers new treatment possibilities for such cancer patients.
Market Segmentation
Within the report, the market is segmented into product, procedure, cancer type, end user, and geography. On the basis of product, the market is segmented as embolization devices, ablation devices, and support devices. By procedure, the market is segregated as thermal tumor ablation, non-thermal tumor ablation, transcatheter arterial chemoembolization, transcatheter arterial radioembolization/selective internal radiation therapy, and transcatheter arterial embolization/bland embolization. By cancer type, the market is segregated as liver cancer, breast cancer, kidney cancer, lung cancer, and others. Further, by End user, the market is segmented as hospitals, ambulatory surgery centers, research & academic institutes, and Others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
COVID-19 impact on Interventional Oncology Market
According to the National Institute of Health (NIH) report, the COVID-19 pandemic has deeply impacted the activity of interventional oncology in hospitals and cancer centers. Further, the interventional department created a list of cases for the schedulers that could be automatically canceled or postponed. This involves procedures such as routine tube changes or functioning nephrostomy and biliary tubes, as well as thyroid biopsies for incidental nodules. For example, the U.S Department of Health and Human Services Office for civil rights scheduled cancer patients for interventional oncology patients suffering from a high risk of death from the novel coronavirus. Such cancellations and postponements resulted in an approximately 30% reduction in the case volume of our department. Such unstable situations resulted in sluggish growth of the interventional oncology market amid the pandemic during the forecast period of 2022-2028.
Recent strategic developments in interventional oncology market
The interventional oncology market has undergone several significant developments, and a few of these have been mentioned below:
The interventional oncology market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Medtronic; Boston Scientific Corporation; Terumo Europe NV; Teleflex Incorporated; Cook; Profound Medical; Ethicon (Johnson & Johnson Services, Inc.); Merit Medical; Siemens Healthineers; and Hologic, Inc. are among the prominent players operating in the market.
Target audience for the report:
Scope of the report:
In this report, the market has been segmented on the basis of:
The List of Companies
- Medtronic
- Boston Scientific Corporation
- Terumo Europe NV
- Teleflex Incorporated
- Cook
- Profound Medical
- Ethicon (Johnson & Johnson Services, Inc.)
- Merit Medical
- Siemens Healthineers
- Hologic, Inc.