According to Emergen Research, the global interventional oncology devices market size was USD 1.92 billion in 2019 and is expected to reach USD 3.11 Billion in 2027 and register a revenue CAGR of 6.6% during the forecast period, 2020-2027.
Emergen Research has published its latest report titled “Interventional Oncology Devices Market By Product Type (Support, Embolization, Ablation), By Process, By Cancer Type (Lung Cancer, Liver Cancer, Bone Cancer, Breast Cancer, Prostate Cancer, Kidney Cancer, Others), By Region Forecasts to 2027”
According to Emergen Research, the global interventional oncology devices market size was USD 1.92 billion in 2019 and is expected to reach USD 3.11 Billion in 2027 and register a revenue CAGR of 6.6% during the forecast period, 2020-2027.
Market Dynamics:
Interventional oncology (IO) is a branch of modern oncology that uses ultrasounds, X-rays, magnetic resonance imaging (MRI), computed tomography (CT) to guide tiny devices (such ablation electrodes) for targeted and precise treatment. IO therapies can be extremely beneficial to patients. Because the therapies are minimally invasive, it involves less discomfort, have fewer side effects, and take less time for recovery. Many IO operations can be done as an outpatient procedure, which frees up hospital beds and lowers expenses, and this is expected to drive market growth. Additionally, interventional oncology is now considered a vital component of modern oncology care, often considered as the “fourth pillar” of cancer treatment, supporting numerous surgical, medical, and radiation oncology therapies.
In addition, growing popularity of minimally invasive treatments, increasing number of cancer patients, rising healthcare funding, and increasing government focus on effective management of cancer worldwide are other factors expected to positively impact interventional oncology devices market revenue growth throughout the forecast period. However, high cost of surgeries, unfavorable government regulations, and lack of clinical evidence are factors expected to restrain interventional oncology devices market revenue growth over the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Embolization Segment Revenue to Expand at a Rapid CAGR:
Embolization segment is expected to register a rapid revenue CAGR as compared to other segments, over the forecast period owing to increasing preference of patients and healthcare professionals towards minimally invasive treatment as it provides immediate relief, less blood loss, fewer risk, and is cost effective. Embolization is a treatment that involves blocking blood flow in a specific location of the body.
Lung Cancer to Register Significant Revenue Growth:
Lung cancer segment is expected to dominate other segments over the forecast period attributed to increasing number of patients suffering from lung cancer and rising habit of smoking. According to 2021 report by World Health Organization (WHO), cancer is the largest cause of death gloablly, with approximately 10 million deaths reported in 2020. Breast (2.26 million cases) and lung (2.21 million cases) were the most widespread cancers (in terms of new cases) in 2020.
North America to Account for Largest Revenue Share:
North America is expected to register largest revenue share in the global market throughout the forecast period due to increasing prevalence of cancer, ongoing technological advancements in oncology devices and procedures, growing geriatric population, and rising government investments in healthcare. Further, rapid acceptance of technical innovations, and increasing minimally invasive procedures in hospitals and clinics are other factors expected to fuel revenue growth of the market in the countries such as Mexico, Canada and US of the region.
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Major Companies in the Market Include:
- Sirtex Medical Limited
- Teleflex Incorporated
- Boston Scientific Corporation
- INterface BIOmaterials B.V.
- Merit Medical Systems, Inc.
- BTG International Limited
- IMBiotechnologies Ltd.
- IceCure Medical Ltd
- HealthTronics, Inc.
- Cook Medical Inc.
For the purpose of this report, Emergen Research has segmented the global interventional oncology devices market on the basis of product type, process, cancer type, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Support
- Embolization
- Ablation
Process Outlook (Revenue, USD Billion; 2017-2027)
- Non-Thermal Tumor Ablation
- Thermal Tumor Ablation
- Transcatheter Arterial Radioembolization
- Transcatheter Arterial Chemoembolization
- Bland Embolization or Transcatheter Arterial Embolization
Cancer Type Outlook (Revenue, USD Billion; 2017-2027)
- Lung Cancer
- Liver Cancer
- Bone Cancer
- Breast Cancer
- Prostate Cancer
- Kidney Cancer
- Others
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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