Meticulous Research® – leading global market research company published a research report titled “Interventional oncology Market by Procedure [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation))], Product [Embolization (SIR-Spheres, TheraSpheres)], Application (Liver, Lung, Breast), and End User– Global Forecast to 2025”. According to this latest publication from Meticulous Research®, the global interventional oncology market is expected to grow at a CAGR of 7.7% from 2019 to reach $1,506.3 million by 2025. The high growth of interventional oncology market is mainly attributed to growing preference for minimally invasive treatment procedures, increasing incidence of cancer, rising number of hospitals, and technological advancements in the field of radiology. However, high cost and risks associated with the interventional oncology procedures and paucity of skilled healthcare professionals are the key factors expected to hinder the adoption of interventional oncology procedures.
Future looks bright for interventional oncology
The global interventional oncology market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025-by procedure (embolization [TARE, TACE], ablation thermal ablation [microwave, RF ablation]), by product (embolization [SIR-spheres, theraspheres], ablation), application (liver, lung, breast), end user (hospitals, ambulatory care center), and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of procedure, the embolization procedure segment accounted for the largest share of this market in 2018. The large share of this segment is mainly attributed to better clinical outcomes, high specificity towards tumor cells, and continuous advancements in embolization procedures and associated agents. In embolization segment, trans arterial radioembolization accounted for the largest share and is projected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to successful clinical outcomes and high efficiency due to localized radiation treatment & use of radioactive isotopes such as yttrium Y-90 in the procedure.
The interventional oncology procedures, on the basis of products are majorly classified into tumor embolization (radioactive embolic agents/radioembolic agents and non-radioactive embolic agents) and tumor ablation (generators and consumables & accessories). Due to localized & directed radiation and favorable reimbursement scenario for radioembolization procedures, radioactive embolic agents segment commanded the largest share of the global interventional oncology market in 2018. The key factors driving the growth of this market include the increasing accessibility to the embolization products, rising coverage of the product for reimbursement across the globe, and increasing incidence of cancer & related mortality.
On the basis of application, liver cancer accounted for the largest share of the global interventional oncology market in 2018. The major share of this segment is primarily attributed to the availability of wide range of embolization and ablation products globally for liver cancer treatment and growing prevalence of the disease and related mortality. Furthermore, this segment is also estimated to grow at the highest CAGR during the forecast period with rising diagnosis and treatment rate of the disease with growing awareness about the fatality and benefits of early diagnosis and treatment across the globe, and growing access to innovative products and their increasing coverage for reimbursement.
The hospitals segment accounted for the largest share in 2018. This is primarily attributed to large volume of interventional oncology procedures performed in hospitals. On the other hand, ambulatory care centers are expected to grow at the highest CAGR in the forecast period due to provision of cost-effective treatment procedures.
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This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and RoAPAC), Latin America, and Middle East & Africa. North America commanded the largest share of the global interventional oncology market in 2018, followed by Europe and Asia Pacific. However, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Growth in this market is expected to be driven by large pool of cancer patients; growing government focus on healthcare sector; increasing health insurance penetration; and increasing disposable income of the population that improved the access to diagnosis and treatment. In addition, favorable government policies and healthcare structural reforms are further expected to drive the market growth.
The key players operating in the global interventional oncology market are Boston Scientific Corporation, C. R. Bard, Inc., Medtronic plc, Cook Medical LLC, Merit Medical Systems, Inc., Profound Medical Corp, AngioDynamics, Inc., BTG plc, Terumo Corporation, HealthTronics, Inc., EDAP TMS S.A., Neuwave Medical, Inc., Sirtex Medical Limited, Trod Medical, Teleflex Incorporated, Sanarus Technologies Inc., IMBiotechnologies Ltd., MedWaves, Inc., and IceCure Medical Ltd.
Key questions answered in the report-
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