The global interventional oncology market was valued at USD 1.9 billion in 2031 and it is anticipated to grow further to USD 4.4 billion by 2031, at a CAGR of 8.8% during the forecast period.
Global Interventional Oncology Market report from Global Insight Services is the single authoritative source of intelligence on Interventional Oncology Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Market Trends and Drivers
Due to the benefits these procedures offer over conventional treatment methods, the demand for minimally invasive procedures has significantly increased in recent years. Fewer postoperative complications, a shorter hospital stay, less pain, smaller and more cosmetic incisions, a lower risk of infection, less post-operative care, and a speedier recovery time are the main benefits of minimally invasive procedures. Modern technology is used in minimally invasive procedures to identify and treat diseases like cancer. These techniques are utilized as an efficient way to remove cancerous lymph nodes and tumors without leaving scars. The collection of tissues for biopsies and precise staging tests are both made possible by minimally invasive surgical methods. In turn, this aids surgeons in developing a precise and appropriate cancer treatment strategy. Significant cost savings are also achieved through the use of minimally invasive procedures. The major competitors in the interventional oncology market are concentrating more and more on introducing cutting-edge products. The development of affordable, cutting-edge technology, and user-friendly interventional oncology systems is the main focus of innovation in this market. Such developments concentrate on enhancing the capability of interventional oncology systems and broadening their application domains, which raises end customers’ demand for these systems.
Market Restraints and Challenges
The interventional oncology industry is always experiencing technical developments and advancements that improve the precision and specificity of the equipment and treatments. However, full-time professionals are required to establish and maintain excellent standards in interventional oncology. The lack of qualified radiologists and oncologists is therefore anticipated to have an impact on the expansion of the interventional oncology industry. For instance, the US is predicted to experience a shortage of more than 2,300 medical oncologists by 2025. (Source: Journal of Global Oncology). This aspect will have a greater impact in developing and impoverished areas. The lack of medical oncologists, radiation oncologists, and other healthcare professionals needed for cancer care in the sub-Saharan African region is one of the main challenges to providing treatment for people with treatable tumors. Similar to this, there is a severe lack of oncologists, radiotherapists, and surgical oncologists in India. Only one oncologist handles every 2,000 cancer patients in the nation, which has 1.8 million cancer patients. Despite the existence of a sizable target patient population, it is anticipated that the shortage of oncologists and radiologists in a number of nations around the world will have an impact on the adoption of interventional oncology procedures in their individual healthcare systems.
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Global Interventional Oncology Market Segmentation
By Product
- Embolization Devices
- Ablation Devices
- Support Devices
By Procedure
- Thermal Tumor Ablation
- Non-Thermal Tumor Ablation
- Transcatheter Arterial Chemoembolization
- Transcatheter Arterial Radioembolization
- Transcatheter Arterial Embolization
Major Players in the Global Interventional Oncology Market
The key players studied in the report are 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), and IceCure Medical (Israel) among others.
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