Global Interventional Oncology market size is expected to surpass around US$ 4.7 Billion by 2027.

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Latest Study on “Interventional Oncology Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Interventional Oncology market size is expected to be worth around US$  4.7 billion by 2027, according to a new report by nova one advisor.

The global Interventional Oncology market size was valued at US$ 1.7 billion in 2020 and is anticipated to grow at a CAGR of 7.2% during forecast period 2021 to 2027.

Overview of Interventional Oncology Market Study

Interventional Oncology market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The global interventional oncology market offers significant growth potential for prominent as well as emerging product manufacturers. Technological advancements, rising incidence of oncology and increased funding and public-private investments are some of the key factors driving the growth of the interventional oncology market. Rapid economic development and increasing healthcare expenditure in several emerging countries such as China, India, Brazil, and Mexico are expected to improve access to quality healthcare in these countries. This is considered a positive indicator for the growth of the interventional oncology market.

Interventional oncology  Market Dynamics

Driver: Rising patient preference for minimally invasive procedures

In recent years, the demand for minimally invasive procedures has witnessed a significant increase owing to the advantages offered by these procedures over traditional treatment procedures. The key advantages of minimally invasive procedures include fewer operative complications, shorter hospitalization, less pain, smaller and more cosmetic incisions, lower risk of infection, reduced post-operative care, and quicker recovery. Minimally invasive procedures make use of advanced technologies to diagnose and treat various diseases, including cancer. These procedures are used as an effective approach to removing cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy as well as in accurate staging studies. This, in turn, helps surgeons in making an appropriate and exact cancer treatment plan. The adoption of minimally invasive techniques also results in significant cost savings. The key players in the interventional oncology market are increasingly focusing on launching novel technologically advanced products. Innovation in this market focuses on developing economical, technologically advanced, and easy-to-use interventional oncology systems. Such advancements focus on improving the functionality of interventional oncology systems and on expanding their application areas, thereby driving the demand for these systems among end users

Restraint: Dearth of well-trained and skilled radiologists and oncologists

The interventional oncology market is witnessing continuous technological innovations and advancements to make the devices and techniques more accurate and specific. However, interventional oncology is a technique wherein high standards can only be achieved and maintained by full-time specialists. As a result, the shortage of well-trained and skilled radiologists and oncologists is expected to affect the growth of the interventional oncology market. For instance, a shortage of more than 2,300 medical oncologists is expected in the US by 2025 (Source: Journal of Global Oncology). The effect of this factor will be more pronounced in developing and underdeveloped regions. One of the major obstacles in delivering care for patients with curable cancers in the sub-Saharan African region is the shortage of medical oncologists, radiation oncologists, and other healthcare workers required for cancer care. Similarly, India is also facing an acute shortage of oncologists, radiotherapists, and surgical oncologists. With 1.8 million cancer patients in the country, only one oncologist treats every 2,000 patients. This shortage of oncologists and radiologists in several countries across the globe is expected to affect the adoption of interventional oncology procedures in their respective healthcare systems despite the presence of a large target patient population.

Opportunity: Emerging economies offer high growth potential

Rapid economic development and increasing healthcare expenditure in several emerging countries such as China, India, Brazil, and Mexico are expected to improve access to quality healthcare in these countries. This is considered a positive indicator for the growth of the interventional oncology market.

The rising incidence of cancer in these countries results in a growth in the demand for various interventional oncology products and procedures. According to GLOBOCAN 2018, there were 609,596 new liver cancer cases in the Asian region in 2018, and this figure is projected to increase by 142,982 by 2025. As a result of the growing disease burden, governments in several emerging countries invest heavily in the development and modernization of their respective healthcare infrastructures. For instance, the healthcare expenditure in China increased in 2016, as fiscal spending on healthcare grew by 10% year-on-year. According to the National Health and Family Planning Commission (NHFPC), the health budget of China for 2016 was USD 0.18 trillion. Likewise, the Indian government has initiated the Ayushman Bharat scheme, through which the government will provide USD 7,030 (INR 5 lakh) per family per year to a population of over 500 million. This scheme will provide a comprehensive screening to individuals over the age of 30 for several diseases, including cancer.

Challenge: Limited clinical data to support therapeutic efficacy

For a treatment to be implemented as a standard of care, there is a requirement of rigorous safety data from Phase I trials, demonstrated efficacy from Phase II trials, and evaluation of clinical outcomes better than available treatments from randomized, controlled Phase III trials. However, in interventional oncology procedures, conducting well-controlled clinical trials is difficult due to the lack of established methodologies. For instance, chemoembolization is the most commonly used procedure for hepatocellular carcinoma. However, the clinical evidence supporting chemoembolization is weak, and the clinical benefits derived through the current trials are lower than the other available treatment options for cancer.

Thus, the limited clinical evidence supporting the benefits of interventional oncology as well as incorporating strategies to improve the therapeutic outcomes and safety of interventional oncology practices are considered key challenges for the growth of this market during the forecast period.

The embolization devices segment to witness the highest share in interventional oncology market, by product, during the forecast period.

In 2020, embolization devices accounted for a share of the interventional oncology market. Embolization devices include non-radioactive embolic agents and radioembolic agents. Although these devices are primarily employed to treat hepatocellular carcinoma, their use has been widely extended to various other forms of cancer. These devices are used when tumors cannot be treated using ablation techniques and in cases where the tumor size is large. They are also used in palliative procedures and as a pre-operative procedure to improve the outcome of liver resection.

Embolic agents include radioembolic agents and non-radioactive embolic agents. Non-radioactive embolic agents include gelatin foam, tris-acryl gelatin microspheres, and polyvinyl alcohol (PVA). Gelatin foam is a non-radioactive embolic agent and is considered a temporary embolic agent whose effect is relatively shorter. Other non-radioactive embolic agents are considered permanent agents whose effects are seen for a longer period.

The liver cancer accounted for the largest share of the interventional oncology market, by application, in 2020.

Liver cancer accounted for the largest share of the interventional oncology market in 2020. Interventional oncology plays a crucial role in treating liver cancer, as removing the tumor with surgery may not leave the tissue healthy enough for effective liver functioning. Thus, primary liver tumors or liver tumors resulting from metastatic cancers can effectively be treated using interventional oncology procedures. Owing to this, more than half of all treatments for primary and metastatic liver cancer are conducted using interventional oncology.

The large share of this segment can be attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities to develop advanced liver cancer therapies using interventional oncology. In addition, initiatives in the form of grants and funding for the development of advanced therapies using interventional oncology also fuel market growth.

The Hospitals & diagnostic centers segment accounted for the largest share of the interventional oncology market, by end users, in 2020

Hospitals & diagnostic centers accounted for the largest share of the interventional oncology market in 2020. The availability of state-of-the-art facilities for treating disorders and injuries and trained personnel has ensured a steady demand for hospital-based care. The inflow of patients is considerably higher in hospitals than in other healthcare settings, which is another key driver for market growth.

Hospitals routinely conduct a wide range of surgical procedures, and most of these surgeries are performed in hospital in-patient settings. Growth in this segment is primarily attributed to the growing number of minimally invasive surgeries and electrosurgery procedures performed in hospitals and the adoption of robotic surgery.

The Asia Pacific market to grow at the highest CAGR during the forecast period.

The interventional oncology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Government efforts to increased funding , supportive regulations for the development and commercialization of advanced interventional oncology products, rising healthcare expenditure, increasing number of hospitals and clinics in India and China, expanding research base across India, China, and Japan, and the increasing incidence of surgeries are the major factors driving the growth of the APAC  interventional oncology market.

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COVID-19 Impact on Interventional Oncology Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Interventional Oncology market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Interventional Oncology market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Interventional Oncology market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Interventional Oncology market include:

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), and ALPINION MEDICAL SYSTEMS (South Korea).

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Product

  •  Embolization Devices
    • Radioembolic Agents
    • Non-Radio embolic Agents
      • Microspheres
      • Coated Beads
      • Microparticles
  • Ablation Devices
    • Radiofrequency (RF) Ablation Devices
    • Microwave Ablation Devices
    • Cryoablation Devices
    • Other Ablation Devices
  • Support Devices
    • Microcatheters
    • Guidewires

By Procedure

  • Thermal Tumor Ablation
  • Non-Thermal Tumor Ablation
  • Transcatheter Arterial Chemoembolization
  • Transcatheter Arterial Radioembolization/Selective Internal Radiation Therapy
  • Transcatheter Arterial Embolization/Bland Embolization

By Cancer Type

  • Liver Cancer
  • Lung Cancer
  • Bone Metastasis
  • Kidney Cancer
  • Breast Cancer
  • Prostate Cancer
  • Other Cancers

By End Users

  • Hospitals
  • Ambulatory Surgery Centers
  • Research & Academic Institutes

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/interventional-oncology-market

Why Buy this Report?

The purpose of Nova one advisor’s Interventional Oncology market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4414

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