Interventional Oncology Devices Market Industry Growth, Trend, Drivers, Challenges, Key Companies by 2027
The rising government initiatives and the increasing preference for minimally invasive procedures are driving the demand for the market.
According to a recent report by Emergen Research, the global market for interventional oncology devices is expected to reach USD 3.11 billion by 2027. The demand for minimally invasive therapies is likely to increase, which will lead to a growth in the global market for interventional oncology devices. Government efforts to promote Interventional Oncology are expected to increase, which will accelerate market expansion. Additionally, the market growth is anticipated to be boosted by the gadgets’ increasing technological advancements.
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 utilised as an efficient way to remove cancerous lymph nodes and tumours 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.
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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.
Sirtex Medical Limited announced a strategic investment in Nanospectra Biosciences, Inc. in September 2020. The investment will provide funding for further development of Nanospectra’s top prostate cancer tissue ablation technology, AuroLase. AuroLase is the first and only ultra-focal ablation therapy designed to increase treatment effectiveness while minimising side effects from anaesthesia, chemotherapy, and alternative focal therapies. The company’s unique AuroShells nanoparticle method is used in this therapy to eliminate solid cancer tumours while minimising harm to surrounding healthy tissue.
Key participants 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., and Cook Medical Inc., among others.
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)
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
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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