According to the new market research report “Interventional Oncology Market by Product (Radiofrequency, microwave, cryoablation, embolization, guidewires), Procedures (Thermal Ablation, Non-Thermal Ablation, TACE, TARE, TAE), Cancer (Liver, Lung, Kidney, Bone Metastasis) – Global Forecast to 2024“, published by MarketsandMarkets™, the Interventional Oncology Industry is projected to reach USD 2.9 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 6.8%.
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Rising preference for minimally invasive procedures, increasing public-private funding and government support for cancer research, technological advancements in the field of interventional oncology, and increasing government investments and funding for interventional oncology and related cancer research are some of the major factors driving the growth of this market.
The TARE/SIRT segment accounted for the largest share of the Interventional Oncology Market, by procedure, in 2018
Based on procedure, the Interventional Oncology Industry is segmented into thermal tumor ablation, non-thermal tumor ablation, transcatheter arterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE) or selective internal radiation therapy (SIRT), and transcatheter arterial embolization (TAE) or bland embolization. In 2018, the TARE/SIRT procedures segment accounted for the largest market share majorly due to the rising prevalence of cancer, increasing demand for minimally invasive procedures, growing adoption of embolization procedures, and the clinical efficacy of Yttrium-90 radioembolic agents (which are used in these procedures).
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Liver cancer segment to register the highest CAGR in the Interventional Oncology Industry, by application, during the forecast period
Based on cancer type, the Interventional Oncology Industry is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers (includes pediatric cancer, prostate cancer, and breast cancer). Growth in this segment can be attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using interventional oncology.
North America accounted for the largest share of the Interventional Oncology Market in 2018
The Interventional Oncology Industry is segmented into four regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Interventional Oncology Industry owing to factors such as the rising incidence of cancer, easy accessibility to interventional oncology, and the high adoption of technological advancements (owing to the significant per capita annual healthcare expenditure by the US government).
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The major players operating in the Interventional Oncology Market are Medtronic (Ireland), Boston Scientific (US), BTG plc (UK), Merit Medical Systems (US), and Terumo (Japan). The other prominent players operating in the overall Interventional Oncology Industry include AngioDynamics (US), Ethicon (part of J&J) (US), Teleflex (US), Cook Medical (US), HealthTronics (US), MedWaves Medical (US), Sanarus (US), IMBiotechnologies (Canada), Trod Medical (US), IceCure Medical (Israel), Mermaid Medicals (Denmark), and Interface Biomaterials BV (Netherlands).
Medtronic (Ireland) dominated the global interventional oncology industry in 2017. The company focuses on adopting various organic growth strategies like product launches & approvals and inorganic growth strategies, such as acquisitions and collaborations, to expand its presence and share in the interventional oncology industry.