Interventional Oncology Devices Market Size, Share, Industry, Forecast and outlook (2024-2030)

Global Interventional Oncology Devices Market is segmented By Product (Embolization Devices, Ablation Devices, Support Devices), By Procedure (Thermal Tumor Ablation, Non-Thermal Tumor Ablation, Transcatheter Arterial Chemoembolization, Transcatheter Arterial, Transcatheter Arterial Embolization/Bland Embolization), By Cancer Type (Liver Cancer, Lung Cancer, Bone Metastasis, Kidney Cancer, Breast Cancer, Prostate Cancer, Other Cancers), By End User (Hospitals, Clinics, Ambulatory Surgical Centers), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2030

Interventional Oncology Devices Market Overview

The Global Interventional Oncology Devices Market is expected to grow at a high CAGR during the forecast period (2024-2030).

Interventional oncology procedures include diagnosis and treatment using minimally invasive surgery, which is carried under image guidance. Medical devices like X-rays, computed tomography and magnetic resonance imaging are used for the treatment. This technique is generally used for lung cancer, liver cancer and kidney cancer.

Interventional Oncology Devices Market Scope

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Interventional Oncology Devices Market Dynamics

The rising public-private funding for interventional oncology devices is among the essential factors that intensify the growth and demand of the interventional oncology devices market. In addition, the rapid technological advancements in interventional oncology and the growth of the target patient population are also contributing to the market growth in the forecast period.

Rising patient preference for minimally invasive procedures will drive the market growth

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 a practical approach to removing cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy as well as inaccurate 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 market are increasingly concentrating on launching novel, technologically advanced products. Innovation in this market directs on developing efficient, technologically superior, and easy-to-use interventional oncology systems. Such advancements focus on developing interventional oncology systems' functionality and increasing their application areas, thereby driving the need for these systems among end-users.

The rising burden of liver cancer across the globe is driving the market growth

The increasing number of liver cancer is expected to facilitate the market's growth during the forecast period. Alcohol & tobacco consumption, environmental factors in developed nations and smoking, are some of the reasons for the prevalence of liver cancer. The increasing urbanization is anticipated to bolster the healthy growth of the market in the forecast period.

According to the GLOBOCAN data, globally, in 2020, there were around 905,677 (4.7%) new liver cancer cases and 830,180 (8.3%) deaths due to liver cancer. Moreover, the high demand for therapeutic drugs for liver cancer will create broad opportunities for the market players to produce more drugs. The market is supposed to witness significant growth over the forecast period.

The shortage of well-trained and skilled radiologists and oncologists will hamper the market

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 significant 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.

Furthermore, India is also facing an acute deficit of oncologists, surgical oncologists, radiotherapists. With 1.8 million cancer patients in the nation, only one oncologist diagnoses every 2,000 patients. The lack of oncologists and radiologists in numerous countries across the globe is expected to affect the adoption of interventional oncology methods in their respective healthcare systems, notwithstanding a large target patient population.

COVID-19 Impact Analysis on Interventional Oncology Devices Market

The COVID-19 pandemic has significantly affected the interventional oncology market. The market faces hurdles in the manufacturing and supply chain, such as supplying products to end-users on time and serving an uneven demand for the products and assistance in the sector. In addition, a shortage of skilled lab specialists to conduct/study diagnostic tests, limited operations in most of the industries, inadequate funding for research and academic institutes, temporary closure of major academic institutes, disrupted supply chain. Difficulties in providing essential/post-sales assistance due to lockdowns have degraded interventional oncology products to end-users. Thus, the pandemic is not expected to have long-term effects on the primary growth drivers or end-users in the interventional oncology market.

Interventional Oncology Devices Market Segmentation Analysis

The thermal tumor ablation segment is expected to grow at the fastest CAGR during the forecast period (2024-2030)   

Thermal tumor ablation refers to tissue destruction by extreme hyperthermia (elevated tissue temperatures) or hypothermia (depressed tissue temperatures). The temperature change is concentrated to a focal zone in and around the tumor. The overall objective of thermal tumor ablation is quite similar to that of surgery, remove the tumor and a 5–10-mm wide margin of seemingly normal tissue. Surgical removal consists of physical excision; during thermal ablation, the tissue is killed in situ and absorbed by the body over several months. The choices of approach often depend on the type of tumor, its anatomic location, physician's preference, and the patient's underlying health.

Although a surgical procedure is performed by visual inspection with histopathological assessment of the excised tumor and margins, percutaneous and noninvasive thermal ablation is performed strictly with the aid of imaging. Applicator guidance into the target zone, treatment monitoring and verification, and clinical follow-up rely on practical imaging.

The lung Cancer segment is expected to dominate the interventional oncology devices market, by cancer type, during the forecast period  

Lung cancer still caused more deaths in 2017 than breast, prostate, brain colorectal cancers joined. The mortality drops were also dramatic for melanoma of the skin in the viewing of US Food and Drug Administration approval of novel therapies for metastatic disorder, escalating to 7% annually during 2013 into 2017 from 1% during 2006 by 2010 in men and women aged 50 to 64 years and from 2% to 3% in those aged 20 to 49 years; annual declines of 5% to 6% in people aged 65 years and older are especially striking because rates in this age group were rising before 2013. It is also renowned that long-term rapid increases in liver cancer death have attenuated women and sustained men. In summary, slowing momentum for some cancers responsive to early detection is compared with notable gains for other common cancers.

Therefore advanced and reliable detection of cancer along with monitoring its growth at later platforms is very critical. Though cancer diagnoses are correct in the early stages, the same procedures cannot be used to monitor cancer tumors at different stages since surgeries are needed for these types of diagnoses. Thus the interventional oncology devices market has growth potential all across the world.

Interventional Oncology Devices Market Geographical Share

North America region holds the largest market share in the global Interventional Oncology Devices Market

North America region is dominating the global interventional oncology devices market accounted for the largest market share in 2020, owing to the growing incidence of liver cancer in the country, the presence of key market players, and the launch of new commodities influence market growth in the region.

According to the American Society of Clinical Oncology estimates, there were around 42,220 adults diagnosed with liver cancer in the United States in 2018 (of which there are 30,610 men and 11,610 women). In addition, in 2020, there were around 42,810 new liver cancer cases in the United States 2020. With the increasing cases of liver cancer in the United States, it is expected to raise demand for liver cancer therapeutics to manage the disease.

As per the National Cancer Institute, the US Department of Health and Human Services, one in 16 people in the United States will be diagnosed with lung cancer in their lifetime. More than 228,000 people in the United States are diagnosed with lung cancer in 2018, with a new diagnosis every 2.3 minutes. This factor leads to the growth of the interventional oncology devices market in North America.

Interventional Oncology Devices Market Companies and Competitive Landscape

The interventional oncology devices market is moderately competitive with the presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Medtronic, Boston Scientific, BD, Terumo, Merit Medical, AngioDynamics, J&J, Teleflex, Cook Medical, and HealthTronics among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Interventional Oncology Devices Market globally.    

Interventional Oncology Devices Market Key Companies to Watch

Boston Scientific

Overview: Boston Scientific Corporation is a developer, manufacturer, and marketer of medical devices used in various interventional medical specialities. 

The company operates in three segments: Cardiovascular, Rhythm Management and MedSurg. Its cardiovascular segment consists of interventional cardiology and peripheral interventions businesses. Rhythm Management consists of cardiac rhythm management and electrophysiology businesses. MedSurg consists of endoscopy, urology and pelvic health, and neuromodulation businesses. Its interventional cardiology product offerings include balloon catheters, rotational atherectomy systems, guide wires, guide catheters, embolic protection devices, and diagnostic catheters used in percutaneous transluminal coronary angioplasty (PTCA) procedures.

Product Portfolio: The company offers its products by seven businesses: Interventional Cardiology, Cardiac Rhythm Management, Endoscopy, Peripheral Interventions, Urology and Pelvic Health, Neuromodulation, and Electrophysiology.

Key Development: In March 2021, Boston Scientific Corporation has received U.S. Food and Drug Administration (FDA) approval of the TheraSphere Y-90 Glass Microspheres, developed for the treatment of patients with hepatocellular carcinoma (HCC). The approval expands access to this life-prolonging therapy for a greater number of patients, which, to date, has been utilized under a humanitarian device exemption (HDE).

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• Visualize the composition of the interventional oncology devices market segmentation by product, procedure, cancer type, and end-user highlighting the key commercial assets and players.
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The global interventional oncology devices Market report would provide access to an approx. 69 market data table, 68 figures and 180 pages.  

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