Interventional oncology procedures are suitable for those cancer patients who do not respond to chemotherapy and are not fit for surgery. Interventional oncology procedures require devices such as embolization and ablation devices, as well as an array of support devices such as catheters.
The global interventional oncology devices market is an emerging market in the medical device ecosystem. The market comprises various key medical device companies and several start-ups developing advanced solutions for cancer treatment. Furthermore, the market also has unique products in the pipeline that would further improve the technology integration in cancer treatment. The major factors that have a positive impact on the market’s growth include high prevalence and growing incidences of cancer, favorable reimbursement scenario for interventional oncology treatment in developed economies, expanding role of interventional oncology in treatment of cancer, and availability of private and government funding for grants for research in the field of interventional oncology.
During COVID-19, the growth of the interventional oncology devices market was negatively impacted, especially in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively impacted.
Interventional Oncology Devices Market report highlights that the market was valued at $2,429.2 million in 2020 and is expected to reach $7,861.1 million by the end of 2030. The market is expected to grow at a CAGR of 12.35% during the forecast period from 2021 to 2030.
Interventional Oncology Devices Market Drivers -
The factors driving the growth of the market include the high prevalence and growing Incidences of cancer, favorable reimbursement scenario for interventional oncology treatment in developed economies, expanding role of interventional oncology in the treatment of cancer, availability of private and government funding and grants for research in the field of interventional oncology. The field of interventional oncology is constantly evolving with the introduction of novel technologies. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Thus, as the prevalence of cancer continues to increase, especially in emerged economies, technology adoption will continue to grow. This will consequently advance the growth of interventional oncology and, subsequently, the global market.
Interventional Oncology Devices Market Opportunities -
High growth opportunities in the emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for the global interventional oncology devices market growth.
There is massive scope for interventional oncology devices in developing countries. Countries such as China, India, Australia, and South Korea possess populations with high prevalence and incidence rates of cancer, which drives the adoption of interventional oncology devices for the treatment of cancer, which would surge the overall interventional oncology devices market in these emerging countries.
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Interventional Oncology Devices Market (by Region) -
The different regions covered under the global interventional oncology devices market include North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America dominates the global interventional oncology devices market due to high prevalence of cancer, growing geriatric population, and high reimbursement rates. The Asia-Pacific interventional oncology devices market is one of the lucrative markets with immense potential for expansion by key players of the global interventional oncology market. The Asia-Pacific interventional oncology devices market is expected to grow at the fastest rate in the forecast period, and this can be attributed to the massive geriatric population base, driving the demand for minimally invasive and non-invasive surgical procedures
Key Market Players and Competition Synopsis -
Some of the key players operating in the market include AngioDynamics, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Eckert Ziegler BEBIG AG, HealthTronics, Inc., IceCure Medical Ltd, Johnson Johnson, Medtronic plc, MedWaves, Inc., Merit Medical Systems, Inc., Sanarus Technologies, Inc., Sonablate Corp, Terumo Corporation, Trod Medical, and Varian Medical Systems, Inc.
Some of the strategies covered in this segment are funding activities, mergers and acquisitions (MAs), partnerships, alliances, and business expansion, regulatory and legal activities, and new offerings. The preferred strategy for companies has been mergers and acquisitions followed by regulatory and legal activities.
Key Questions Answered in the Global Interventional Oncology Devices Market Report :
- What are the key trends that have a strong influence on the global interventional oncology devices market? How did the COVID-19 pandemic impact the growth of the interventional oncology devices market?
- What are the key development strategies which are implemented by the key players to maintain and capture market share?
- How does the patent landscape of interventional oncology devices look like?
- What are the major market drivers, challenges, and opportunities in the global interventional oncology devices market?
- Which leading companies are dominating the global interventional oncology devices market?
- What are the regulations about the global interventional oncology devices market? What are the initiatives implemented by different government bodies to reduce the cancer rate?
- What was the market value of the leading segments and sub-segments of the global interventional oncology devices market?
- How is each segment of the global interventional oncology devices market expected to grow during the forecast period, and what is the expected revenue to be generated by each of the segments by the end of 2030?
- Which region carries the potential for the significant expansion of key companies for the interventional oncology devices market?
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