Interventional Oncology: Introduction
- Interventional oncology is a branch of medical science that deals with minimally invasive medical procedures carried out under image guidance by interventional radiologists for the diagnosis, treatment, and palliation of different types of cancer
- In interventional oncology procedures, different image guided techniques such as computed tomography, fluoroscopy, and ultrasound are used to diagnose and treat the specific site affected with pain or cancer
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- The interventional oncology procedure is most commonly performed with other cancer treatments such as surgery, chemotherapy, and radiation therapy. These procedures offer several advantages such as quicker recover, shorter hospital stays, minimal side-effects, and more precise and accurate treatment as compared to other therapeutic procedures.
Key Drivers of Global Interventional Oncology Market
- The global interventional oncology market is primarily driven by high prevalence and increase in incidence rates of cancer worldwide. Cancer is a leading cause of death globally, after cardiovascular diseases.
- According to the World Health Organization (WHO), cancer accounts for 8.3 million deaths each year, with 70% new cancer cases expected to be reported over the next 20 years. Rise in cancer afflicted population is anticipated to be a key driver of the market.
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- According to a Centers for Disease Control and Prevention (CDC) report, in 2014, the number of cancer patients diagnosed in the U.S. reached approximately 21 million. This number is expected to reach 25.4 million by the end of 2024. Moreover, advantages of minimally invasive surgical procedures, technological advancements in interventional oncology, increased government funding for oncology procedures, etc., are estimated to fuel the interventional oncology market during the forecast period.
Embolization Procedure to be Highly Attractive Segment
- In terms of procedure, the global interventional oncology market can be classified into ablation procedure, embolization procedure, and radiotherapy procedure
- Embolization procedure is highly preferred across the globe due to benefits associated with the procedure, followed by the ablation procedure. Embolization is a process involving lodging of embolus within the bloodstream in order to block the blood supply to the tumor. The process involves chemical or irradiation technique for selective occlusion of blood vessels by introducing emboli. Radiotherapy is a treatment for cancer and other less common diseases such as thyroid, blood disorders, and even to restrict noncancerous cell growth. Radiotherapy is an extensively utilized technique in interventional oncology. Radiotherapy procedure involves radiation through light or heat energy. The embolization segment is projected to hold a significant market share and expand at a rapid CAGR during the forecast period.
Laser Therapy to be Highly Attractive Segment
- Based on indication, the global interventional oncology market can be categorized into lung cancer, renal cancer, osteosarcoma, hepatocellular carcinoma, splenomegaly, intrahepatic cholangiocarcinoma, neuroendocrine tumor, glioblastoma multiforme, metastatic colorectal cancer, and others
- The lung cancer segment is estimated to account for a prominent share of the market during the forecast period owing to the high prevalence of lung cancer
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Hospitals to be Highly Lucrative Segment
- Based on end-user, the global interventional oncology market can be categorized into hospitals, clinics, and ambulatory surgical centers
- The hospitals segment is likely to account for a major share of the global Interventional Oncology market by 2031 due to an increase in consultation of patients in hospitals
North America to Offer Significant Opportunities in Interventional Oncology Market
- In terms of region, the global Interventional Oncology market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America accounted for a major share of the global market in 2020. North America and Europe are projected to account for notable shares of the global interventional oncology market due to a large population base afflicted with chronic cancer such as hepatocellular carcinoma, lung cancer, renal cancer, and metastatic colorectal cancer, in these regions. Moreover, significant adoption of minimally invasive surgeries for the effective management of cancer, well-established healthcare infrastructure, and early adoption of technologically advanced interventional oncology products are key factors that are likely to fuel the interventional oncology market during the forecast period.
- The interventional oncology market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period due to high prevalence of cancer in the highly populous countries of India and China, rapidly changing healthcare systems, various government initiatives to improve overall healthcare, and increased per capita healthcare expenditure. Moreover, increase in investments by leading global interventional oncology devices companies in the region is also likely to further boost the market in Asia Pacific during the forecast period.
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Key Players Operating in Global Interventional Oncology Market
The global interventional oncology market is semi-consolidated, with the presence of international and local players. Key players operating in the global interventional oncology market are:
- Boston Scientific Corporation, Medtronic plc
- Terumo Corporation
- BTG plc.
- AngioDynamics, Inc.
- Ethicon, Inc. (Johnson & Johnson)
- Merit Medical Systems, Inc.
- Sirtex Medical Limited
- Siemens Healthineers
- Eckert & Ziegler BEBIG
- Varian Medical Systems, Inc.
- HealthTronics, Inc.
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