Interventional oncology Market by Procedure [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation))], Product [Embolization (SIR-Spheres, TheraSpheres)], Application (Liver, Lung, Breast), and End User - Global Forecast to 2025
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Interventional oncology Market
by Procedure [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation)], Product [Embolization (SIR-Spheres, TheraSpheres)], Application (Liver, Lung, Breast), and End User- Global Forecast to 2025.
The global interventional oncology market is estimated to grow at a CAGR of 7.7% from 2019 to reach $1,506.3 million by 2025.
Succeeding an extensive secondary and primary research and an in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, challenges, and opportunities. The factors such as growing preference for minimally invasive treatment procedures, increasing incidence of cancer, rising number of hospitals, and technological advancements in the field of radiology - are driving the growth of global interventional oncology market. However, high cost and risks associated with the interventional oncology procedures and paucity of skilled healthcare professionals hinders the growth of this market.
The global interventional oncology market study presents historical market data in terms of values (2017 and 2018), estimated current data (2019), and forecasts for 2025-by procedure (embolization [TARE, TACE], ablation thermal ablation [microwave, RF ablation]), by product (embolization [SIR-spheres, theraspheres], ablation), application (liver, lung, breast), end user (hospitals, ambulatory care center), and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.
Embolization products segment is estimated to command the largest share of the global interventional oncology market in 2019 and expected to witness high growth during the forecast period mainly due to the preference for embolization procedures owing to its benefits such as better clinical outcomes, high specificity & sensitivity towards tumor cells, and efficiency in targeting and detection of tumor lesions. However, fastest growth in this market is majorly driven by increasing application base of embolization products across various cancer types, rising coverage of reimbursement across the globe, and increasing incidence of cancer & related mortality.
The interventional oncology market for hospitals (end user segment) is estimated to command the largest share of the global market in 2019. This is attributed to large volume of patients visiting hospitals for diagnosis & treatment of any healthcare concern including a critical disease like cancer owing to the wide presence, easy accessibility and better healthcare facilities in hospitals.
An in-depth analysis of the geographical scenario of the industry provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa) along with the coverage of major countries in each region. North America commanded the largest share of the global interventional oncology market, mainly attributed to the factors such as well-established healthcare system including hospitals and ASCs in the North American region, greater adoption of advanced technologies, high level of awareness & spending towards overall healthcare and cancer, growing incidence & prevalence of cancer, presence of key players, and high level of Medicare & Medicaid health insurance coverage.
Key players operating in the global interventional oncology market are: Boston Scientific Corporation, C. R. Bard, Inc., Medtronic plc, Cook Medical LLC, Merit Medical Systems, Inc., Profound Medical Corp, AngioDynamics, Inc., BTG plc, Terumo Corporation, HealthTronics, Inc., EDAP TMS S.A., Neuwave Medical, Inc., Sirtex Medical Limited, Trod Medical, Teleflex Incorporated, Sanarus Technologies Inc., IMBiotechnologies Ltd., MedWaves, Inc., and IceCure Medical Ltd.