Interventional Oncology Market to Reach $2.9 billion - Technological Advancements in Interventional Oncology
The growth of interventional oncology market is primarily driven by the rising preference for minimally invasive procedures, expansion of the target patient population, 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.
[180 Pages Report] The global interventional oncology market is projected to reach USD 2.9 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 6.8%.
The study involved four major activities to estimate the current size of the interventional oncology market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Market Size Estimation:
A detailed market estimation approach was followed to estimate and validate the size of the interventional oncology market and other dependent submarkets, as mentioned above. The key players in the interventional oncology market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. Research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights (both quantitative and qualitative trends) on the interventional oncology market.
1. The key players in the industry and market have been identified through extensive secondary research
2. The market generated by leading players has been determined through primary and secondary research
3. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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Key Questions Answered in The Research Report:
1. What are the growth opportunities related to the adoption of interventional oncology across major regions in the future?
2. Emerging countries have immense opportunities for the growth and adoption of interventional oncology procedures. Will this scenario continue in the next five years?
3. Where will all the advancements in products offered by various companies take the industry in the mid- to long-term?
4. What are the cancer types that are treated by interventional oncology procedures? Can these procedures replace surgery?
Recent Industry Developments:
# In 2017, Terumo Corporation (Japan) launched the QuiremSpheres Microspheres in Europe.
# In 2017, Medtronic PLC (Ireland) launched its OptiSphere embolization spheres designed for hypervascular tumor embolization in the US.
# In 2016, Ethicon (Johnson and Johnson, US) acquired NeuWave Medical, Inc. (US), and consequently the NeuWave microwave ablation portfolio with the aim to expand its product portfolio in the interventional oncology market.
Market Segmentation and Analysis: Based on product, the interventional oncology market is segmented into ablation devices, embolization devices, and support devices.
Based on procedure, the global 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.
Based on cancer type, the interventional oncology market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers (includes pediatric cancer, prostate cancer, and breast cancer).
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Key Players: The major players operating in the interventional oncology market include BTG plc (UK), Medtronic (Ireland), Boston Scientific (US), Terumo (Japan), Merit Medical (US), Sirtex (China), AngioDynamics (US), Ethicon (US), Teleflex (US), Cook Medical (US), HealthTronics (US), MedWaves Medical (US), Sanarus (US), IMBiotechnologies (Canada), Trod Medical (US), IceCure Medical (Israel), Mermaid Medicals (Denmark), Interface Biomaterials BV (Netherlands), Guerbet (France), ABK Biomedical (Canada), Shape Memory Medical (US), Endo Shape (US), Monteris Medical (US), Instylla (US), and Trisalus Lifesciences (US), among others.
Medtronic (Ireland) dominated the global interventional oncology market. 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 market.