Interventional Oncology Market Expected to reach $4,127.62 Million by 2031 | CAGR of 7.6%

According to a new report published by Allied Market Research, titled, “Interventional Oncology market by type and region: global opportunity analysis and industry forecast, 2021–2031,” The global interventional oncology market size was valued at $1,984.00 million in 2021 and is projected to reach $4,127.21 million by 2031, registering a CAGR of 7.6% from 2022 to 2031.

Interventional oncology (IO) is a modern oncology branch which is used in the treatment of cancer by using magnetic resonance imaging (MRI), ultrasounds, computed tomography (CT), and X-rays, for guiding other devices like ablation electrodes.

Interventional oncology therapies are very beneficial for the patients as these therapies are minimally invasive, have lesser time for the recovery, have very few side effects as compared to other treatments, and involves lesser discomfort. Some of the interventional oncology operations can also be performed as an outpatient procedure, which allows the patient for earlier discharge which frees up hospital beds and lowers expenses, and this is expected to drive market growth. Nowadays, interventional oncology is considered as an important component in the field of modern oncology care, cancer treatment, supporting numerous surgical, medical, and radiation oncology therapies.

Rise in the volume of patients who are suffering from liver, breast, lung and other types of cancer, surge in the preferences towards minimally invasive procedures, rise in the prevalence of target and geriatric population, along with the rising levels of government support for interventional oncology and public-private funding, rise in the number of technological advancements are prevailing the growth of the interventional oncology market. Moreover, increasing number of applications from developing countries and rise in the number of hospitals which will further contribute by generating massive opportunities which are leading to the growth of the market. Along with this, the key players in the market are increasingly focusing on launching novel technologically advanced products.

However, scarcity of well-trained and oncologists and radiologists along with unfavorable regulations of the government are creating restraints in the interventional oncology market. Along with this, limited clinical data to support therapeutic efficacy along with prevalence of alternative therapies which will become the biggest and foremost challenge for the growth of the market.

The interventional oncology market is segmented on the basis of product, and region. By product, it is categorized into ablation, particle embolization, and support devices. Ablation is further divided into radiofrequency ablation devices, microwave ablation devices, cryoablation devices, and others. Particle embolization is further categorized into radioembolic agents, drug-eluting beads, and others.

Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Taiwan, and rest of Asia-Pacific), and LAMEA (Brazil, Turkey, South Africa, Saudi Arabia, and rest of LAMEA).

By product, the particle embolization segment generated the highest revenue in the interventional oncology market in 2021 owing to growing demand of embolization particles for interventional oncology, key players who are introducing new and technologically advanced products with improved efficiency, and favorable reimbursement scenario.

By region, North America accounted for the largest market share in the interventional oncology devices market in 2021 and is expected to retain its dominance throughout the forecast period. This is primarily attributed to rising cases of chronic cancer such as lung cancer, hepatocellular carcinoma, metastatic colorectal cancer, and renal cancer, in this region. Along with this, rise in the rate of adoption of minimally invasive surgeries during the treatment of cancer along with other technologically advanced interventional oncology products and well-established healthcare infrastructure.

Asia-Pacific witnessed the highest growth rate for the interventional oncology market and is expected to continue this trend throughout the forecast period, which is attributed to the efforts taken up by the government to increase the funding for oncological treatments. Moreover, commercialization of advanced interventional procedures and products along with the supportive regulations for development of these products, rising healthcare expenditure, and expansion of the research bases in countries like China, Japan, and India.

The report provides a comprehensive analysis of the key players that operate in the global interventional oncology market. The key companies profiled in the report include Alpinion Medical Systems Co. Ltd., Teleflex Incorporated, Siemens Healthineers, Hologic, Inc., Boston Scientific, Medtronic, Profound Medical, Terumo Corporation, AngioDynamics, and Merit Medical.

Key Findings of The Study 

• By product, the particle embolization segment currently dominates the global interventional oncology market and this trend is anticipated to continue during the forecast period owing to growing demand of embolization particles for interventional oncology and interventional cardiovascular procedure, and favorable reimbursement scenario.
• On the basis of region, in 2021, North America dominated the market, owing to increasing expenditure on various cancer-related treatments and rise in the number of various state-of-the-art cancer care centers. However, Asia-Pacific is expected to witness considerable market growth during the forecast period due to its efforts taken up by the government to increase the funding for oncological treatments, commercialization of advanced interventional procedures and products along with the supportive regulations for development of these products, rising healthcare expenditure, and expansion of the research bases in countries like China, Japan, and India are fueling the growth of the market in this region.