Interventional oncology market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Mounting Preference for Minimally Invasive Procedures to Fuel Growth of Interventional Oncology Market
Interventional oncology: a catheter-based approach that delivers treatment directly to the tumour, is an effective minimally invasive treatment for certain types of cancer. Therapies, including surgery, radiation and chemotherapy have many side effects. That’s less so with interventional oncology, minimising the side effects, and maximising the quality of life as well as patient comfort. Increasing perception as a highly precise treatment for symptomatic relief, tumour control, effective remission, and even in some cases complete cure, interventional oncology is expected to gain greater prominence. As it is emerging as a popular treatment option for patients with liver, colorectal, lung, bone/soft tissue, kidney, and metastatic cancers, interventional oncology market is expected to thrive at a notable pace. These image-guided procedures can be performed in place of or in combination with other cancer treatments to provide a truly comprehensive care.
Interventional oncology has made significant inroads since 2000 beginning to the point that many treatments are now considered “standard of care” and included into all the treatment guidelines. The procedure precisely targets tumours while sparing healthy tissue, is used in an outpatient setting – no need for hospitalisation, faster recovery – can resume normal activity in 24-48 hours. With these procedures’ benefits over conventional treatment methods, interventional oncology market will observe a promising growth outlook. Fewer postoperative complications, a shorter hospital stay, less pain, smaller and more cosmetic incisions, a lower risk of infection, less post-operative care, and a speedier recovery time are the main benefits of minimally invasive procedures. Demand for various interventional oncology products and treatments is increasing due to the rising cancer incidence in these nations.
Modern technology is used to identify and treat diseases like cancer in minimally invasive procedures. These techniques are utilised as an efficient way to remove cancerous lymph nodes and tumours without leaving scars. The collection of tissues for biopsies, and precise staging tests are made possible by minimally invasive surgical methods. In turn, this aids surgeons in developing a clear and appropriate cancer treatment strategy. Significant cost savings are also achieved with minimally invasive procedures. The major competitors in the interventional oncology market are concentrating more and more on introducing cutting-edge products. The focus of innovation in interventional oncology market is the development of affordable, advanced technology and user-friendly interventional oncology systems. Such actions concentrate on enhancing the capability of interventional oncology systems and broadening their application domains, which raises end customers' demand for these systems.
Higher Prevalence of Liver Cancer Substantially Contributes to Interventional Oncology Market
Interventional oncology market is dominated by liver cancer. Since surgically removing the tumour may not leave the surrounding tissue healthy enough for the liver to function correctly, interventional oncology is essential in treating liver cancer. Therefore, interventional oncology treatments can effectively treat primary liver tumours, and those brought back by metastatic cancers. Because of this, interventional oncology is used in more than half of all therapies for both primary and metastatic liver cancer. The significant share of this segment in interventional oncology market may be attributable to several factors, including the rising incidence of liver cancer worldwide and the expansion of research and development efforts to create sophisticated interventional oncology-based liver cancer therapies.
Liver cancer accounts for most of cancer cases worldwide, or 2.09 million instances, according to the WHO. The cancer incidence rate is anticipated to rise as the world's population continues to grow. This aspect is expected to fuel the expansion of interventional oncology market during the scheduled time frame. Initiatives in the form of grants and funding for creating cutting-edge therapies utilising interventional oncology also contribute toward market growth. According to GLOBOCAN 2018, the Asian region saw 609,596 new cases of liver cancer in 2018; by 2025, this number is expected to rise by 142,982. Governments in various developing nations make significant investments in expanding and upgrading their separate healthcare infrastructures due to the rising disease burden. This will continue to influence the performance of interventional oncology market.
Greater Emphasis on Improving Healthcare Industry Uplifts Interventional Oncology Market in Asia Pacific
The Asia Pacific is the largest user of interventional oncology and is expected to grow fastest throughout the forecast period. The commercialisation of cutting-edge interventional procedures and products, along with the supportive regulations for the development of these products, rising healthcare expenditure, and expansion of the research bases in nations like Japan, China, and India are fuelling the growth of the interventional oncology market in this region during the forecast period. Due to the high incidence of cancers in the densely populated nations of China, and India, fast-evolving healthcare systems, numerous government attempts to improve healthcare industry, and rising per capita healthcare spending during the projection period. China saw a rise in healthcare spending in 2016 as fiscal healthcare spending jumped by 10% yearly. The National Health and Family Planning Commission (NHFPC) estimates China's 2016 health budget was US$0.18 Tn. The Ayushman Bharat scheme, launched by the Indian government, will distribute US$7,030 (INR 5 lakh) per family yearly to over 500 million people.
Furthermore, increased investments by top international interventional oncology device firms in the region are anticipated to aid in driving interventional oncology market ahead in Asia Pacific throughout the forecast period. In recent years, hospitals, and healthcare equipment manufacturers have expanded significantly in Asian nations like China, India, Japan, and Singapore. Additionally, Asian consumers are becoming much more aware of the need to improve cancer care, which has grown significantly. In the APAC region, the burden of numerous chronic malignant disorders among the senior population is rising. As a result, interventional oncology has become more widely used. It continues to grow in this region, which may present market prospects for the global interventional oncology industry throughout the projection period. Additionally, IO has improved with the incorporation of cutting-edge technology. Robotics, and AI can speed up operations and increase the accuracy of needle placement. New advancements in this imaging technique for IO may result from the development of therapeutic ultrasound, new 3D imaging techniques, and contrast chemicals. Ultrasonic agents can guide biopsies in regions of aggressive tumours. High intensity targeted ultrasonic ablation is another emerging discipline.
Global Interventional Oncology Market: Competitive Landscape
A few of the players in the interventional oncology market include Instylla (US), Merit Medical (US), Medtronic (Ireland), Boston Scientific (US), Terumo (Japan), Trisalus Lifesciences (US), BD (US), AngioDynamics (US), J&J (US), Trod Medical (US), Teleflex (US), Cook Medical (US), HealthTronics (US), MedWaves (US), Profound Medical Corp (Canada), Sanarus (US), ABK Biomedical (Canada), Interface Biomaterials BV (Netherlands), IMBiotechnologies (Canada), Mermaid Medicals (Denmark), IceCure Medical (Israel), Guerbet (France), Shape Memory Medical (US), Sirtex (US), Baylis Medical (Canada), Endo Shape (US), Monteris Medical (US), Accuray (US), and ALPINION MEDICAL SYSTEMS (South Korea).
Recent Notable Developments
Global Interventional Oncology Market is Segmented as Below:
By Cancer Type
By End Users
Key Elements Included In The Study: Global Interventional Oncology Market
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