Meticulous Research® – leading global market research company published a research report titled “Interventional Oncology Market by Procedure (Tumor ablation [Radiofrequency, Microwave], Radiotherapy [External, Internal, Systemic], Embolization, Proton Therapy), Application (Lung, Breast, Liver), and End user-Global Forecast to 2025”
Interventional oncology (IO) is an emerging field in cancer that extends the possibilities of existing treatment. It involves technique guided imaging systems such as computed tomography, fluoroscopy (live X-ray) or ultrasound to target solid tumors through a small skin puncture. Also, these techniques are often used with standard cancer treatments including surgery, chemotherapy, and radiation to reduce pain. This industry is witnessing a steady growth owing to growing preference for minimally invasive treatment procedures; increasing prevalence of chronic illness such as cancer; rising number of hospitals; and technological advancements in the field of radiology. Further, significant opportunities from emerging economies and introduction of cloud-based medical imaging have boosted the market growth. Moreover, the ongoing trend of integration of image-guided solutions with interventional oncology procedures is expected to boost the market growth in near future.
Increasing prevalence of cancer is propelling the global interventional oncology market
The growing aging population is leading to an increase in the prevalence of chronic diseases. According to United Nations, in 2017, population aged 60 years or over reached 962 million, which is expected to increase to 2.1 billion by 2050. Also, the number of persons aged 80 years or above is projected to increase threefold between 2017 and 2050, rising respectively from 137 million to 425 million.
According to WHO, cancer is the second leading cause of death globally, and was responsible for 9.8 million deaths worldwide in 2018. Among all types cancers, lung and breast cancer were the most common one with 2.09 million new cases, followed by colorectal (1.80 million cases), prostate (1.28 million cases), skin cancer (non-melanoma) (1.04 million cases), and stomach (1.03 million cases). Owing to high incidence & prevalence of cancer and high mortality associated with these diseases, the demand for interventional oncology procedures is rising globally.
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Tumor ablation procedure to witness the largest demand through 2024
Tumor ablation commanded the largest share of the global interventional oncology market in 2018 due to minimal risk to patients, better penetration in tumors, and precise treatment capabilities in non-surgical candidates.
Lung cancer to dominate the interventional oncology market
Lung cancer commanded the largest share of the global interventional oncology market in 2018. The large share of this segment is attributed to large volume of new lung cancer cases reported each year, contributing significantly in the total burden of cancer incidences.
Hospitals to dominate the global interventional oncology market
Hospitals commanded the largest share of interventional oncology market in 2018. The factors such as growing healthcare expenditure across the globe, rising prevalence of oncology, growing awareness about the disease treatment, and higher preference for hospitals as suitable treatment location for the disease have led to the dominant share of hospitals in interventional oncology market.
Asia-Pacific: Fastest growing regional market
North America commanded the largest share of the global interventional oncology market in 2018, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. However, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region and growing government focus on healthcare sector. In addition, government initiatives towards the development of healthcare facilities and increasing health insurance penetration are the key factors propelling the growth of the Asia-Pacific interventional oncology market.
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The key players operating in the global interventional oncology market are Boston Scientific Corporation, Varian Medical Systems, Inc., Elekta AB, Merit Medical Systems, Inc., Profound Medical Corp., AtriCure, Inc., AngioDynamics, Inc., BTG plc, Terumo Corporation, Siemens AG, Koninklijke Philips N.V., GE Healthcare, Cook medical, Medtronic, PLC., Healthtronics, Inc., EdapTms S.A., Neuwave Medical, Inc., Accuray Incorporated, Ion Beam Applications, SA, Nordion Inc., C. R. Bard, Inc., Isoray Medical, Inc., and RaySearch Laboratories AB.
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