Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) — The interventional oncology market size is projected to grow from USD 2.02 billion in 2023 to USD 3.45 billion by 2030, exhibiting a CAGR of 7.9% during the forecast period. The Interventional oncology is used to diagnose, treat, and palliate cancer using minimally invasive procedures performed under image guidance.
Fortune Business Insights mentioned this in a report titled, “Interventional Oncology Market, 2023-2030.”
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Key Industry Development:
March 2022 – Guerbet expanded its product folio and launched a line of guidewires with microcatheters, resulting in a wide range of interventional imaging and embolization solutions.
Key Takeaways:
- The World Health Organization reported approximately 18.0 million new cancer cases worldwide in 2020, according to published data.
- In 2020, the most prevalent types of cancer among patients were breast cancer and lung cancer, with an incidence of approximately 2.3 million and 2.2 million, respectively.
- As of 2022, North America held a value of USD 0.80 billion and is anticipated to maintain market dominance throughout the forecasted period.
- In 2022, the market for interventional oncology was dominated by Boston Scientific Corporation.
Discover the Leading Players Featured in the Report:
Boston Scientific Corporation (U.S.), Merit Medical Systems (U.S.), Terumo Corporation (Japan)
Siemens Healthcare GmbH (Germany), BD (U.S.), AngioDynamics (U.S.), Hologic, Inc. (U.S.), Teleflex Incorporated (U.S.)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 7.9% |
| 2030 Value Projection | USD 3.45 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 2.02 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 120 |
| Segments covered | By Type, By Cancer Type, By End-User, By Geography |
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Segmentation:
Radiation Therapy Devices Segment to Grow Due to Rising Prevalence of Cancer
By product type, the market is segmented into radiation therapy devices, ablation devices, and embolization devices. The radiation therapy devices held the largest market share in 2022. The growth is attributed to the increasing prevalence of cancer and rising hospitalizations.
Liver Cancer Segment Dominates the Market Due to Increasing Embolization Devices Market
Based on cancer type, the market is classified into lung cancer, liver cancer, kidney cancer, and others. The liver cancer segment held the largest interventional oncology market share in 2022 and is expected to grow at a significant CAGR during the projected period. The growth is attributed to the rising preference for minimally invasive procedures in healthcare facilities and the high adoption of embolization devices.
Growing Number of Hospital Admissions to Propel Hospitals Segment Growth
By end-user, the market is classified into hospitals, specialty clinics, and others. The hospitals segment is anticipated to grow at a significant CAGR during the forecast period and held the largest market share in 2022. The growth is attributed to the increasing number of hospital admissions that require minimally invasive oncology treatment.
Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.
By Type
Radiation Therapy Devices
Ablation Devices
- Microwave ablation
- Radiofrequency ablation
- Cryoablation
- Others
Embolization Devices
By Cancer Type
- Lung Cancer
- Liver Cancer
- Kidney Cancer
- Others
By End-User
- Hospitals
- Specialty Clinics
- Others
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
Driving factor:
Increasing Prevalence of Cancer Globally to Drive Market Growth
The rising prevalence of patients suffering from different types of cancer, including liver cancer, lung cancer, breast cancer, and others among the population globally, is expected to drive interventional oncology market growth during the projected period. The prevalence of these oncological conditions is higher in the male population compared to female population. The rising focus of the key players to develop and launch novel drugs and therapies for cancer is estimated to drive market growth.
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Regional insights:
Increasing Usage of Minimally Invasive Treatment of Oncology to Drive Market Growth in North America
North America stood at USD 0.80 billion in 2022 and is estimated to dominate the market during the forecast period. The increasing usage of minimally invasive treatment of oncology and rising embolization devices is expected to drive market growth in North America.
Europe held the second-largest market share in 2022 and is expected to grow at a moderate CAGR during the forecast period. The increasing prevalence of lung cancer and increasing demand for cancer hospitals across Europe.
Competitive Landscape
Growing Key Players Focus on New Product Launches to Drive Market Growth
The market for interventional oncology consists of key players, such as Siemens Healthineers, Terumo Corporation, and Boston Scientific Corporation. The increasing focus of these key players in new product launches is estimated to drive market growth during the forecast period. Boston Scientific Corporation dominated the market in 2022 due to its diversified portfolio.
FAQs
How big is the Interventional Oncology Market?
Interventional Oncology Market size is USD 2.02 billion in 2023.
How fast is the Interventional Oncology Market growing?
The Interventional Oncology Market will exhibit a CAGR of 7.9% during the forecast period, 2023-2030
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- Interventional Oncology Market