Interventional oncology procedures are suitable for those cancer patients who do not respond to chemotherapy and are not fit for surgery. Interventional oncology procedures require devices such as embolization and ablation devices, as well as an array of support devices such as catheters.
The global interventional oncology devices market is an emerging market in the medical device ecosystem. The market comprises various key medical device companies and several start-ups developing advanced solutions for cancer treatment. Furthermore, the market also has unique products in the pipeline that would further improve the technology integration in cancer treatment.
The global interventional oncology devices market report highlights that the market was valued at $2,429.2 million in 2020 and is expected to reach $7,861.1 million by the end of 2030. The market is expected to grow at a CAGR of 12.35% during the forecast period from 2021 to 2030.
Global Interventional Oncology Devices Market (by Cancer Type)
The global interventional oncology devices market, on the basis of cancer type, has been segmented into liver cancer, lung cancer, kidney cancer, prostate cancer, and other cancer.
The liver cancer segment accounted for the highest share of the market, which can be attributed to high consumption of alcohol, chronic viral hepatitis, liver cirrhosis, and rise in the obesity index globally. Moreover, liver cancer is less common in the U.S. than in sub-Saharan Africa and South Asian countries. Liver cancer accounts for more than 70,000 deaths each year.
Global Interventional Oncology Devices Market (by Product Type)
The global interventional oncology devices market, on the basis of product type, has been segmented into ablation devices, embolization devices, supporting devices, and next-generation devices.
Ablation is used as the first line of treatment in a few cases of hepatocellular carcinoma, and it is also considered an important option for patients who are either not eligible for surgery or have failed chemotherapy. Furthermore, advancements in interventional oncology would propel the growth of next-generation devices in the forecast period 2021-2030.
Global Interventional Oncology Devices Market (by End User)
The global interventional oncology devices market, on the basis of end users, has been segmented into three categories, namely, hospitals, ambulatory surgical centers (ASCs), and others.
Hospitals are at the forefront in terms of interventional oncology devices adoption. The increasing focus on evidence-based care has been one of the strongest drivers for the adoption of interventional oncology.
The growing prominence for outpatient surgeries and rising establishments of ASCs are the leading factors promoting the market's growth for the global interventional oncology devices. The adoption of interventional oncology devices in ambulatory surgical centers can be boosted by prioritizing the increasing demand for minimally invasive surgeries.
Global Interventional Oncology Devices Market (by Region)
The different regions covered under the global interventional oncology devices market include North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America dominates the global interventional oncology devices market due to high prevalence of cancer, growing geriatric population, and high reimbursement rates. The Asia-Pacific interventional oncology devices market is one of the lucrative markets with immense potential for expansion by key players of the global interventional oncology market. The Asia-Pacific interventional oncology devices market is expected to grow at the fastest rate in the forecast period, and this can be attributed to the massive geriatric population base, driving the demand for minimally invasive and non-invasive surgical procedures
The potential opportunities that are likely to boost the growth of the global interventional oncology devices market are high growth opportunity in the emerging economies, and emergence of local companies in Asia-Pacific and the Middle East and Africa.
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