PUBLISHER: The Business Research Company | PRODUCT CODE: 1429521
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429521
Interventional oncology devices are utilized in the diagnosis and treatment of cancer through minimally invasive techniques and advanced imaging technology.
The primary products within the field of interventional oncology devices include embolization devices, ablation devices, and support devices. Embolization devices are designed for the embolization of blood vessels associated with various tumors. These devices are employed in procedures such as thermal tumor ablation, non-thermal tumor ablation, transcatheter arterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE), selective internal radiation therapy (SIRT), and transcatheter arterial embolization (TAE) or bland embolization. These procedures are applied in the treatment of various cancer types, including liver cancer, kidney cancer, lung cancer, bone cancer, and others.
The interventional oncology devices market research report is one of a series of new reports from The Business Research Company that provides interventional oncology devices market statistics, including interventional oncology devices industry global market size, regional shares, competitors with a interventional oncology devices market share, detailed interventional oncology devices market segments, market trends and opportunities, and any further data you may need to thrive in the interventional oncology devices industry. This interventional oncology devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The interventional oncology devices market size has grown strongly in recent years. It will grow from $2.35 billion in 2023 to $2.5 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The expansion observed in the historical period can be attributed to factors such as an aging population pool, an increase in cancer prevalence, an uptick in pharmaceutical research and development (R&D) expenditure, increased healthcare expenditure, and growth in the number of healthcare facilities.
The interventional oncology devices market size is expected to see strong growth in the next few years. It will grow to $3.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to factors such as the increasing older population, a growing preference towards minimally invasive surgeries (MIS), escalating research and development spending, a rise in healthcare expenditure, high potential in emerging economies, and an increasing prevalence of cancer and chronic diseases. Notable trends expected in the forecast period include a focus on developing advanced image-guided oncology devices, the utilization of artificial intelligence (AI) to create innovative devices, the development of new and innovative embolic devices to enhance oncology procedures, an emphasis on using robotics technology, and collaboration with other companies and research institutes to accelerate product development and innovation.
The interventional oncology devices market has experienced growth driven by the availability of funding from both private and government sources. Increased funding in cancer research, especially for devices used in treatments, contributes to advancements in early detection and improved survival rates. In 2021, the American Cancer Society, a major non-governmental cancer research funder, allocated $384,262,652 in grants to 630 projects. Notable funding examples include BioProtect Ltd., an Israeli company developing bioabsorbable polymer spacer balloons for prostate cancer patients, which received $13 million in Series D equity financing from venture investors. Additionally, Endosight, the first augmented-reality-guided ablative system, secured 20% of its funding from private organizations. These funding initiatives foster the development of innovative technologies and devices, thereby propelling the interventional oncology devices market.
The interventional oncology devices market is poised for growth due to the high prevalence of cancer. Cancer, characterized by uncontrolled cell growth, creates a substantial demand for interventional oncology devices used in diagnosis, treatment, and management. For instance, Macmillan Cancer Support estimated 3 million people with cancer in 2020, projecting an increase to 3.5 million by 2025, 4 million by 2030, and 5.3 million by 2040. This heightened prevalence of cancer is a significant driver for the interventional oncology devices market.
Companies in the interventional oncology devices market are increasingly incorporating robotics technology to enhance efficiency. Robotic systems integrate image-based planning and navigation, allowing accurate and efficient installation of instruments to specific body parts. In March 2022, the U.S. Food and Drug Administration approved Quantum Surgical's Epione interventional oncology robotics platform, showcasing the industry's commitment to technological advancements.
Major players in the interventional oncology devices market are focused on innovation, such as AI-powered digital pathology solutions, to enhance the accuracy of breast cancer diagnosis. Paige AI Inc., a U.S.-based biotechnology company, launched Paige Breast Lymph Node in March 2022, an AI-powered digital pathology solution improving the detection of breast cancer metastases in lymph node tissue. This technology offers AI-driven detection capabilities, a convenient heat map overlay, high sensitivity and specificity, seamless integration into existing workflows, user-friendliness, and robust security measures.
In August 2022, Boston Scientific Corporation acquired Obsidio Inc. for an undisclosed amount, aiming to expand its interventional oncology portfolio and strengthen its position in the growing market. Obsidio Inc., a U.S.-based medical device company, specializes in developing minimally invasive interventional oncology devices for treating liver cancer and other solid tumors.
Major companies operating in the interventional oncology devices market report are Boston Scientific Corporation, Terumo Corporation, Siemens Healthineers, Sirtex Medical Limited, Merit Medical Systems, Inc., Merck & Co. Inc., CVS Health, Henlius, Viant Medical, AngioDynamics Inc., Pfizer, Steris Applied Sterilization Technologies, CoDr.Reddys, International SOS, CapeRay, Innovent Biologics, Novartis AG, Consonance, ABLbio, Adimmune, Heraeus Medical, Bioavlee, Mediceena International, Sinapi biomedical, Olympus, Freudenberg Medical, Hisun Pharma, Beijing ShuangLu Pharmaceuticals, Edwards LifeSciences Corp, Gulf Dent Trading, LifeTech Scientific Corporation, Biomerics, Medtronic PLC, Dickinson & Company, 3M Company, DISA Vascular, Johnson & Johnson, Eurolab, Koninklijke Philips, Quantum SurgicalKyowa Hakko Kirin, Viatris, Nipro, Zimmer Biomet Holdings, Profound Medical, Gedeon Richter, Baxter, Ti-TaMED, Abbott Laboratories, Cook Medical LLC, Adavium Medical, Autocam Medical, Bio-Thera, Stryker, GE Healthcare, Sonic Healthcare, Medicem, HealthTronics, Bayer AG, Intuitive Surgical Inc., Aster DM Healthcare, Danaher Corporation, Varian Medical Systems Inc., Smileneo, EDAP TMS S.A, Fresenius Medical Care AG, China Regenerative Medicine International
North America was the largest region in the interventional oncology devices market in 2023. Asia-Pacific was the second largest region in the global interventional oncology devices market report. The regions covered in the interventional oncology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the interventional oncology devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The interventional oncology devices market consists of sales of embolization devices, ablation devices, and support devices. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Interventional Oncology Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on interventional oncology devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for interventional oncology devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The interventional oncology devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.