PUBLISHER: SkyQuest | PRODUCT CODE: 1259956
PUBLISHER: SkyQuest | PRODUCT CODE: 1259956
Global Interventional oncology Market was valued at USD 2.15 billion in 2021 and it is expected to reach at USD 3.65 billion by 2028, at a CAGR of 5.09% over the forecast period (2022-2028).
Interventional oncology (IO) is a subspecialty of interventional radiology that focuses on the treatment and diagnosis of cancer and cancer-related disorders using image-guided minimally invasive procedures. Interventional oncologists deal with patients in the infirmary, admit them to hospitals, and serve on the tumour review board and multidisciplinary treatment team, all while actively working on cancer diagnosis and administration. Alongside medical, surgical, and radiation oncology, the fast emerging discipline of interventional oncology has evolved into a foundation of cancer care. The global Interventional Oncology Market is expanding mostly as a result of companies resuming operations and adjusting to the new normal while recovering from the effects of COVID-19. Furthermore, the rising usage of interventional oncology approaches to identify and treat cancer using minimally invasive techniques and enhanced imaging technologies is fueling the devices market, which is expected to rise significantly during the estimated period. Furthermore, with increased market competition, the rapid use of new technologies to improve healthcare has positively influenced market growth.
Interventional oncology offers patients more therapeutic alternatives. Furthermore, while surgical excision of tumours is widely acknowledged to be the most effective long-term therapy, it is not always possible due to tumour size, amount, or location. Interventional oncology (IO) therapies are frequently utilised to shrink tumours, allowing for surgery or interventional therapy. Interventional oncology techniques are generally separated into diagnostic therapies that aid in the tissue diagnosis of suspected neoplasms and therapeutic procedures that attempt to cure or reduce the tumour. The advantage of these operations is that they have a far smaller impact on the rest of the body and the organ being treated. It also has a quicker recovery period than traditional open surgeries. Interventional Oncology therapy can be extremely beneficial to patients. Because the therapies are less invasive, they are less painful, have less side effects, and require less time to recover from. Several IO therapies can be conducted as outpatient operations, freeing up hospital beds and cutting costs. Funding from the public and private sectors aids in the development of new technologies and equipment, propelling the Interventional Oncology Market forward. Product recalls, on the other hand, are expected to weaken demand for interventional oncology equipment. Additionally, the lack of scientific evidence for limited area therapy and strict regulation will stymie market growth.
Additionally, a scarcity of well-trained and skilled oncologists, as well as a lack of clinical evidence to support treatment success, may pose a threat to market expansion. Furthermore, emerging economies offer tremendous growth potential for the business. Accelerated economic development and increased healthcare spending in some emerging economies are expected to improve access to high-quality care.
Top-down and bottom-up approaches were used to estimate and validate the size of global Interventional oncology Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Interventional Oncology market is segmented based on Therapy, Cancer Type, End-User, Product Type, Procedures, Product Type, and Region. Based on Therapy the market is segmented into Radiation Therapy, Ablation Devices, Particle Embolization Devices. Based on End-User the market is segmented into Hospitals, Ambulatory surgical centres, Specialty clinics, Others. Based on Procedure the market is segmented into [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation))]. Based on Cancer Type the market is segmented into Liver Cancer, Kidney Cancer, Lung Cancer, Others. Based on Product Type the market is segmented into Embolization Devices, Ablation Devices, and Support Devices. Based on region the global Interventional Oncology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Patients' Demand for Least Invasive Treatments is Increasing
Because of the considerable advantages that these approaches have over traditional treatment methods, the demand for minimally invasive treatments has expanded dramatically in recent years. The key benefits of minimally invasive therapies are fewer operational complications, shorter hospitalisation, less discomfort, smaller and more cosmetic incisions, a decreased risk of infection, less post-surgical care, and faster recovery. Advanced technologies are utilised in minimally invasive therapies to identify and treat a number of illnesses, including cancer. These methods are utilised to remove cancer tumours and lymph nodes while leaving no visible scars. Less invasive methods also assist surgeons in collecting tissue for biopsy and staging examinations. As a result, surgeons can devise a more specific cancer treatment strategy. Less invasive techniques also result in significant cost reductions. Leading interventional oncology market participants are increasingly emphasising the introduction of innovative technologically sophisticated products. This market's innovation is focused on generating cost-effective, technologically complex, and simple-to-use interventional oncology solutions. These improvements aim to improve the efficiency of interventional oncology systems while also widening their application areas, hence raising end-user demand for these systems.
Restraint
There is a scarcity of highly skilled and experienced radiologists and oncologists.
The interventional oncology business is always undergoing technological advances and enhancements to improve the accuracy and specificity of equipment and treatments. Yet, interventional oncology is a method that requires full-time professionals to achieve and maintain high standards. As a result, the interventional oncology business is likely to face a shortage of well-trained and skilled radiologists and oncologists. In the United States, for example, a shortage of more than 2,300 medical oncologists is expected by 2025. (Source: Journal of Global Oncology). This element will have a stronger influence on developing and disadvantaged regions. One of the most significant obstacles in providing care for patients with curable tumours in Sub-Saharan Africa is a scarcity of medical oncologists, radiation oncologists, and other cancer-care experts. Similarly, there is a serious shortage of oncologists, radiotherapists, and surgical oncologists in India. In a country with 1.8 million cancer patients, only one oncologist treats every 2,000 patients. Despite the availability of a large target patient population, the paucity of oncologists and radiologists in many countries throughout the world is expected to have an impact on the adoption of interventional oncology procedures in their respective healthcare systems.
Market Trends
The organisations are currently focusing on enhancing performance by combining robotics technology into interventional oncology equipment. Robotic systems have enhanced accuracy and efficiency by combining image-based planning and navigation with the installation of various instruments for the targeted body part. Furthermore, the rapid rise in cancer incidence worldwide, combined with a growing need for less intrusive therapy, is driving market expansion throughout the forecast period. Furthermore, rising government and private funding for cancer research, particularly for treatment devices that encourage early detection and improve survival rates, has fueled market expansion. Interventional Oncology therapy can be extremely beneficial to patients.