Albany NY, United States -- (SBWIRE) -- 02/12/2020 -- Interventional oncology is a branch of medical science that deals with minimally invasive medical procedures carried out under image guidance by interventional radiologists for the diagnosis, treatment, and palliation of different types of cancer. In interventional oncology procedures, different image guided techniques such as computed tomography, fluoroscopy, and ultrasound are used to diagnose and treat the specific site affected with the pain or cancer. The interventional oncology procedure is most commonly performed with other cancer treatments such as surgery, chemotherapy, and radiation therapy. These procedures offer several advantages such as quicker recover, shorter hospital stays, minimal side effects, and more precise and accurate treatment compared to other therapeutic procedures.
The global interventional oncology market is primarily driven by high prevalence and increase in incidence rates of cancer worldwide. Cancer is one of the leading causes of death globally after cardiovascular diseases. According to the World Health Organization (WHO), cancer accounts for 8.3 million deaths each year, with 70% new cancer cases expected to be reported over the next 20 years. The increasing cancer afflicted population is anticipated to be one of the key drivers of the market. According to a Centers for Disease Control and Prevention (CDC) report, in 2014, the number of cancer patients diagnosed in the U.S. reached approximately 21 million. This number is expected to reach 25.4 million by the end of 2024. Moreover, advantages of minimally invasive surgical procedures, technological advancements in interventional oncology, increased government funding for oncology procedures etc. are estimated to fuel the growth of the interventional oncology market during the forecast period.
The global interventional oncology market can be segmented based on procedure, Indication, and region. In terms of procedure, the interventional oncology market can be divided into ablation procedure, embolization procedure, and radiotherapy procedure. Embolization procedure is the most preferred across the globe due to benefits associated with the procedure, followed by the ablation procedure. Embolization is a process involving lodging of embolus within the bloodstream in order to block the blood supply to the tumor. The process involves chemical or irradiation technique for selective occlusion of blood vessels by introducing emboli.
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Radiotherapy is a treatment for cancer and other less common diseases such as thyroid, blood disorders, and even to restrict noncancerous cell growth. Radiotherapy is a widely used technique in interventional oncology. Radiotherapy procedure involves radiation through light or heat energy. The embolization segment is projected hold significant market share by the end of 2026 and is likely to expand at a rapid CAGR during the forecast period. In terms of indication, the global interventional oncology market can be categorized into lung cancer, renal cancer, osteosarcoma, hepatocellular carcinoma, splenomegaly, intrahepatic cholangiocarcinoma, neuroendocrine tumor, glioblastoma multiforme, metastatic colorectal cancer, and others.
Geographically, the global interventional oncology market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to account for major share of the global interventional oncology market due to a large population base afflicted with chronic cancer such as hepatocellular carcinoma, lung cancer, renal cancer, and metastatic colorectal cancer.
Moreover significant adoption of minimally invasive surgeries for the effective management of cancer, well-established health care infrastructure, and early adoption of technologically advanced interventional oncology products etc. are factors that are likely to fuel the growth of the interventional oncology market during the forecast period. The interventional oncology market in Asia Pacific is anticipated to expand at a high CAGR during the forecast period due to high prevalence of cancer in the highly populous countries of India and China, rapidly changing health care systems, various government initiatives to improve overall health care, and increased per capita health care expenditure. Moreover, increase in investments by leading global interventional oncology devices companies in the region is likely to contribute to the growth of the market in Asia Pacific during the forecast period.
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Key players operating in the global interventional oncology market includes Boston Scientific Corporation, Medtronic plc, Terumo Corporation, BTG plc, AngioDynamics, Inc., Ethicon, Inc. (Johnson & Johnson), Merit Medical Systems, Inc., Sirtex Medical Limited, Siemens Healthineers, Eckert & Ziegler BEBIG, Varian Medical Systems, Inc., and HealthTronics, Inc.