Interventional Oncology Market by Product (Radiofrequency, microwave, embolization, guidewires), Procedure (Thermal, Non-Thermal Ablation, TACE, TARE, TAE), Cancer (Liver, Lung, Kidney, Bone Metastasis), Enduser (Hospital, ASC)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2023-2032

The global Interventional Oncology market size was exhibited at USD 1.36 billion in 2022 and is projected to hit around USD 2.65 billion by 2032, growing at a CAGR of 6.9% during the forecast period 2023 to 2032.

Key Pointers:

• Embolization devices account for the largest share of the global market as of 2022.
• Liver cancer accounts for the largest interventional oncology market in 2022.
• Hospitals & diagnostic centers to account for the largest share of the global market in 2022.
• North America accounted for a major share of the global market in 2022.

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 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 as compared to other therapeutic procedures.

Interventional Oncology Market Report Scope

Interventional Oncology Market Dynamics

Drivers: Rising patient preference for minimally invasive procedures

In recent years, the demand for minimally invasive procedures has witnessed a significant increase owing to the advantages offered by these procedures over traditional treatment procedures. The key benefits of minimally invasive procedures include fewer operative complications, shorter hospitalization, less pain, smaller and more cosmetic incisions, lower risk of infection, reduced post-operative care, and quicker recovery. Minimally invasive procedures use advanced technologies to diagnose and treat various diseases, including cancer. These procedures are a practical approach to removing cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy and accurate staging studies. This, in turn, helps surgeons make an appropriate and exact cancer treatment plan.

Restraints: Dearth of well-trained and skilled radiologists and oncologists

The interventional oncology market is witnessing continuous technological innovations and advancements to make the devices and techniques more accurate and specific. However, interventional oncology is a technique wherein high standards can only be achieved and maintained by full-time specialists. As a result, the shortage of well-trained and skilled radiologists and oncologists is expected to affect the growth of the global market. For instance, more than 2,300 medical oncologists shortage is expected in the US by 2025 (Source: Journal of Global Oncology). The effect of this factor will be more pronounced in developing and underdeveloped regions. One of the significant obstacles in delivering care for patients with curable cancers in the sub-Saharan African region is the shortage of medical oncologists, radiation oncologists, and other healthcare workers required for cancer care. Similarly, India is facing an acute shortage of oncologists, radiotherapists, and surgical oncologists. This shortage of oncologists and radiologists in several countries across the globe is expected to affect the adoption of interventional oncology procedures in their respective healthcare systems despite the presence of a large target patient population.

Opportunities: Emerging economies offer high growth potential

Rapid economic development and increasing healthcare expenditure in several emerging countries such as China, India, Brazil, and Mexico are expected to improve access to quality healthcare. This is considered a positive indicator of the growth of the interventional oncology market.

The rising incidence of cancer in these countries results in a growth in the demand for various interventional oncology products and procedures. According to GLOBOCAN 2018, there were 609,596 new liver cancer cases in the Asian region in 2018, and this figure is projected to increase by 142,982 by 2025. As a result of the growing disease burden, governments in several emerging countries invest heavily in developing and modernization of their healthcare infrastructures.

Challenges: Limited clinical data to support therapeutic efficacy

For a treatment to be implemented as a standard of care, rigorous safety data from Phase I trials, demonstrated efficacy from Phase II trials, and evaluation of clinical outcomes better than available treatments from randomized, controlled Phase III trials are required. However, conducting well-controlled clinical trials in interventional oncology procedures is difficult due to the lack of established methodologies. For instance, chemoembolization is the most commonly used procedure for hepatocellular carcinoma. However, the clinical evidence supporting chemoembolization is weak, and the clinical benefits derived from the current trials are lower than the other available treatment options for cancer.

Thus, the limited clinical evidence supporting the benefits of interventional oncology and incorporating strategies to improve the therapeutic outcomes and safety of interventional oncology practices are considered critical challenges for the growth of this market during the forecast period.

North America to Offer Significant Opportunities in Interventional Oncology Market

In terms of region, the global Interventional Oncology market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

North America accounted for a major share of the global market in 2022. North America and Europe are projected to account for notable shares 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, in these regions. Moreover, significant adoption of minimally invasive surgeries for the effective management of cancer, well-established healthcare infrastructure, and early adoption of technologically advanced interventional oncology products are key factors that are likely to fuel 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 healthcare systems, various government initiatives to improve overall healthcare, and increased per capita healthcare expenditure. Moreover, increase in investments by leading global interventional oncology devices companies in the region is also likely to further boost the market in Asia Pacific during the forecast period.

Recent Developments

• In 2021, Boston Scientific (US) launched Launched the TheraSphere Y-90 Glass Microspheres
• In 2018, Merit Medical Systems (US) launched the Preclude IDeal Hydrophilic Sheath Introducer in EMEA markets
• In 2018, IMBiotechnologies (US) launched ‘Ekobi 500 Embolization Microspheres’ with an enhanced feature of detectability using ultrasound technology.
• In 2018, Medical City and distributor Gulf Medical Company to install the first IMRIS Surgical Theatre in Saudi Arabia.
• In 2018, Medtronic (Ireland) launched its OptiSphere embolization spheres designed for hypervascular tumor embolization in the US

Some of the prominent players in the Interventional Oncology Market include:

• 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.
• HealthTronics, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Interventional Oncology market.

By Product

• Embolization Devices
  • Radioembolic Agents
  • Non-Radio embolic Agents
    • Microspheres
    • Coated Beads
    • Microparticles
• Ablation Devices
  • Radiofrequency (RF) Ablation Devices
  • Microwave Ablation Devices
  • Cryoablation Devices
  • Other Ablation Devices
• Support Devices
  • Microcatheters
  • Guidewires

By Procedure

• Thermal Tumor Ablation
• Non-Thermal Tumor Ablation
• Transcatheter Arterial Chemoembolization
• Transcatheter Arterial Radioembolization/Selective Internal Radiation Therapy
• Transcatheter Arterial Embolization/Bland Embolization

By Cancer Type

• Liver Cancer
• Lung Cancer
• Bone Metastasis
• Kidney Cancer
• Breast Cancer
• Prostate Cancer
• Other Cancers

By End Users

• Hospitals
• Ambulatory Surgery Centers
• Research & Academic Institutes

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)