Interventional Oncology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Interventional Oncology Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The interventional oncology devices market is expected to register a CAGR of 8.3% during the forecast period.

COVID-19 had a significant impact on the growth of the market. The COVID-19 pandemic affected health care systems globally and resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients with cancer to significant risks. A study titled "Impact of the COVID-19 Pandemic on Cancer Care: A Global Collaborative Study" in March 2020 reported that a total of 356 centers from 54 countries across six continents participated between April 21 and May 8, 2020. These centers serve 716,979 new patients with cancer a year. Most of them (88.2%) reported facing challenges in delivering care during the pandemic. Although 55.34% reduced services as part of a preemptive strategy, other common reasons included an overwhelmed system (19.94%), lack of personal protective equipment (19.10%), staff shortage (17.98%), and restricted access to medications (9.83%). Thus, the lack of cancer care during the pandemic significantly impacted the market's growth during the forecast period.

The major factors accounting for the growth of the market include the increase in cancer incidence rate worldwide, high preference for minimally invasive procedures, augmented funding from the government in developed countries, and the favorable reimbursement scenario for interventional oncology treatment. According to the American Cancer Society, in 2022, 1.9 million new cancer cases are expected to occur in the United States 2022. According to the article published in World Cancer Research Fund International, Oncology 2021, in 2020, liver cancer was the sixth most common cancer and the third leading cause of cancer deaths worldwide, with an estimated 905,677 new cases. East Asia had the highest incidence, at 17.9 per 100,000 population (26.9 in males and 8.9 in females), followed by Micronesia, northern Africa, Southeast Asia, and Melanesia. Moreover, the incidence rate was 6.9 per 100,000 in northern America and 5.6 per 100,000 in western Europe. Overall, the incidence rate of liver cancer is approximately three times higher in males than in females Therefore, an increase in the incidence rate of cancer around the world drives the growth of the interventional oncology devices market during the forecast period. However, the stringent regulations on the usage of medical devices may hamper the growth of the market to some extent.

Additionally, the increasing product developments by key market players are expected to drive the growth of the market. For instance, In November 2021 Fluidx Medical Technology presented the data supporting the potential for oncology drug delivery with the company's next generation, doxorubicin-loaded GPX embolic device.

Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period. However, the dearth of trained interventional oncologists, clinical evidence for localized treatment regions, and stringent regulations for medical devices are expected to restrain the growth of the market.

Key Market TrendsBreast Cancer is Expected to Hold a Major Share in the Market Over the Forecast Period.

Breast cancer is a disease in which cells in the breast grow out of control. Different kinds of breast cancer depend on which cells in the breast turn into cancer. Breast cancer can spread outside the breast through blood vessels and lymph vessels. When breast cancer spreads to other parts of the body, it is said to have metastasized. The growing incidence of breast cancers across the globe and product launches is expected to drive market growth.

According to the GLOBOCAN 2020 report, breast cancer was the most prevalent form of cancer diagnosed around the world, with about 2,261,419 cases of breast cancer reported in 2020 globally. As per the same source, the burden of breast cancer is expected to increase to 3,025,471 new cases by 2040, which is a profound increase in the incidence of breast cancer. Hence, with the growing burden of breast cancer, interventional oncology procedures are expected to increase over the forecast period which will drive growth in the studied segment.

According to the 2020 data of the European Cancer Information System (ECIS), breast cancer is the most prevalent form of cancer in European Union (EU-27) countries and accounted for about 13.3% of the total cancer cases diagnosed in 2020 in EU-27 countries. Further, as per the same source, in 2020, 355,457 new cases of breast cancer were diagnosed in EU-27 countries and 1 in 7 women in the age group of 0-74 years was at risk of developing breast cancer in the region.

Also, innovative product launches are expected to contribute to the growth of the segment. For instance, in April 2021, IceCube Medical Ltd. received the designation as a Breakthrough Device from the United States Food and Drug Administration (FDA) for its ProSense for use in the treatment of patients with T1 invasive breast cancer and/or patients not suitable for surgical alternatives for the treatment of breast cancer. It is a liquid-nitrogen-based cryoablation system that enables minimally-invasive treatment of cancer tumors.

Thus, due to the above-mentioned factors, the studied segment is expected to witness significant growth over the forecast period.

North America Dominates the Market and the Same is Expected Over the Forecast Period.

North America is expected to dominate the overall market during the forecast period. The market for interventional oncology devices in North America is expected to grow significantly during the forecast period owing to the factors such as increasing incidence of cancer in the country, rising prevalence of minimally invasive procedures, growing product launches, and growing investments by the key market players and government. Additionally, significant advancements in medical imaging technology have allowed interventional oncologists to bring image-guided procedures into daily clinical practice and make targeted cancer treatment possible, thus driving the market.

According to an American Cancer Society report in January 2022, 2022 it is estimated that 10,470 children will be diagnosed with cancer. This indicates that the incidence and mortality rate associated with cancer is significantly high, which increases the demand for surgical procedures, subsequently increasing the demand for interventional oncology devices, thus driving the market.

The growing investments by various market players in this region are expected to contribute to the growth of the market. For instance, in May 2021, Scientica Vascular received USD 50 million from Vivo Capital to support and expand the development of microcatheters and guidewires for interventional oncology markets. This investment will speed up the company’s global sales and marketing efforts for the existing products and develop new products in the market. Such investments are expected to drive market growth during the study period.

Thus, the above-mentioned factors are expected to drive the growth of the market in this region during the forecast period.

Competitive Landscape

The interventional oncology devices market is moderately competitive and consists of several major players. Some of the major players in the market are Boston Scientific Corporation, Medtronic plc, Merit Medical Systems Inc., Terumo Corporation, HealthTronics Inc., and Others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.