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Interventional Oncology Market to Hit USD 4.24 Billion by 2029 with 9.0% CAGR | MarketsandMarkets™

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31 Jan, 2025, 15:30 GMT

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DELRAY BEACH, Fla., Jan. 31, 2025 /PRNewswire/ -- The interventional oncology market valued at US$ 2.53 Billion in 2023, is forecasted to grow at a robust CAGR of 9.0%, reaching US$ 2.75 Billion in 2024 and an impressive US$ 4.24 Billion by 2029.

The growth of the interventional oncology market is driven by several key factors, including the rising global burden of cancer, increasing demand for minimally invasive treatment options, and continuous technological advancements. Advances in the incidence of cancers of the liver, lungs, kidneys, and colon have been developing with many of these holding poor respectability, thereby indicating the increasing number of procedures in interventional oncology like trans arterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE), or percutaneous ablation. These methods provide targeted destruction of tumours with less systemic toxicity, faster recovery times, and fewer complications than do conventional surgical and chemotherapeutic modalities. In addition to this, greater preference for out-patient or day-care procedure due to higher cost-effectiveness and convenience will further add in the acceptance.

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Based on devices & consumables, the embolization devices were the largest application segment in interventional oncology market due to crucial role played by such products for minimally invasive cancer treatment. Minimally invasive cancer treatments have several benefits over traditional surgical treatments. These embolism devices help restrict or block the blood flow of the cancerous cells so that, effectively, one can cut down their supply of oxygen and other nutrients required by these cells to grow. Advancing preference for the embolization techniques, among which are chemoembolization trans arterial and selective internal radiation radioembolization, is fuelled by proven efficacy in handling inoperable tumors, a majority of liver cancer being considered one of the most common interventional oncology indications. Recent technological improvements concerning embolic agents, like drug-eluting beads and radio embolic microspheres, which enhance precision with improved therapeutic efficacy, further propels the spread. The increasing burden of cancer around the world, increased awareness about minimally invasive treatments, and a shift to outpatient care are also contributing to an increase in the use of embolization devices.

Based on cancer type, liver cancer holds the highest market share in the interventional oncology market as its global incidence is increasing rapidly, and mortality rate is higher, and such effective, minimally invasive treatment is desperately needed. Among the liver cancers, HCC is most commonly found to be associated with risk factors that are on a rising trend, including chronic infections with hepatitis B and C viruses, alcohol use, and non-alcoholic fatty liver disease. The oncological interventions in these cases have taken the form of targeted therapies with TACE, TARE, and percutaneous ablation. They have significantly helped the unresectable patient with liver cancer because they eliminate or reduce systemic side effects while producing localized tumor control and superior survival rates as opposed to systemic chemotherapy. The liver is specifically amenable to such therapies due to its dual blood supply; therefore, tumor-feeding blood vessels can be selectively targeted while relative preservation of the healthy tissue occurs. The progress in imaging and embolic agents has enhanced the accuracy and effectiveness of these treatments.

Based on procedure, Transcatheter arterial radioembolization, also termed as selective internal radiation therapy, accounted for the largest market share in the market for interventional oncology based on its wide acceptance in practice for the effective treatment of liver cancers, be it primary or secondary, which kill a significant part of cancer deaths worldwide. TARE is a direct implantation of radioactive microspheres into the hepatic artery supplying the tumor. The loaded radioactive isotope utilized is Yttrium-90. Localized delivery leads to targeted radiation, thereby increasing the tumor's destruction and decreasing systemic exposure as well as the damage caused to the surrounding healthy tissues. Its superior safety profile, better tolerance, and lesser side effects explain why there is a growing preference for TARE over traditional chemotherapy or external beam radiation therapy. TARE is also very effective for patients with unresectable hepatocellular carcinoma and metastatic colorectal cancer with liver involvement, where other treatment options are limited or less effective.

Based on end user, the market share in the interventional oncology market was dominated by hospitals because they have the infrastructure, the latest technology, and multidisciplinary teams needed to perform complex interventional procedures. Interventional oncology is highly specialized, minimally invasive techniques, such as transarterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE), and tumor ablation, which require access to advanced imaging equipment, catheterization labs, and skilled interventional radiologists. Because hospitals are well-stocked with these facilities, especially tertiary care and specialized cancer centers, their interventional oncology services are primarily sought after. Their ability to provide a continuum of care, from diagnosis and treatment up to post-procedure monitoring and follow up, attracts a large amount of patient flow seeking integrated cancer management.

Based on region interventional oncology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America was the largest shareholder in the interventional oncology market, primarily because of its well-developed health care infrastructure, high adoption of state-of-the-art medical technologies, and a rising prevalence of cancer. The United States is the largest contributor within the region and has a strong network of specialized cancer centers and hospitals equipped with state-of-the-art interventional radiology facilities. The increasing liver, lung, and kidney cancers are the prominent indications for performing interventional oncology procedures; hence, increasing demand for TACE, TARE, and thermal ablation is observed, which are highly minimally invasive treatments. Presence of highly skilled doctors, including medical professionals like oncologists and radiologists, aids in the overall growth of this market in North America.

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Key players in the Interventional Oncology market are Siemens Healthineers AG (Varian) (US), Medtronic (Ireland), Boston Scientific Corporation (US), Terumo Corporation (Japan), Merit Medical Systems (US), Johnson & Johnson MedTech (Ethicon) (US), Stryker (US), Teleflex Incorporated (US), AngioDynamics (US), Cook (US), IceCure Medical (Israel), Olympus Corporation (Japan), Imbiotechnologies Ltd (Canada), Medwaves Inc (US), Minimax Medical Limited (China), ABK Biomedical Inc (Canada), RF Medical Co., Ltd (South Korea), Profound Medical (Canada), Surgnova (China), STARmed America (US). These players have a comprehensive product portfolio and a strong geographic presence across the globe. These players focus on developing innovative products to cater the needs of various industries.

Siemens Healthineers AG (Varian) (US)

This subsidiary Varian Medical Systems of Siemens Healthineers AG leads market demand by innovative solutions in the niche of cancer treatment and remains an important player in the interventional oncology market. VARIAN focuses on advanced radiation therapy, radiosurgery, and interventional oncology systems to enhance the precision and outcome of tumor ablation and embolization procedures. Varian company has a comprehensive portfolio of product lines that entail advanced image guided treatment systems as well as solution software for therapy planning, thereby integrating oncology information systems whose workflows combine well with both therapeutic and diagnostic phases. It borrows imaging-related expertise from the Siemens Healthineers firm. Such synergy will put the company at the helm of offering integrated, state-of-the-art solutions in interventional oncology towards personal, precise, and efficient cancer care.

Medtronic (Ireland)

Medtronic is one of the biggest leaders in healthcare technology, accounting for many places in interventional oncology. The company develops solutions aimed at improving the outcomes of minimally invasive cancer treatments and focuses on products for tumor ablation and embolization. Medtronic's portfolio includes microwave and cryoablation systems that allow for accurate tumor targeting and destruction for liver, kidney, bone, and lung cancers. Their interventional oncology solutions support advanced imaging and navigation tools for improved procedural accuracy and patient safety. Medtronic is devoted to research and development, strategic collaborations, and comprehensive training programs for healthcare professionals, positioning the company as one of the biggest players in promoting innovation and access to cancer care worldwide.

Boston Scientific Corporation (US)

Boston Scientific Corporation is the leading medical technology company with innovative solutions in a number of therapeutic areas including interventional oncology. It has a rich portfolio of minimally invasive devices to diagnose and treat various types of cancers. These include the TheraSphere Y-90 Glass Microspheres for the radioembolization therapy in liver cancer, along with specialty catheters and guidewires designed for precise targeting of the tumor. Boston Scientific continues to advance patient care by combining the latest in imaging guidance with precision treatment technologies. The company is placed at the front of the interventional oncology market based on its commitment to innovation, clinical research, and strategic partnerships as the demand for targeted, minimally invasive cancer therapies continues to rise.

For more information, Inquire Now!

Related Reports:

Advanced Visualization Market

Radiotherapy Market

Tumor Ablation Market

Contrast Media Market

Contrast Media Injectors Market

Get access to the latest updates on Interventional Oncology Companies and Interventional Oncology Market Size

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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