Interventional Oncology Market to Gather $3,791.50 Million by 2030, Growing at a CAGR of 6.5% in the 2022-2030 Timeframe [210-Pages] | Declared by Research Dive
The global interventional oncology market is anticipated to grow tremendously by 2030, mainly due to increasing incidence of cancer cases. Moreover, the crucial role played by embolization devices in the treatment of hepatocellular carcinoma is expected to make the embolization sub-segment of the market as the most dominant one. Market in Asia-Pacific region to witness substantial growth opportunities by 2030.
New York, USA, June 08, 2022 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global interventional oncology market is expected to gather a revenue of $3,791.50 million by 2030, growing at a healthy CAGR of 6.5% in the 2022-2030 timeframe. This holistic report puts forward a brief overview of the interventional oncology market’s current framework including cardinal aspects of the market such as growth drivers, growth opportunities, and restraints and hindrances during the forecasted period. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market with ease.
Dynamics of the Interventional Oncology Market:
Drivers: Increasing incidence of cancer cases all across the globe is expected to be the primary growth driver of the interventional oncology market in the 2022-2030 timeframe. Along with this, expansion of healthcare establishments around the world, especially in the Asia-Pacific region, is expected to boost the market in the analysis timeframe.
Opportunities: Integration of interventional oncology techniques with latest technology such as Artificial Intelligence (AI) and robotics is expected to offer numerous growth opportunities to the market in the forecast timeframe. Increasing burden of chronic cancer cases, especially in the geriatric populations, is expected to drive the market forward.
Restraints: Low product penetration among the low-income regions of the globe may, however, prove to be the hurdle in the growth of the interventional oncology market during the analysis timeframe.
Impact of Covid-19 on the Interventional Oncology Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The interventional oncology market, too, has faced a similar situation. Moreover, turning of operating theaters into Intensive Care Units (ICUs) and mobilizations of oncologists to treat coronavirus cases have further led to a decline in the growth rate of the market in the pandemic years.
However, introduction of newer technologies during this period have helped the market grow in the pandemic years and is predicted to continue to do so in the forecast timeframe.
Segments of the Market:
The report has segmented the market into certain segments based on product type, cancer type, end-user, and region.
Product Type: Embolization Sub-segment to be the Most Lucrative
By product type, the embolization sub-segment is predicted to be the most dominating sub-segment of the interventional oncology market and is expected to gather a revenue $2,522.50 million by 2030. The crucial role played by embolization devices in the treatment of hepatocellular carcinoma and various other forms of cancer having larger tumor size has led to an increase in demand for these devices, which is expected to boost the growth of this sub-segment.
Cancer Type: Liver Cancer Sub-segment to be the Most Dominant
By cancer type, the liver cancer sub-segment is predicted to be the most dominating sub-segment and gather a revenue of $1,153.80 million by 2030. Interventional oncology techniques have been extensively and effectively used in the treatment of liver cancer cases. Along with this, there is a lot of research going on in the field of liver cancer treatment techniques. Both these factors are expected to boost the sub-segment in the forecast timeframe.
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End-User: Hospital Sub-segment to be the Most Profitable
By end-user, the hospital sub-segment is projected to have a dominant market share and register a revenue of $2,589.70 million by 2030. Increasing incidence of cancer cases, growing awareness about the effectiveness of oncological treatment techniques, and continuous research in the field of cancer treatment is expected to boost this sub-segment in the analysis timeframe.
Region: Market in Asia-Pacific Region to Grow Substantially
By regional analysis, the interventional oncology market in Asia-Pacific region is expected to grow handsomely and is predicted to gather a revenue of $836.80 million by 2030. Significant expansion of healthcare sector, along with several governmental initiatives to support cancer treatment are expected to be the two primary growth factors of the market in this region.
Prominent Market Players:
Some of the prominent players in the interventional oncology market are
- Medtronic
- AngioDynamics
- HealthTronics
- Boston Scientific
- J&J
- BD
- Teleflex
- Terumo
- Cook Medical
- Merit Medical
These players are adopting numerous business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in July 2020, Terumo Corporation, a global leader in medical technology, announced the acquisition of Quirem Medical B.V., a Dutch healthcare company. With this acquisition, Terumo has gained a lot of significant market strength and will be able to cater to a larger customer base, thereby helping it to increase its foothold in the market even more in coming years.
Finally, the report also summarizes many crucial aspects of interventional oncology market including SWOT analysis, product portfolio, financial performance of the key players, and latest strategic developments.
Some Trending Article Links:
- Interventional Oncology: The 4th Pillar of Modern Oncology
- Interventional Oncology: A Boon for Patients Dealing with Various Forms of Cancers
- Collaborations Like that of MEDX Xelerator with West Pharmaceutical Services to Drive the Interventional Oncology Market Growth
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