Opportunities in the emergence of local businesses in Asia-Pacific and the Middle East and Africa
Dublin, December 6, 2021 (GLOBE NEWSWIRE) – The “Analysis and forecast of the interventional oncology devices market, 2021-2030” the report was added to ResearchAndMarkets.com offer.
The Global Interventional Oncology Devices Market report highlights that the market was valued at $ 2,429.2 million in 2020 and is expected to reach $ 7,861.1 million by the end of 2030. The market is expected to grow. at a CAGR of 12.35% during the forecast period 2021 to 2030.
Industry overview of the global Interventional Oncology Devices Market
Interventional oncology procedures are suitable for cancer patients who do not respond to chemotherapy and are not fit for surgery. Interventional oncology procedures require devices such as embolization and ablation devices, as well as a set of support devices such as catheters.
The global interventional oncology device market is an emerging market in the medical device ecosystem. The market includes various key medical device companies and several start-ups developing advanced solutions for the treatment of cancer. In addition, the market also has unique products in the pipeline which would further enhance technological integration in cancer treatment.
The major factors which positively impact the growth of the market include high prevalence and increasing incidences of cancer, favorable reimbursement scenario for treatment of interventional oncology in developed economies, increasing role of interventional oncology in cancer treatment and the availability of private and public funding for research grants in the field of interventional oncology.
During COVID-19, the growth of the interventional oncology devices market was negatively affected, particularly in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively affected.
Global market drivers for interventional oncology devices
Factors driving market growth include high prevalence and increasing incidences of cancer, favorable reimbursement scenario for treatment of interventional oncology in developed economies, increasing role of interventional oncology in treatment cancer, the availability of private and public funding and research grants. in the field of interventional oncology. T
he field of interventional oncology is constantly evolving with the introduction of new technologies. Governments are investing large sums in medicare to reduce overall health care costs and improve quality of life and affordability of treatment.
So, as the prevalence of cancer continues to increase, especially in emerging economies, the adoption of the technology will continue to grow. This will therefore promote the growth of interventional oncology and, therefore, the global market.
Global Interventional Oncology Device Market Challenges
Factors restraining the growth of the global interventional oncology devices market include the financial burden of product recalls, the lack of clinical evidence for locoregional treatments, and the shortage of qualified interventional oncologists.
The lack of clinical data and the growing incidence of serious side effects associated with the use of interventional oncology devices have led to numerous recalls of interventional oncology devices that are critically hampering the growth of the interventional oncology device market. interventional oncology devices.
Another major constraint for the global interventional oncology device market is the shortage of trained interventional oncology professionals in most countries who can perform interventional oncology procedures. The situation continues to worsen as cancer is growing faster than the rate at which new interventional oncologists are entering the field.
Global Interventional Oncology Devices Market Opportunities
The high growth opportunities in emerging economies and the emergence of local businesses in Asia-Pacific, Middle East, and Africa offer immense potential for the growth of the global Interventional Oncology Devices market.
Interventional oncology devices exist in developing countries. Countries like China, India, Australia, and South Korea have populations with high cancer prevalence and incidence rates, leading to the adoption of interventional oncology devices for treatment. cancer, which would boost the global market for interventional oncology devices in these emerging countries.
Impact of COVID-19 on the Global Interventional Oncology Device Market
During COVID-19, the growth of the interventional oncology devices market was negatively affected, particularly in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively affected. Nonetheless, the market has increased slightly in 2020 and is expected to experience considerable growth during the forecast period 2021-2030. Growing technological innovations in the global market and increasing adoption in emerging economies are the factors driving the growth of the market.
Key Market Players and Competition Summary
Some of the strategies covered in this segment are financing activities, mergers and acquisitions (M&A), partnerships, alliances and business development, regulatory and legal activities and new offerings. The preferred strategy of companies has been mergers and acquisitions followed by regulatory and legal activities.
Some of the major players operating in the market include
Becton, Dickinson and company
Boston Scientific Society
Eckert & Ziegler BEBIG SA
IceCure Medical Ltd.
Johnson & johnson
Merit Medical Systems, Inc.
Sanarus Technologies, Inc.
Varian Medical Systems, Inc.
Market Report Coverage – Interventional Oncology Devices
Type of cancer – Liver cancer, lung cancer, kidney cancer, prostate cancer and other cancers
End User – Hospitals, Outpatient Surgical Centers and Others
Product type – Ablation devices (radiofrequency ablation, microwave ablation and cryoablation), embolization devices (arterial catheter chemoembolization (TACE), arterial catheter radioembolization (TARE) / selective internal radiotherapy, arterial embolization by catheter catheter (TAE) / soft embolization), treatment New generation devices (catheters and guidewires) and devices (irreversible electroporation ablation, percutaneous ethanol ablation, high intensity focused ultrasound, laser ablation, photothermal and theranostic ablation )
Market growth drivers
High prevalence and increasing incidence of cancer
Favorable reimbursement scenario for interventional oncology treatment in developed economies
Growing role of interventional oncology in cancer treatment
Availability of private and government funding and grants for interventional oncology research
Financial burden of product recalls
Lack of clinical evidence for locoregional treatments
Shortage of qualified interventional oncologists
For more information on this report, visit https://www.researchandmarkets.com/r/8369ox
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