Global Interventional Oncology Devices Market Size, Share and Forecast to 2031

Interventional oncology (IO) is a subspecialty of interventional radiology that employs imaging-guided minimally invasive procedures to diagnose and treat cancer and related illnesses. Interventional oncologists can safely perform a minimally invasive tumor biopsy to collect the essential genetic or proteomic data for precisely tailoring the chemotherapeutic medicines expected to have the desired therapeutic effect. Interventional oncology devices diagnose and treat cancer using minimally invasive treatments and advanced imaging technology. Interventional oncology procedures primarily fall into two categories: diagnostic treatments that aid in identifying suspected neoplasms on tissue and therapeutic approaches that treat or diminish tumors. These techniques have a significantly smaller impact on the entire body and the organ being treated.

Market Dynamics

High Prevalence and Growing Incidences of Cancer Drive the Global Market

Cancer's high prevalence and rising rates drive the worldwide interventional oncology devices market. According to UICC.ORG's GLOBOCAN, there were 19.3 million cancer cases worldwide in 2020. Moreover, cancer was responsible for 10 million fatalities in the same year. According to Cancer Research U.K., the rising incidence of cancer can be attributed to longer life expectancy compared to fifty years ago; the longer an individual lives, the greater the likelihood of being diagnosed with cancer, as cancer is caused by errors in DNA codes that serve as a blueprint for the proper functioning of our cells. Once DNA is erroneously coded with mutations promoting cancer, the cell becomes hyperactive and develops cancer. Changes in lifestyle, growth in the number of persons exposed to either first-hand or second-hand smoke, and an increase in alcohol use are anticipated to be the primary factors driving the worldwide interventional oncology devices market in the coming years.

Emergence of Local Companies in Asia-Pacific and the Middle East and Africa Creates Tremendous Opportunities

The rise of local companies in developing regions is one of the untapped global interventional oncology devices market prospects. For instance, IceCure Medical Ltd., based in Israel, has created a cryoablation system to treat cancer. In addition, the India-based startup Bonne Sante Meditech has created an irreversible electroporation ablation device. The primary aspect of the device is that it is built in India and is currently being deployed in Maharashtra. Similar businesses can be developed in Taiwan, Turkey, South Africa, and other south-east Asian nations with rising economies. The existence of businesses in these nations will promote the development of the local interventional oncology devices industry.

Regional Analysis

North America is the most significant global interventional oncology devices market shareholder and is anticipated to exhibit a CAGR of 11.35% during the forecast period. The largest market share of interventional oncology devices in North America can be ascribed to the high prevalence of cancer, the expanding elderly population, the preference for minimally invasive technologies, and the high reimbursement rates. According to the Global Cancer Observatory, there were 37,948 instances of liver cancer in the United States in 2018; this figure is projected to rise by up to 4,193 by 2025. In addition, the United States accounts for 90% of liver cancer cases in North America. According to the National Cancer Institute, there were roughly 15.5 million cancer survivors in the United States in 2016, and this figure is projected to rise to 20.3 million by 2026. The United States Food and Drug Administration (USFDA) and Health Canada are the primary regulatory agencies for the North American region.

Europe is estimated to exhibit a CAGR of 12.61% over the forecast period. The availability of good medical facilities, the inclination of Europeans for interventional operations, the high intake of alcohol, and the high incidence and prevalence of cancer mainly cause cancer in Europe. In 2018, the worldwide cancer observatory recorded 4,229,662 new cases of cancer, of which 2,247,518 were male, and 1,982,144 were female. In addition, breast, colon, lung, and prostate cancer are the most prevalent cancer in the region. The European Commission funds a variety of cancer-fighting research programs. One such scheme is the Horizon 2020 initiative. The European Union (EU) directed the cancer research and innovation program. The program was established in 2014. Around 980 projects totaling USD 1.4 billion have been funded. Government funding and research initiatives are anticipated to propel the market for interventional oncology devices in Europe over the forecast period.

Key Highlights

The global interventional oncology devices market size was valued at USD 3,145.78 million in 2022. It is estimated to reach USD 8,971.93 million by 2031, growing at a CAGR of 12.35% during the forecast period (2023–2031).
Based on cancer type, the global interventional oncology devices market is divided into liver cancer, lung cancer, kidney cancer, prostate cancer, and other cancers. The sub-orbital reusable launch vehicles segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 12.01% over the forecast period.
Based on product type, the global interventional oncology devices market is bifurcated into ablation devices, embolization devices, supporting devices, and next-generation devices. The ablation devices segment dominates the global market and is projected to exhibit a CAGR of 11.86% over the forecast period.
Based on end-user, the global interventional oncology devices market is segmented into hospitals, ambulatory surgical centers, and others. The government segment owns the highest market share and is estimated to exhibit a CAGR of 11.91% during the forecast period.
North America is the most significant global interventional oncology devices market shareholder and is anticipated to exhibit a CAGR of 11.35% during the forecast period.