Interventional Oncology Devices Market

Market Overview

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).

A branch of interventional radiology called interventional oncology (IO) employs imaging-guided minimally invasive treatments to diagnose and treat cancer and disorders connected to it. A minimally invasive tumor biopsy can be performed safely by interventional oncologists to obtain the necessary genetic or proteomic data for precisely customizing the chemotherapeutic drugs anticipated to have the desired therapeutic impact. Interventional oncology devices diagnose and treat cancer with minimally invasive procedures and modern imaging technology.

Advanced oncology's interventional oncology specialty treats solid tumors in the liver, kidneys, lungs, bones, and other organs by using X-rays, ultrasounds, computed tomography (CT), or magnetic resonance imaging (MRI) to guide tiny instruments (biopsy needles, ablation electrodes, intravascular catheters). Interventional oncology techniques mainly fall into two categories: diagnostic treatments that help identify suspicious neoplasms on tissue and therapeutic approaches that treat or lessen tumors. These techniques have the benefit of having a far lesser effect on the body as a whole and the organ being treated. Also, it offers a quicker recovery period compared to conventional open procedures. 

Highlights

• Liver cancer dominates the cancer type segment
• Ablation devices dominate the product type segment
• Hospital dominates the end-user segment
• North America is the highest shareholder in the global market

Market Dynamics

Global Interventional Oncology Devices Market Drivers:

High Prevalence and Growing Incidences of Cancer

The high prevalence and growing incidences of cancer are major factors augmenting the global interventional oncology devices market. For instance, according to UICC.ORG's GLOBOCAN, there were 19.3 million cancer cases globally in 2020. Furthermore, cancer caused 10 million deaths in the same year. According to Cancer Research U.K., the growing incidence of cancer can be attributed to higher life expectancy as compared to 50 years ago; the longer individual life, the higher the chances of getting diagnosed with cancer, as cancer is caused due to errors in DNA codes which provide a blueprint for the functioning of our cells. Once DNA is miscoded with cancer-promoting errors, the cell becomes overactive and progresses to producing cancer. In addition, lifestyle changes, an increase in the number of people exposed to either first or second-hand smoke, and an increase in the consumption of alcohol are the major factors expected to drive the global interventional oncology devices market in the future.

Expanding Role of Interventional Oncology in the Treatment of Cancer

Cancer incidences have reportedly risen since the beginning of the 21st century. Hence, the need for a new treatment modality for cancer patients surged rapidly. Consequently, medical science has witnessed rapid advancements in the early diagnosis and treatment of cancer. One of the several revolutionary advancements is the advent of interventional oncology, which has advanced the treatment by reducing the time of hospital stays and postoperative complications related to the treatment. Furthermore, the field of interventional oncology is constantly evolving with the introduction of novel technologies.

Additionally, the latest technology integrated is theranostics. For instance, according to a research study published by National Center for Biotechnology Information (NCBI) in 2019, titled, Theranostics in Interventional Oncology: Versatile Carriers for Diagnosis and Targeted Image-Guided Minimally Invasive Procedures, theranostics can be used in integration with interventional oncology for development of personalized treatments for cancer patients. Therefore, with the advent of precision or personalized interventional oncology, the market is projected to grow in the forecast period.

Global Interventional Oncology Devices Market Restraint:

Dearth of Trained Interventional Oncologists

A major restraint for the global interventional oncology devices market is the need for more skilled interventional oncology professionals in most countries who can perform interventional oncology procedures. The situation continues to get worse, as cancer is rising at a faster rate than the rate at which new interventional oncologists are entering the field.

In addition, restraints such as a fragmented ecosystem with outdated equipment, variance in quality and lack of standardization, the high workload of interventional oncology personnel, and growing medical complexity are faced by most oncologists. The launch of image-guided techniques to support minimally invasive procedures for cancer treatment requires highly trained personnel, and the shortage of skilled interventional oncologists is turning out to be a restraint for this market.

Global Interventional Oncology Devices Market Opportunities:

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

One of the untapped opportunities in the global interventional oncology devices market is the emergence of local companies in developing regions. For instance, IceCure Medical Ltd. is an Israel-based company that has developed a cryoablation system for cancer treatment. Furthermore, Bonne Sante Meditech, an India-based start-up, has developed an irreversible electroporation ablation device. The device's key feature is that it is entirely manufactured in India and is now in the initial stages of deployment in Maharashtra.

Similar companies can be established in various emerging economies such as Taiwan, Turkey, South Africa, and other south-east Asian countries. The presence of companies in such countries will accelerate the growth of the local interventional oncology devices market. Furthermore, it will also improve technology integration in the global interventional oncology devices market. These factors are anticipated to create tremendous growth opportunities for the market players.

Regional Analysis

North America Dominates the Global Market

Based on region, the global interventional oncology devices market is bifurcated into North America, Europe, Asia-Pacific, and Rest-of-the-World.

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 highest market share of the North American interventional oncology devices market can be attributed to the high prevalence of cancer, the growing geriatric population, the high preference for minimally invasive devices, and high reimbursement rates. According to Global Cancer Observatory, 37,948 cases of liver cancer were recorded in the U.S. in 2018; this number is expected to increase by up to 4,193 by 2025. Additionally, the U.S. accounts for 90% of cases of liver cancer across North America. According to National Cancer Institute, there were approximately 15.5 million cancer survivors in the U.S. in the year 2016, and this number is expected to rise to 20.3 million by 2026. In addition, the United States Food and Drug Administration (USFDA) and Health Canada are the central regulatory authorities in the North American region. These authorities govern the classification and set rules and guidelines for medical devices, including interventional oncology devices.

Europe is estimated to exhibit a CAGR of 12.61% over the forecast period. The major driving factors for cancer in Europe include the availability of good medical facilities, preference for interventional procedures by European people, high consumption of alcohol, and high preference and incidence of cancer. According to the global cancer observatory, 4,229,662 new cancer cases were observed in 2018, of which 2,247,518 were males and 1,982,144 were females. Moreover, breast, colorectum, lung, and prostate cancer are the most prevalent cancer types in the region. European Commission funds various research programs to augment the fight against cancer. One such program is Horizon 2020. The European Union (EU) led the program for research and innovation in cancer, which started in 2014. Approximately 980 projects have been funded for USD 1.4 billion (1.2 billion Euros). The government's funding and research programs are expected to drive the Europe interventional oncology devices market during the forecast period.

The Asia-Pacific interventional oncology devices market is one of the lucrative markets with immense potential for expansion by key players of the global interventional oncology market. The Asia-Pacific interventional oncology devices market is expected to grow the fastest during the forecast period. This can be attributed to the massive geriatric population base, demand for minimally invasive and non-invasive surgical procedures, and high cancer prevalence rates. In addition, the growing prevalence of cancer in the geriatric population and the successful adoption of non-invasive devices for cancer treatment have significantly enhanced the scope of interventional oncology devices and promoted its growth in the region.

Further, Asia-Pacific represents a diverse market where synergies can easily be leveraged through unique and distinct market developmental strategies. Each region's market has different distribution systems, regulations, registration, financing mechanisms, and customer behavior. The availability of developed and developing markets in the same region has facilitated the growth of the interventional oncology devices market.

The Rest-of-the-World constitutes Latin America, the Middle East and Africa, the Caribbean, and Oceania regions. The anticipated growth is attributed to the rise in the prevalence of different types of cancer and the growing prominence of non-invasive diagnostics. Further, several programs, such as the African Health Initiative implemented by government bodies to expand the accessibility of healthcare facilities, are promoting the growth of the interventional oncology devices market in the region. However, the need for trained and certified medical oncologists and favorable reimbursement policies restrain the market growth in the region.

Segmental Analysis

The global interventional oncology devices market is segmented by cancer type, product type, and end-user.

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. According to the Global Cancer Observatory, the estimated number of liver cancer in 2020 was 906,000 and is expected to reach 1.40 million in 2040. The highest share of the liver cancer segment can be attributed to the increased consumption of alcohol, chronic viral hepatitis, liver cirrhosis, and a rise in the obesity index globally. Moreover, liver cancer is less common in the U.S. than in sub-Saharan Africa and South Asian countries. Liver cancer accounts for more than 70,000 deaths each year.

According to the Global Cancer Observatory, the estimated number of lung cancer in 2020 was 2.21 million and is expected to reach 3.63 million in 2040. Active and passive cigarette smoking is the major risk factor for lung cancer, and rising air pollution leads to a high growth rate of this segment during the forecast period. According to the Centers for Disease Control and Prevention (CDC), people who smoke are 15 to 30 times more prone to be diagnosed with lung cancer than those who do not smoke.

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. Tumor ablation is a minimally invasive technique for treating liver, kidney, and lung cancers. The tumor ablation procedure involves using thermal energy to heat or cool tissue to cytotoxic levels, i.e., less than -40ºC or more than 60ºC. Ablation is used as the first line of treatment in a few cases of hepatocellular carcinoma. It is also considered an important option for patients who are either not eligible for surgery or have failed chemotherapy. Ablation is generally used for tumors less than 3cm; for tumors of larger size (3-5 cm), ablation may be used along with embolization.

Tumor embolization is a minimally invasive procedure in which thin catheters are guided into the arteries providing the blood supply to the tumor to stop the blood supply to the tumor or deliver substances to kill the tumor. Embolization procedures are also used in patients for which surgery is not an option. It can also be utilized on patients with large tumors for whom ablation is not an option. The embolization procedures act by occluding the blood supply to the tumor, thereby producing ischemia in the tumors, resulting in tumor necrosis.

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. Hospitals are at the forefront in terms of interventional oncology device adoption. The increasing focus on evidence-based care has been among the strongest drivers for adopting interventional oncology. The adoption of interventional oncology devices in private and public hospitals has continuously increased. In addition, various hospitals in developed and emerging economies have established specialized subdivisions for interventional oncology. Another major driving factor for the segment's growth is the increase in minimally invasive hospital surgeries.

The growing prominence of outpatient surgeries and the rising establishments of ASCs are the leading factors promoting the market's growth for global interventional oncology devices. The adoption of interventional oncology devices in ambulatory surgical centers can be boosted by prioritizing the increasing demand for minimally invasive surgeries that are easier to implement. Some major drivers for adopting interventional oncology in ASCs include personalized patient care and reduced recovery time.

Recent Developments

• March 2023- SurgVision, a subsidiary of the Bracco Group that develops innovative solutions for fluorescence-guided surgical and interventional oncology, received FDA 510(k) clearance for the EXPLORER AIR® II for use with Pafolacianine (CYTALUX, On Target Laboratories Inc.) during intraoperative fluorescence imaging.

• March 2023- The Pune-based Ruby Hall Clinic announced the arrival and launch of a new, highly-advanced medical imaging gadget called the Bi-Plane Cath Lab. The first device in Pune will provide a new level of care to diagnose and interventional operations in neuropathy, cancer, vascular diseases, and related fields.