Global Interventional Oncology Devices Market Size 2024, Forecast To 2033
11 Mar, 2024
The interventional oncology devices market size has demonstrated strong growth, increasing from $2.35 billion in 2023 to $2.5 billion in 2024, with a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historic period is attributed to an aging population pool, an increase in cancer prevalence, an increase in pharmaceutical R&D expenditure, increased healthcare expenditure, and growth in the number of healthcare facilities. Looking forward to 2028, the market is poised for strong growth, reaching $3.25 billion with a CAGR of 6.7%. The anticipated growth in the forecast period is linked to an increasing older population, a preference towards minimally invasive surgeries (MIS), increased research and development spending, a rise in healthcare expenditure, high potential in emerging economies, and an increasing prevalence of cancer and chronic diseases. Notable trends in this period include a focus on developing advanced image-guided oncology devices, utilizing AI to develop innovative devices, developing new, innovative embolic devices to enable improved oncology procedures, a focus on using robotics technology, and collaborating with other companies and research institutes to accelerate product development and innovation.
Global Interventional Oncology Devices Market Key Driver
The availability of funding from both private and government sources is a key driver for the interventional oncology devices market. The field of cancer treatment has witnessed increased funding, especially for devices that facilitate early detection and improve survival rates. In 2021, the American Cancer Society awarded grants totaling $384,262,652 for 630 projects. BioProtect Ltd., an Israeli company developing bioabsorbable polymer spacer balloons, received $13 million in funding for its Series D equity financing from a global venture investor syndicate. This financing supports the ongoing multicenter FDA clinical trial of BioProtect's lead product, the ProSpace balloon spacer, designed to protect prostate cancer patients undergoing radiation therapy. Endosight, the first augmented-reality-guided ablative system, secured 20% of its funding from private organizations. The support from government and private funding sources plays a crucial role in driving the development of new technologies and devices in the interventional oncology devices market. The market size projections for 2023, 2024, and 2028 reflect the impact of funding on the market's growth trajectory.
Get A Free Sample Of The Global Interventional Oncology Devices Market ReportGlobal Interventional Oncology Devices Market Segments
The interventional oncology devices market covered in this report is segmented –
1) By Product: Embolization Devices, Ablation Devices, Support Devices
2) By procedure: Thermal Tumor Ablation, Non-Thermal Tumor Ablation, Transcatheter Arterial Chemoembolization (TACE), Transcatheter Arterial Radioembolization (TARE), Selective Internal Radiation Therapy (SIRT), Transcatheter Arterial Embolization (TAE), Bland Embolization
3) By Cancer Type: Liver Cancer, Kidney Cancer, Lung Cancer, Bone Cancer, Other Cancer Types
By Geography:The regions covered in the interventional oncology devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
North America was the largest region in the interventional oncology devices market in 2023. Asia-Pacific was the second largest region in the global interventional oncology devices market report. The regions covered in the interventional oncology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Interventional Oncology Devices Industry Players
Boston Scientific Corporation, Terumo Corporation, Siemens Healthineers, Sirtex Medical Limited, Merit Medical Systems, Inc., Merck & Co. Inc., CVS Health, Henlius, Viant Medical, AngioDynamics Inc., Pfizer, Steris Applied Sterilization Technologies, CoDr.Reddys, International SOS, CapeRay, Innovent Biologics, Novartis AG, Consonance, ABLbio, Adimmune, Heraeus Medical, Bioavlee, Mediceena International, Sinapi biomedical, Olympus, Freudenberg Medical, Hisun Pharma, Beijing ShuangLu Pharmaceuticals, Edwards LifeSciences Corp, Gulf Dent Trading, LifeTech Scientific Corporation, Biomerics, Medtronic plc, Dickinson & Company, 3M Company, DISA Vascular, Johnson & Johnson, Eurolab, Koninklijke Philips, Quantum SurgicalKyowa Hakko Kirin, Viatris, Nipro, Zimmer Biomet Holdings, Profound Medical, Gedeon Richter, Baxter, Ti-TaMED, Abbott Laboratories, Cook Medical LLC, Adavium Medical, Autocam Medical, Bio-Thera, Stryker, GE Healthcare, Sonic Healthcare, Medicem, HealthTronics, Bayer AG, Intuitive Surgical Inc, Aster DM Healthcare, Danaher Corporation, Varian Medical Systems Inc., Smileneo, EDAP TMS S.A, Fresenius Medical Care AG, China Regenerative Medicine International
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Interventional Oncology Devices Market Overview
Interventional oncology devices are used in the diagnosis and treatment of cancer using minimally invasive techniques and advanced imaging technology.
Interventional Oncology Devices Global Market Report 2023 provides data on the global interventional oncology devices market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The interventional oncology devices market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.