Originally published on Technavio:Interventional Oncology (IO) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, UK, Germany, China - Size and Forecast 2024-2028

Snapshot:
Interventional Oncology Market Forecast 2022-2026
The interventional oncology market share is expected to increase by USD 1.03 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 7.49%.

The market report also offers information on several market players, including AngioDynamics Inc., Boston Scientific Corp., Cook Medical LLC, EDAP TMS SA, Elekta AB, HealthTronics Inc., IceCure Medical, ILJIN Group, INSIGHTEC Ltd., Johnson and Johnson, Medtronic Plc, MedWaves Inc., Merit Medical Systems Inc., Mermaid Medical Group, Profound Medical Corp., Siemens AG, Sirtex Medical Pty Ltd., Sonablate Corp., Teleflex Inc., and Terumo Corp. among others.

**What will the Interventional Oncology Market Size be During the Forecast Period?**
Interventional Oncology Market Size

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Market: Key Drivers, Trends, and Challenges

The growth in R&D activities is notably driving the market growth, although factors such as risks associated with interventional oncology procedures may impede the market growth. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.

key Market Driver

Growth in R&D activities is one of the major drivers impacting the market growth. The growing R&D and clinical trials by vendors and research organizations are expected to improve the adoption rates as well as expand the scope of interventional oncology into newer applications. Many clinical studies have been performed to determine the efficacy of interventional oncology devices. Also, research institutes are conducting new studies to support the effectiveness of interventional oncology in new indications, such as breast cancer, lung, melanoma, and neuroendocrine tumors. For instance, to gain a competitive edge, established players are significantly investing in product and technology R&D. Boston Scientific is increasingly focusing on new product development and understanding end-user requirements. In 2020, about 119 clinical studies were done, and the same company invested about USD 1 billion in R&D in the healthcare sector, including interventional oncology and clinical initiatives. Such R&D activities are expected to drive the development of new products and technologies, thereby fueling market growth.

Major Market Trend

Growing focus on the adoption of MWA is one of the major trends influencing the market growth. There has been a growing focus on the adoption of MWA, owing to its increased advantages over conventional procedures. The MWA allows a flexible approach to treating various cancers, such as HCC. Minimum procedure time (5-10 minutes), enhanced efficacy with reduced complications, and reduced hospital stay are the major factors that are fueling the adoption rates. The adoption of MWA devices is expected to be particularly high for the treatment of liver and lung cancers, owing to the increased need for effective treatment. Many companies are focused on developing innovative MWA devices to meet the growing demand in the market. For instance, NeuWave Medical (now Ethicon) offers MWA devices to ablate tissue in delicate aerated areas effectively. Vendors are also increasingly forming partnerships to expand the reach of their devices. Therefore, the growing adoption of MWA is likely to have a positive impact on market growth.

Significant Market Challenge

Risks associated with interventional oncology procedures are one of the major challenges impeding the market growth. Although the popularity of interventional oncology procedures is growing steadily, many patients, especially in developing countries, are reluctant to adopt these treatments because of the fear of complications related to these procedures. Risks involved in interventional oncology procedures include infection, thermal damage, and bleeding; in some cases, it can even be fatal. The use of energy-based procedures involves risks and complications not only for patients but also for physicians and operators. These devices emit hazardous radiation that can have serious effects and sometimes be the cause of death. High-power energy HIFU and radioisotopes used in SIRT procedures can damage the sensitive part of the eye and the skin.

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The report analyzes the market’s competitive landscape and offers information on several market companies, including:

This statistical study of the market encompasses successful business strategies deployed by the key companies. The market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market.

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