According to FutureWise analysis the market for Interventional Oncology in 2023 is US$ 2.03 billion, and is expected to reach US$ 3.5 billion by 2031 at a CAGR of 7.02%.
Interventional oncology deals with image guidance carrying minimally invasive medical procedures for diagnosis, palliation and treatment of various cancer types. Various image-guiding techniques like fluoroscopy, ultrasound and computed tomography are implemented in interventional oncology procedures to treat and diagnose a particular site that is affected with cancer or pain. This procedure is often performed with other cancer treatments like chemotherapy, radiation therapy and surgery. Interventional oncological procedures offer multiple advantages like shorter hospital stays, quick recovery, more precise treatment and minimal side effects.
Technological advancements in interventional oncology, advantages of minimally invasive surgical procedures and increase in the funds offered by the government are some factors that have assisted in the proliferation of the market.Product-wise, the market is fragmented into embolization devices, non-radioactive embolic agents, ablation devices, support devices and guidewires. The ablation devices segment is further segmented into radiofrequency ablation devices, microwave ablation devices, cryoablation devices. The embolization devices segment is anticipated to register a remarkable CAGR during the forecast period. The process of embolization has multiple benefits which is why it is primarily preferred worldwide. It is the process of embolus lodging inside the bloodstream to block the blood supply to the tumour. The blood vessels are selectively occluded by introducing emboli using irradiation or chemical techniques.
Another widely used interventional oncology technique is radiotherapy which is used for treating rare diseases like thyroid, to restrict non-cancerous cell growth and blood disorders. Radiotherapy is the process that involves radiation through heat or light energy. This segment has immense potential and it is expected to showcase significant market growth during the forecast period.
Based on the type of cancer, the market is bifurcated into renal cancer, lung cancer, kidney cancer, bone cancer, hepatocellular carcinoma, osteosarcoma and other cancers. The liver cancer segment is anticipated to witness remarkable market growth during the forecast period owing to the technological advancements in ablation and embolization devices.The market is regionally fragmented into North America, Europe, Asia Pacific, Latin America and Middle East, Africa. The European and North American regions are expected to showcase significant market growth over the forecast period owing to an increasing cancer patient population. Furthermore, well-established health care infrastructure, effective cancer management, increasing adoption of minimally invasive surgical procedures are some of the key factors responsible for the proliferation of the market.