Interventional Oncology Market is anticipated to grow at a CAGR of 8.8% during the forecast period 2022-2031

The global interventional oncology market was valued at USD 1.9 billion in 2031 and it is anticipated to grow further to USD 4.4 billion by 2031, at a CAGR of 8.8% during the forecast period.

Interventional oncology procedures include cancer detection and therapy using minimally invasive techniques carried out with the use of images. For guidance, the procedure makes use of tools like x-ray, ultrasound, computed tomography, or magnetic resonance imaging. With the aid of image guidance during interventional oncology operations, cancer is targeted and eliminated. Such procedures are performed either under CT/USG guidance or in a state-of-the-art oncology Cath Lab. Ablation electrode, guidewires, biopsy needles, and intravascular catheters are used during the operations in order to treat tumors that are located in difficult-to-reach areas of the body.

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Market Trends and Drivers:

Due to the benefits these procedures offer over conventional treatment methods, the demand for minimally invasive procedures has significantly increased in recent years. Fewer postoperative complications, a shorter hospital stay, less pain, smaller and more cosmetic incisions, a lower risk of infection, less post-operative care, and a speedier recovery time are the main benefits of minimally invasive procedures. Modern technology is used in minimally invasive procedures to identify and treat diseases like cancer. These techniques are utilized as an efficient way to remove cancerous lymph nodes and tumors without leaving scars. The collection of tissues for biopsies and precise staging tests are both made possible by minimally invasive surgical methods.

In turn, this aids surgeons in developing a precise and appropriate cancer treatment strategy. Significant cost savings are also achieved through the use of minimally invasive procedures. The major competitors in the interventional oncology market are concentrating more and more on introducing cutting-edge products. The development of affordable, cutting-edge technology, and user-friendly interventional oncology systems is the main focus of innovation in this market. Such developments concentrate on enhancing the capability of interventional oncology systems and broadening their application domains, which raises end customers' demand for these systems.

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COVID-19 Impact:

The market for interventional oncology has been considerably impacted by the COVID-19 epidemic. In the manufacturing and supply chain, the market is having trouble meeting inconsistent demand for the goods and services in the industry, as well as getting products to customers on time. The supply of interventional oncology products to end users has also been reduced as a result of a lack of skilled lab personnel to perform/study diagnostic tests, limited operations in the majority of industries, inadequate funding for research and academic institutes, the temporary closure of major academic institutes, disrupted supply chains, and difficulties in providing necessary/post-sales services because of lockdowns. The prevalence of COVID-19 has been much lower in Australia.

Major Players in the Global Interventional Oncology Market:

The key players studied in the report are Medtronic (Ireland), Boston Scientific (US), BD (US), Terumo (Japan), Merit Medical (US), AngioDynamics (US), J&J (US), Teleflex (US), Cook Medical (US), HealthTronics (US), MedWaves (US), Sanarus (US), IMBiotechnologies (Canada), Trod Medical (US), and IceCure Medical (Israel) among others.

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