Interventional Oncology Market Size, Growth Drivers 2022-28

The global interventional oncology market size was valued at USD 2.1 billion in 2021 and is poised to grow at a significant CAGR of 6.8% during the forecast period 2022-28. A branch of interventional radiology called interventional oncology (IO) deals with employing imaging-guided minimally invasive treatments to diagnose and treat cancer and disorders connected to it. Interventional oncologists with this specialty actively work on the diagnosis and management of cancer patients while also serving on the tumor review board and multidisciplinary treatment team, monitoring patients in the hospital and admitting them. A minimally invasive tumor biopsy can be performed safely by interventional oncologists to obtain the necessary genetic or proteomic data needed for precisely customizing the chemotherapeutic drugs anticipated to have the desired therapeutic impact. 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 radiologists typically oversee interventional oncology procedures on a regular basis in appropriate locations and facilities.

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Interventional Oncology Market Growth Factors:
Along with medical, surgical, and radiation oncology, the quickly developing field of interventional oncology has become the cornerstone of cancer treatment. As businesses resume operations and adjust to the new normal after recovering from the effects of COVID-19, the global market for interventional oncology has grown. The devices market is being driven by the increasing use of interventional oncology techniques to detect and treat cancer with minimally invasive procedures and cutting-edge imaging technology, and it is anticipated to expand significantly over the course of the forecasted period. In addition, the market growth has been positively impacted by the quick adoption of cutting-edge technologies to enhance healthcare amid increasing market rivalry. The organisations' current focus is on improving performance of interventional oncology devices through the use of robotic technology. Robotic systems have higher precision and efficiency when they combine image-based planning and navigation with the installation of various instruments for the intended body part. Additionally, the forecasted market expansion would be aided by the worldwide rise in cancer cases and the rising demand for minimally invasive procedures. Additionally, the market growth has been accelerated by the rise in public and private investment for cancer research, particularly for therapy gadgets that encourage early detection and raise survival rates. Interventional oncology treatments have a significant positive impact on patients.

Interventional Oncology Market Segmentation:
1) By Product: Embolization Devices, Ablation Devices, Support Devices.
2) By Procedure: Thermal Tumor Ablation, Non-Thermal Tumor Ablation, Transcatheter Arterial Chemoembolization, Transcatheter Arterial Radioembolization/Selective Internal Radiation Therapy, Transcatheter Arterial Embolization/Bland Embolization.
3) By Cancer Type: Liver Cancer, Lung Cancer, Bone Metastasis, Kidney Cancer, Breast Cancer, Prostate Cancer, Other Cancers.
4) By End User: Hospitals, Ambulatory Surgery Centers, Research & Academic Institutes.

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Interventional Oncology Market Regional Analysis:
The North American area has dominated the worldwide Interventional Oncology Market due to rapid technological advancements and easy availability to minimally invasive techniques for the effective treatment of cancer in the region's developed countries. The usage of interventional oncology procedures is anticipated to grow significantly over the course of the projected period due to the rising cancer incidence and expanding elderly population in the Asia-Pacific region.

Major players working in the Interventional Oncology Market are Boston Scientific Corporation, Medtronic PLC, Terumo Corporation, Merit Medical Systems Inc., CR Bard Inc., Profound Medical Corp.

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