Global Interventional Oncology Market By Product (Embolization Devices, Ablation Devices, Support Devices), Procedure (Thermal Tumor Ablation, Non-Thermal Tumor Ablation, Transcatheter Arterial Chemoembolization, Transcatheter Arterial Radioembolization/Selective Internal Radiation Therapy, Transcatheter Arterial Embolization/Bland Embolization), Cancer Type (Liver, Lung, Bone Metastasis, Kidney, Breast, Prostate), End User (Hospitals, Ambulatory Surgery Centers, Research & Academic Institutes), & Region for 2024-2031

Interventional Oncology Market Valuation – 2024-2031

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The rising global prevalence of cancer affecting all age groups, especially the aging population primarily depends on sudden dietary changes, sedentary lifestyle, and exposure to harsh environmental conditions. Hence, the necessity to cure cancer is driving the demand for interventional oncology. According to the analyst from Market Research, the Interventional Oncology Market is estimated to reach a valuation of USD 4.02 Billion over the forecast. Furthermore, this market was valued to be around USD 2.3 Billion in 2023 prior to attaining the current market size.

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Increased government funding for cancer research and development, especially interventional oncology technologies aiming at early cancer detection and screening, is driving market demand and enabling the market to grow at a CAGR of 7.2% from 2024 to 2031.

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Interventional Oncology Market: Definition/ Overview

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Interventional oncology is a specialized medical field that uses minimally invasive procedures and advanced imaging tools to diagnose and treat cancer. This method uses a variety of interventional radiology procedures to accurately target and treat tumors, often to minimize damage to adjacent healthy tissues. Interventional oncology is an important part of the whole cancer care spectrum, providing therapeutic choices for a variety of malignancies and contributing to advances in personalized therapy.

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Furthermore, procedures like tumor embolization, which stops blood flow to the tumor, radiofrequency ablation, which uses heat to kill cancer cells, and percutaneous biopsies for precise detection are examples of interventional oncology applications. These treatments provide patients with less intrusive alternatives to traditional surgical methods, resulting in faster recovery periods, fewer problems, and a better quality of life.

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Will Demand for Cancer Alternatives Magnetize Growth for the Interventional Oncology Market?

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The flourishing well-equipped healthcare infrastructure, particularly in emerging nations, is driving the market by increasing access to advanced cancer treatment alternatives, such as interventional oncology procedures. As a result, higher investment in healthcare facilities encourages greater adoption of these innovative therapies in the market.

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Growing demand for operations with shorter hospital stays, faster recovery times, and less pain is increasing the inclination toward interventional oncology by emphasizing patient preferences. Thus, rising awareness and demand for minimally invasive therapies serve as a significant driver for the Interventional Oncology Market.

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Furthermore, the inclination toward a sedentary lifestyle and environmental factors is leading to a prevalence of cancer among the demographic population, especially the aging population, thereby offering immense growth prospects to the Interventional Oncology Market. At the same time, the rise in demand for minimally invasive procedures with faster recovery and lower hospital stays among the aging group is projected to offer effective cancer treatment, emphasizing interventional oncology solutions.

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Could High Costs and Reimbursement Issues Hinder the Scalability of Interventional Oncology Market?

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When compared to typical treatments like surgery or chemotherapy, interventional oncology procedures is excessively expensive. As a result, the high costs associated with interventional oncology procedures provide a considerable barrier to patient access due to financial constraints. Also, insufficient insurance coverage or significant out-of-pocket expenditures complicate the problem, potentially limiting the adoption of these advanced and less intrusive treatments.

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The financial uncertainties as a result of delay in payment approvals are influencing the desire of healthcare providers to embrace or continue offering interventional oncology therapies. These delays hinder the smooth introduction of interventional oncology procedures into ordinary clinical practices. The issues surrounding reimbursement regulations pose issues for the interventional oncology industry, potentially generating delays in approvals and increasing confusion about procedure coverage.

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Category-Wise Acumens

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How have the Embolization Devices Influenced The Growth of the Market?

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According to analysis, the Embolization Devices segment is estimated to hold the largest market share in the Interventional Oncology Market during the forecast period owing to its wide range of applications, especially in liver cancer treatment, and continuous advancements driving innovation in the field.

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Embolization devices are useful in a variety of interventional oncology procedures, including Transcatheter Arterial Chemoembolization (TACE) for targeted chemotherapy delivery, Transcatheter Arterial Radioembolization (TARE) for precise radioisotope administration, and Bland embolization for effectively blocking the blood supply to tumors. This adaptability makes embolization devices a vital component in the Interventional Oncology Market, catering to a wide range of illnesses types and locations.

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Furthermore, with the prevalence and difficulty of liver cancer treatment, embolization devices, particularly those used in TACE and TARE procedures, play an important role in addressing this form of cancer. The increased demand for liver cancer treatment has pushed embolization devices to the forefront of the Interventional Oncology Market.

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What Factors Contribute to the Dominance of Liver Cancer Type Segment?

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The liver cancer segment is estimated to dominate the Interventional Oncology Market during the forecast period. A sedentary lifestyle and social activities such as heavy drinking are leading to the prevalence of liver cancer. Also, the availability of limited treatment alternatives for liver cancer is creating opportunities for growth in the Interventional Oncology Market.

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Liver cancer has a high global prevalence, ranking sixth most prevalent cancer and fourth major cause of cancer deaths. The large patient population suffering from liver cancer greatly contributes to the increased need for interventional oncology operations. The demand for minimally invasive treatments and varying treatment depending on tumor site or associated comorbidities is turning this treatment option into the most preferred owing to its effectiveness and affordability.

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Furthermore, the effectiveness of interventional oncology procedures in treating liver cancer plays an important role in consolidating its market share. Procedures such as radioembolization and chemoembolization are effective in reducing tumor development and increasing survival rates. This demonstrated effectiveness is an important driver for the use of interventional oncology in the liver cancer segment.

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Gain Access into Interventional Oncology Market Report Methodology

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Country/Region-wise Acumens

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Will the Development of a Well-established Healthcare Infrastructure Enable North America to Dominate The Market?

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According to analysts, North America is estimated to dominate the Interventional Oncology Market during the forecast period. The growing willingness of consumers to spend on cancer-related healthcare services provided by well-equipped medical infrastructure is encouraging the adoption of interventional oncology in the region. Growing awareness and ongoing research and development activities regarding personalized medicine and gene therapies are widening the scope of the adoption of interventional oncology in North America.

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Moreover, the prevalence of different types of cancer such as lung, liver, head, and neck cancer in the region is enhancing the demand for modern ablation and embolization techniques designed for effective therapy.

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Government support and funding in the research and development of cutting-edge cancer-related technologies might create lucrative growth prospects for the market. This, combined with a modern medical infrastructure, propels the region to the forefront of interventional oncology, allowing for the widespread adoption of novel techniques and procedures.

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Furthermore, the growing need for personalized treatment in North America has been a significant driver, with the region leading the research and implementation of personalized medicine approaches in interventional cancer. Also, established businesses like Medtronic, Boston Scientific, and C.R. Bard strengthen North America’s supremacy, adding to the region’s market leadership.

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How is China Influencing Asia Pacific’s Interventional Oncology Market?

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Asia Pacific is estimated to grow at the highest CAGR in the Interventional Oncology Market during the forecast period. An increase in addictive social behavior such as smoking, drinking, and consumption of tobacco in the region is resulting in the onset of chronic diseases, such as cancer. In response to this, the government, research labs, and private pharma companies are focusing on investing in the development of well-equipped healthcare infrastructure across the Asia Pacific, thereby boosting the growth of the Interventional Oncology Market.

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China, with its enormous population and expanding healthcare system, emerges as a key driver of market growth in Asia Pacific. The sheer size of the population generates a sizable patient pool, resulting in a strong demand for breakthrough cancer treatments. As China continues to invest in its healthcare infrastructure, there is a noticeable increase in the adoption of percutaneous oncology procedures, establishing the country as a key driver of market growth.

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Also, the rise in the incidence of liver and lung tumors in Asia Pacific are bolstering the demand for interventional oncology techniques.

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Furthermore, local players such as MicroVention and Ypsomed, as well as established global businesses, are emerging on the Asia Pacific market landscape. This trend indicates market diversification and the incorporation of regional knowledge into the Interventional Oncology Market.

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Competitive Landscape

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The Interventional Oncology Market is characterized by a dynamic and competitive landscape, with a large number of companies attempting to innovate and advance the field’s technology. Several businesses are developing and commercializing a wide range of interventional oncology technologies, including minimally invasive procedures, image-guided therapies, and tailored interventions. These initiatives strive to improve the therapy options accessible to cancer patients by emphasizing accuracy and efficacy.

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Some of the prominent players operating in the Interventional Oncology Market include:

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AngioDynamics, Boston Scientific, Cook Medical, R. Bard, Edwards Lifesciences, Medtronic, Siemens Healthineers, Philips Healthcare, Stryker, Varian Medical Systems, Terumo Corporation, Penumbra, Inc., MicroVention, Balt Extrusion, Guerbet, Bayer AG, Ypsomed Holding AG, Jude Medical, Inc., Merit Medical Systems, Inc., I CAD, Inc.

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Latest Developments

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• In January 2024, Medtronic’s LUMI™ (Luxtumo™ with Hydrogel Embolization Beads) is FDA approved for treating unresectable hepatocellular carcinoma (HCC). LUMI combines the medication Luxtumo (doxorubicin) with hydrogel embolization beads, which could provide focused therapy and better outcomes for patients with liver cancer.

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• In January 2024, Varian and Elekta established a strategic cooperation to provide AI-powered treatment planning solutions for lung cancer. The agreement intends to use both businesses’ radiation and AI capabilities to develop tailored treatment programs with greater accuracy and efficiency.

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• In January 2024, The first clinical trial of Boston Scientific’s Eclipse™ Lung Ablation Catheter showed excellent outcomes in removing early-stage lung malignancies. The device provides accurate temperature control and real-time feedback, potentially resulting in safer and more effective ablation operations.

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• In January 2024, R. Bard and Biocompatibles collaborated to create a bioresorbable hydrogel for the long-term administration of prostate cancer medicines. When compared to standard distribution methods, the hydrogel allows for more targeted therapy and may lessen adverse effects.

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Report Scope

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Interventional Oncology Market, By Category

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Product:

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• Embolization Devices_x000D_
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  1. Radioembolic Agents

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  2. Non-Radioembolic Agents

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• Ablation Devices_x000D_
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  1. Radiofrequency Ablation Devices

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  2. Microwave Ablation Devices

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  3. Cryoablation Devices

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  4. Other Ablation Devices

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• Support Devices_x000D_
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  1. Microcatheters

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  2. Guidewires

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Procedure:

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• Thermal Tumor Ablation

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• Non-Thermal Tumor Ablation

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• Transcatheter Arterial Chemoembolization

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• Transcatheter Arterial Radioembolization/Selective Internal Radiation Therapy

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• Transcatheter Arterial Embolization/Bland Embolization

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Cancer Type:

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• Liver Cancer

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• Lung Cancer

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• Bone Metastasis

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• Kidney Cancer

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• Breast Cancer

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• Prostate Cancer

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• Other Cancers

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End User:

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• Hospitals

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• Ambulatory Surgery Centers

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• Research & Academic Institutes

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Region:

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• North America

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• Europe

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• Asia-Pacific

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• South America

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• Middle East & Africa

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