Dublin, July 16, 2021 (GLOBE NEWSWIRE) -- The "Interventional Oncology Devices Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global interventional oncology devices market is expected to grow from $2.015 billion in 2020 to $2.234 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%.
This report focuses on the interventional oncology devices market which is experiencing strong growth. The report gives a guide to the interventional oncology devices market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The market is expected to reach $3.32 billion in 2025 at a CAGR of 10%.
Major players in the interventional oncology devices market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Merit Medical Systems, Inc, Philips Volcano, AngioDynamics Inc., GE Healthcare, Siemens Healthineers, Sirtex Medical, and Cook Medical Incorporated.
The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market for interventional oncology devices comprises the sale of interventional oncology devices and related services by the entities that manufacture them. Interventional oncology devices are used to detect and treat cancer using minimally invasive procedures and advanced imaging technologies.
Rising product recalls are likely to hinder the demand for interventional oncology devices. The number of interventional oncology product recalls has risen. For instance, in June 2020, the IceFORCE 2.1 CX Prostate Cryoablation Kit Visual ICE System of the Boston Scientific Corporation was recalled as the needle surface had deteriorated. In March 2020, Medtronic recalled the Pipeline Flex embolization system with Shield technology due to a fracture in the distal portion. These product recalls put financial strain on businesses and also hampers the demand, thus hindering the market.
The interventional oncology devices market covered in this report is segmented by product into embolization devices; ablation devices; support devices. It is also segmented by procedure into thermal tumor ablation; non-thermal tumor ablation; transcatheter arterial chemoembolization (TACE); transcatheter arterial radioembolization (TARE) or selective internal radiation therapy (SIRT); transcatheter arterial embolization (TAE) or bland embolization, and by cancer type into liver cancer; kidney cancer; lung cancer; bone cancer; others.
Companies are focusing on deploying robotics technology in interventional oncology devices, for higher efficiency. The robotic system integrates image-based planning and navigation with the installation of different instruments to the desired body part with better accuracy and efficiency.
For instance, in November 2019, the first robotic device of XACT Robotics Ltd was approved in the United States by the Food and Drug Administration for use during computed tomography (CT) controlled percutaneous interventional procedures. In March 2018, Auris Surgical Robotics, Inc has received U.S. Food and Drug Administration (FDA) clearance for the MonarchT Platform, a lung biopsy platform that uses robotic technology.
The availability of private and government funding drove the interventional oncology devices market. In the field of cancer, funding from the government and private has increased, especially for the devices used in treatments as it promotes early detection and better survival rates.
The American Cancer Society, the largest non-government, not-for-profit cancer research funder, has awarded 93 grants which totaled to $40 million in the first of two cycles for 2019 for cancer research. In 2019, the US Congress provided NCI with an amount of $5.74 billion, which represents a $79 million increase from FY 2018, and an additional $400 million for the Cancer Moonshot program that has a special focus on early detection of cancer using latest technologies.
Key Topics Covered:
1. Executive Summary
2. Interventional Oncology Devices Market Characteristics
3. Interventional Oncology Devices Market Trends and Strategies
4. Impact of COVID-19 on Interventional Oncology Devices
5. Interventional Oncology Devices Market Size and Growth
5.1. Global Interventional Oncology Devices Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Interventional Oncology Devices Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Interventional Oncology Devices Market Segmentation
6.1. Global Interventional Oncology Devices Market, Segmentation By Product, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Interventional Oncology Devices Market, Segmentation By Procedure, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Thermal Tumor Ablation
Non-thermal Tumor Ablation
Transcatheter Arterial Chemoembolization (TACE)
Transcatheter Arterial Radioembolization (TARE) or Selective Internal Radiation Therapy (SIRT)
Transcatheter Arterial Embolization (TAE) or Bland Embolization
6.3. Global Interventional Oncology Devices Market, Segmentation By Cancer Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Interventional Oncology Devices Market Regional and Country Analysis
7.1. Global Interventional Oncology Devices Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Interventional Oncology Devices Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Boston Scientific Corporation
Merit Medical Systems, Inc
Cook Medical Incorporated
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