The rise in popularity of minimally invasive procedures stands as a key factor boosting the global market for interventional oncology devices. These devices are used for detecting and treating metastatic or primary cancer with the help of advanced technology and minimally invasive surgeries. Interventional oncology is usually opted after a patient is not satisfied with chemotherapy, surgery, radiotherapy or other traditional cancer diagnostic methodologies.
The report states the basic factors driving or repelling growth of the market for interventional oncology devices. It also discusses the current trends and recent industry developments that will aid in expansion of the market in the coming years. The report also lists the names of players and the major strategies adopted by them to gain a competitive edge in the market. The current impact of the COVID-19 pandemic on the market is also discussed in details in the report.
List of players operating in the global interventional oncology devices market include Terumo Corporation, Medtronic Plc., HealthTronics Inc., Boston Scientific Corporation, Merit Medical Systems Inc. The nature of this market is moderately competitive on account of the intense rivalry among the major players. The key focus of major players is to offer techniques in minimally invasive procedures for inoperable patients as it reduces the risk of infection and causes minimal complications. Other strategies adopted by the market players include merger and acquisitions, joint ventures, partnerships, and collaborations.
The rise in cases of tumor and cancer and technological advancements in diagnostic measures stands as the key factor propelling the growth of the global interventional oncology devices market. Besides this, the accelerating success rate of minimally invasive procedure is also expected to add impetus to the growth of the market during the forecast period, 2020-2030. Additionally, private institutions and governments of various nations are also supporting the use of interventional oncology by funding for the development of the overall healthcare infrastructure and facilities. This is further anticipated to help the market gain significant revenues in the years to come.
On the other side, the lack of favorable regulatory policies may pose a major challenge to the growth of the market for interventional oncology devices market in 2020-2030. This, coupled with the lack of skilled physicians for performing minimally invasive surgeries may also hinder the growth of the market in the long run. Furthermore, the increasing adoption of alternate therapies such as homeopathy, acupuncture, and yoga with no side effects may also hamper the growth of the market in the near future.
Nevertheless, the increasing awareness about the benefits of interventional oncology and improving healthcare infrastructure in emerging economies are expected to create lucrative growth opportunities for the market in the coming years.
Geographically, the market is generating the maximum interventional oncology device market share from North America. This is attributed to the presence of technologically advanced and high rate of adoption of minimally invasive surgeries in countries such as the U.S., and Canada. The presence of a large patient pool for cancer is also adding boost to the growth of the regional market. As per the data by the National Cancer Institute, an estimated 228,000 people in the United States were diagnosed with lung cancer in the year 2018. In terms of Europe market, Germany is the leading country in the interventional oncology devices market followed by the United Kingdom, owing to the rising awareness about cancer and increasing adoption of latest therapeutics for its treatment. Furthermore, the market in India, Japan, and China will help attract high revenue for Asia Pacific. This is attributed to the entry of new players and improving healthcare sector.