Interventional Oncology Devices Market: Snapshot
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.
Interventional Oncology Devices Market: Market Competition
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.
Interventional Oncology Devices Market: Key Trends
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.
Interventional Oncology Devices Market: Regional Analysis
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.