The global interventional oncology market size is projected to reach USD 2.9 billion by 2026 from USD 1.9 billion in 2020, at a CAGR of 6.8% during the forecast period. The major factors driving the growth of this market include the rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases; rising preference for minimally invasive procedures; technological advancements in interventional oncology modalities; and increasing investments, funds, and grants by public-private organizations.
Medtronic (Ireland), Boston Scientific (US), BD (US), Terumo (Japan), Merit Medical (US), AngioDynamics (US), J&J (US), Teleflex (US), Cook Medical (US), HealthTronics (US), MedWaves (US), Sanarus (US), IMBiotechnologies (Canada), Trod Medical (US), IceCure Medical (Israel), Mermaid Medicals (Denmark), Interface Biomaterials BV (Netherlands), Guerbet (France), ABK Biomedical (Canada), Shape Memory Medical (US), Endo Shape (US), Monteris Medical (US), Instylla (US), Trisalus Lifesciences (US), Profound Medical Corp (Canada), Sirtex (US), Accuray (US), Baylis Medical (Canada), and ALPINION MEDICAL SYSTEMS (South Korea). The analysis of market developments between 2017 and 2020 revealed that several growth strategies such as research collaborations were adopted by market players to strengthen their product portfolios and maintain a competitive position in the human organoids market.
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Boston Scientific (US) dominated the global interventional oncology market in 2020. The company mainly focuses on growth strategies such as acquisitions and expansions to increase its market presence and product offerings. The company’s plan to acquire BTG will help expand its product offerings in chemoembolization, radioembolization, and ablation therapies. Boston Scientific constantly strives to gain regulatory and reimbursement approvals. As a part of its long-term growth strategy, the company invests in fast-growing markets as well as new markets by strengthening its position in the global healthcare market.
Medtronic (Ireland) held the second position in the global interventional oncology market in 2020. The company focuses on adopting various organic growth strategies like product launches & approvals and inorganic growth strategies, such as acquisitions and collaborations, to expand its presence and share in the interventional oncology market. In line with this, the company launched various tumor management products like OptiSphere Embolization Spheres and OsteoCool Rf Ablation Systems and received US FDA clearance, which helped it to expand its presence in the market.
Merit Medical (US) held the third position in the global interventional oncology market in 2020. The company offers a broad range of products integral to the interventional oncology market, which are used across regions such as North America, Europe, the Asia Pacific, Africa, and the Middle East for the minimally invasive treatment of cancers. The company mainly focuses on developing technologically innovative products to further strengthen its position in the interventional oncology market. The company offers non-radioactive embolic agents, radioactive embolic agents, and cryoablation products. The company has adopted organic and inorganic strategies to maintain its position in the interventional oncology market.
Interventional Oncology Market by Product (Radiofrequency, microwave, embolization, guidewires), Procedure (Thermal, Non-Thermal Ablation, TACE, TARE, TAE), Cancer (Liver, Lung, Kidney, Bone Metastasis), Enduser (Hospital, ASC) - Global Forecast to 2026
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