Interventional Oncology Market

Medtronic (Ireland) and Boston Scientific (US) are leading players in Interventional Oncology Market

The global interventional oncology market is projected to reach USD 2.9 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 6.8% from 2019 to 2024. Growth in the interventional oncology market can be attributed to factors such as the rising preference for minimally invasive procedures, expansion of the target patient population, and increasing public-private funding and government support for cancer research. On the other hand, the dearth of well-trained and skilled radiologists and oncologists, high costs of interventional oncology procedures, and unfavorable regulations are expected to limit market growth to a certain extent.

The major players operating in the interventional oncology market include BTG plc (UK), Medtronic (Ireland), Boston Scientific (US), Terumo (Japan), Merit Medical (US), Sirtex (China), AngioDynamics (US), Ethicon (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), and Trisalus Lifesciences (US). An analysis of the market developments between 2015 and 2019 revealed that several growth strategies such as product launches and enhancements, partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the interventional oncology market. Among these business strategies, partnerships and agreements were the most widely adopted growth strategies by market players.

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Medtronic (Ireland) dominated the global interventional oncology market in 2017. 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 in 2018 and 2017 for cancer palliation and treatment, which helped it to expand its presence in the market.

Boston Scientific (US) held the second position in the global interventional oncology market in 2017. The company majorly focuses on growth strategies, such as acquisitions and expansions, to increase its market presence and product offerings. In addition, the company’s plan to acquire BTG is a major factor, which will help Boston Scientific 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.

Related Reports:

Interventional Oncology Market by Product (Radiofrequency, microwave, cryoablation, embolization, guidewires), Procedures (Thermal Ablation, Non-Thermal Ablation, TACE, TARE, TAE), Cancer (Liver, Lung, Kidney, Bone Metastasis) - Global Forecast to 2024

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Report Code
MD 6975
RI Published ON
3/11/2019
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