The interventional oncology market is projected to reach USD 2.9 billion by 2024 from USD 2.0 billion in 2019. The market is expected to grow at a CAGR of 6.8% from 2019 to 2024. The growth of this market is primarily driven by the rising preference for minimally invasive procedures, expansion of the target patient population, increasing public-private funding and government support for cancer research, technological advancements in the field of interventional oncology, and the increasing government investments and funding for interventional oncology and related cancer research.
The introduction of advanced interventional oncology products is a major technological advancement in the interventional oncology field. These advancements are largely related to the commercialization of more effective, simple, and easy-to-use products for interventional oncology procedures.
Based on product, the interventional oncology market is segmented into ablation devices, embolization devices, and support devices. The ablation devices segment is expected to grow at the highest CAGR during the forecast period (2018–2024). The key factors driving the growth of the ablation devices market include the rising prevalence of cancer; increasing demand for minimally invasive procedures; technological advancements in ablation devices; increased funding for product development and commercialization; the growing number of hospitals, surgical centers, and ablation centers; and the increasing demand for early-stage tumor detection.
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Based on cancer type, the interventional oncology market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers. The liver cancer segment accounted for the largest share of the interventional oncology market in 2018. The large share of this segment can be attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using interventional oncology.
On the basis of region, the interventional oncology market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the interventional oncology market in 2018, followed by Europe. Growth in the North American interventional oncology market is mainly due to the rising incidence of cancer, easy accessibility to interventional oncology, and high adoption of technological advancements (owing to the significant per capita annual healthcare expenditure by the US government).
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