Interventional Oncology Global Market Estimated to be worth $2.1 billion by 2026
Interventional oncology (IO) is a subspecialty field of interventional radiology (IR) that deals with the diagnosis, manages and treat the patients with liver, kidney, prostate, lung and other forms of cancer, utilizes imaging guidance to perform minimally invasive procedure. Compared to conventional procedures such as external radiation therapy, chemotherapy, pharmaceutical, and immunotherapy, minimally invasive interventional oncology techniques are usually safer and less painful than open surgery, results in fewer complications and hospital stays and are less costly. IO techniques are being studied in combination with targeted therapies and immunotherapies in the hope of improving outcomes in patients with cancer.
The interventional oncology global market is expected to grow at a high-single digit CAGR from 2019 to 2026 to reach $2,119.4 million by 2026. Some of the factors driving the market are increasing prevalence of cancer cases, growing adoption of minimally invasive procedures, increasing geriatric population, technological advancements in the field of interventional oncology and expansion in the emerging markets.
The interventional oncology market by product is segmented into ablation and embolization. The embolization segment occupies the highest revenue 2019 and it is expected to grow at a double-digit CAGR from 2019 to 2026. The ablation segment is the fastest-growing segment with a high single digit CAGR from 2019 to 2026. Among ablation by product type, the microwave ablation accounts for the highest in 2019 and it is expected to grow at a double digit CAGR from 2019 to 2026. The other ablation (laser ablation and Irreversible electroporation) segment is the fastest-growing segment with a high teen CAGR from 2019 to 2026. Among embolization by product type, the non-radioembolization accounts for the highest revenue in 2019 and it is expected to grow at a mid-single digit CAGR from 2019 to 2026. The radioembolization segment is the fastest-growing segment with a high single digit CAGR from 2019 to 2026. The embolization segment by procedure, transarterial radioembolization (TARE) segment occupies the highest revenue in 2019 and it is expected to grow at a high single digit CAGR from 2019 to 2026.
Among interventional oncology applications, the liver cancer segment accounts for the highest revenue in 2019 and it is expected to grow at a mid-single digit CAGR from 2019 to 2026. The brain & spine cancer segment is the fastest-growing segment with a double digit CAGR from 2019 to 2026. Among end-users, the hospital segment occupies the highest revenue in 2019 and it is expected to grow at a high single digit CAGR from 2019 to 2026. The ambulatory surgical centers segment is the fastest-growing segment with a high single digit CAGR from 2019 to 2026.
The interventional oncology market by region is segmented as North America, Europe, Asia-Pacific and the Rest of the world. North America accounts for the highest revenue in 2019 and it is expected to grow at a mid-single digit CAGR from 2019 to 2026 mainly due to adoption of the technological advancements, increasing incidences of cancer, increase in training institutes for interventional oncology, increasing demand for minimally invasive surgeries, favorable reimbursements, product launches, skilled personnel, and strong product pipeline. The Asia-Pacific region is the fastest-growing region with a double digit CAGR from 2019 to 2026 due to increasing geriatric population, increased healthcare facilities, increasing incidence of cancer, increasing awareness about interventional oncology and low-cost for the surgery are driving the market.
Considering the attractiveness of the interventional oncology market, several venture capitalists are aggressively investing. Globally, funding is more concentrated on the prostate, liver and other types of cancers. For instance, in April 2019 ABK Biomedical, Inc. received a fund amount of $xx million from F-Prime Capital and Varian Medical Systems. The company will use the funding for continued focused product development of the Eye90 microsphere which is designed for transarterial radioembolization (TARE) and Easi-Vue microspheres for bland embolic/transarterial embolization (TAE) for the treatment of hypervascular tumors. Similarly, interventional oncology clinical trials data indicate that in the U.S., 38.5% clinical trials are in phase 3 stage, 50.0% clinical trials are in phase-2, and 11.5% clinical trials are in phase-1. The majority of clinical trials are focused on liver cancer, colorectal cancer and kidney cancer (renal cancer). There is a steady increase in the number of clinical trials performed year-on-year which may result in the launch of several new products in the coming years, which is expected to drive the interventional oncology market further.
According to IQ4I analysis, the average number of units used for procedure performed by radiofrequency ablation (RFA) is estimated to be xx units (ASP- $xx), the average number of units used for procedure performed by microwave ablation (MWA) is estimated to be xx units (ASP- $xx) and the average number of units used for procedure performed by cryoablation is estimated to be xx units (ASP-xx) respectively. The total number of ablation devices globally is estimated to be xx in 2019 and is expected to grow at a high single digit CAGR from 2019 to 2026.
Interventional Oncology market has a huge opportunity for existing players and new entrants. The ablation and embolization manufacturers can develop and launch new products to gain the sparely occupied market. According to IQ4I analysis, it is estimated that 794,108 people are diagnosed with liver cancer globally. In 2019, the total number of liver cancer treated by interventional oncology is estimated to be xx, indicating a penetration rate of xx% with an opportunity of xx% in the market. Similarly, it is estimated that 882,738 people are diagnosed with brain & spine cancer globally. In 2019, the total number of brain & spine cancer treated by interventional oncology is estimated to be xx indicating a penetration rate of xx% with an opportunity of xx% in the market.
Some of the companies are coming up with technological advancements to maintain their leadership status in the interventional oncology market. For instance, AngioDynamics, Inc. (U.S.) a leading provider of innovative, minimally invasive medical devices has developed the Nanoknife system, received USFDA approval in May 2019. The system is a unique, minimally invasive technique that has been used to successfully treat focal prostate lesions through irreversible electroporation.
The interventional oncology companies mainly focus on expansion, new product launches, and acquisitions to be competent and gain access to new technologies both in existing and new market areas. For instance, Sirtex Medical (Australia) collaborated with MIM Software, Inc. (U.S.) a leading global provider of practical imaging solutions in the fields of radiation oncology, radiology, nuclear medicine, neuroimaging, and cardiac imaging. The partnership advances innovation and increases the precision of liver-directed oncology therapies for patients.
In December 2019, the Ministry of Health and Family Welfare delivered registration for the Guerbet’s innovative conventional Trans-Arterial ChemoEmbolization (cTACE) mixing and injection system, Vectorio in India. Victorio is a set of Lipiodol resistant medical devices including syringes, patented stopcock and sampling devices. Vectorio is dedicated to mixing and delivering Lipiodol Ultra Fluid & anticancer drugs during cTACE procedure in adults with known, intermediate-stage hepatocellular carcinoma (HCC).
The interventional oncology global market is consolidated with the top five players occupying xx% of the market share and the remaining xx% of the market is occupied by other players. Some of the major players in interventional oncology market include Medtronic Plc (Ireland), Sirtex Medical (Australia), Boston Scientific Corporation (U.S.), Guerbet (France), Merit Medical System (U.S.), Varian Medical System, Inc. (U.S.), Terumo Corporation (Japan), Johnson & Johnson (U.S.), AngioDynamics, Inc. (U.S.), and Monteris Medical (U.S.).