Interventional Oncology Devices Global Market Report 2023
Major players in the interventional oncology devices market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Merit Medical Systems Inc, Philips Volcano, AngioDynamics Inc, GE Healthcare, Siemens Healthineers, Sirtex Medical, and Cook Medical Incorporated.
New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interventional Oncology Devices Global Market Report 2023" - https://www.reportlinker.com/p06280902/?utm_source=GNW
The global interventional oncology devices market will grow from $2.21 billion in 2022 to $2.35 billion in 2023 at a compound annual growth rate (CAGR) of 6.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The interventional oncology devices market is expected to grow from $3.03 billion in 2027 at a CAGR of 6.5%.
The interventional oncology devices market consists of sales of embolization devices, ablation devices, and support devices.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Interventional oncology devices are used in the diagnosis and treatment of cancer using minimally invasive techniques and advanced imaging technology.
North America was the largest region in the interventional oncology devices market in 2022.Asia Pacific was the second largest region in the interventional oncology devices market.
The regions covered in the interventional oncology devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products of interventional oncology devices are embolization devices, ablation devices, and support devices.The embolization devices are intended for the embolization of the blood vessels of a variety of tumors.
The interventional oncology devices are used to perform procedures such as thermal tumor ablation, non-thermal tumor ablation, transcatheter arterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE), or selective internal radiation therapy (SIRT), and transcatheter arterial embolization (TAE), or bland embolization that are used to treat cancer types such as liver cancer, kidney cancer, lung cancer, bone cancer, and others.
The availability of private and government funding drove the interventional oncology devices market.In the field of cancer, funding from the government and private has increased, especially for the devices used in treatments as it promotes early detection and better survival rates.
The American Cancer Society, the largest non-government, not-for-profit cancer research funder, has awarded 630 projects with a grant amount of $384,262,652 in 2021.BioProtect Ltd, an Israeli company that develops novel bioabsorbable polymer spacer balloons, received a funding of $13 million of its Series D equity financing from a leading global syndicate of venture investors that finances the ongoing multicenter FDA clinical trial of BioProtect’s lead product, the ProSpace balloon spacer, which protects prostate cancer patients undergoing radiation therapy.
Endosight, the first augmented-reality-guided ablative system, has received 20% of its funding from private organizations. The funding from government and private organizations helps in the development of new technologies and devices, thereby driving the interventional oncology devices market.
Rising product recalls are likely to hinder the demand for interventional oncology devices.The number of interventional oncology product recalls has risen.
For instance, in June 2020, the IceFORCE 2.1 CX Prostate Cryoablation Kit Visual ICE System of the Boston Scientific Corporation was recalled as the needle surface had deteriorated. In March 2020, Medtronic recalled the Pipeline Flex embolization system with Shield technology due to a fracture in the distal portion. These product recalls put financial strain on businesses and also hampers the demand, thus hindering the market.
Companies are focusing on deploying robotics technology in interventional oncology devices, for higher efficiency.The robotic system integrates image-based planning and navigation with the installation of different instruments to the desired body part with better accuracy and efficiency.
For instance, in March 2022, the U.S. Food and Drug Administration approved Quantum Surgical’s Epione interventional oncology robotics platform.
In July 2020, Terumo Corporation, a Japanese medical device company, acquired Quirem Medical for $45 million.Through this acquisition, Terumo intends to launch the Holmium platform globally as a part of the ongoing expansion of its interventional oncology (IO) portfolio.
It further strengthens the brand and extends manufacturing and clinical development activities. Quirem Medical is a Netherlands-based medical device company that develops and markets Holmium-166-based radioactive microspheres for Selective Internal Radiation Therapy (SIRT).
The countries covered in the interventional oncology devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The interventional oncology devices market research report is one of a series of new reports that provides interventional oncology devices market statistics, including interventional oncology devices industry global market size, regional shares, competitors with a interventional oncology devices market share, detailed interventional oncology devices market segments, market trends and opportunities, and any further data you may need to thrive in the interventional oncology devices industry. This interventional oncology devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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