Interventional
Oncology: Introduction
·
Interventional oncology is a branch of
medical science that deals with minimally invasive medical procedures carried
out under image guidance by interventional radiologists for the diagnosis,
treatment, and palliation of different types of cancer
·
In interventional
oncology procedures, different image guided techniques such as
computed tomography, fluoroscopy, and ultrasound are used to diagnose and treat
the specific site affected with pain or cancer
·
The interventional oncology procedure is
most commonly performed with other cancer treatments such as surgery,
chemotherapy, and radiation therapy. These procedures offer several advantages
such as quicker recover, shorter hospital stays, minimal side-effects, and more
precise and accurate treatment as compared to other therapeutic procedures.
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Key
Drivers of Global Interventional Oncology Market
·
The global interventional oncology market
is primarily driven by high prevalence and increase in incidence rates of
cancer worldwide. Cancer is a leading cause of death globally, after
cardiovascular diseases.
·
According to the World Health Organization
(WHO), cancer accounts for 8.3 million deaths each year, with 70% new cancer
cases expected to be reported over the next 20 years. Rise in cancer afflicted
population is anticipated to be a key driver of the market.
·
According to a Centers for Disease Control
and Prevention (CDC) report, in 2014, the number of cancer patients diagnosed
in the U.S. reached approximately 21 million. This number is expected to reach
25.4 million by the end of 2024. Moreover, advantages of minimally invasive
surgical procedures, technological advancements in interventional oncology,
increased government funding for oncology procedures, etc., are estimated to
fuel the interventional oncology market during the forecast period.
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Embolization
Procedure to be Highly Attractive Segment
·
In terms of procedure, the global
interventional oncology market can be classified into ablation procedure,
embolization procedure, and radiotherapy procedure
·
Embolization procedure is highly preferred
across the globe due to benefits associated with the procedure, followed by the
ablation procedure. Embolization is a process involving lodging of embolus
within the bloodstream in order to block the blood supply to the tumor. The
process involves chemical or irradiation technique for selective occlusion of
blood vessels by introducing emboli. Radiotherapy is a treatment for cancer and
other less common diseases such as thyroid, blood disorders, and even to
restrict noncancerous cell growth. Radiotherapy is an extensively utilized
technique in interventional oncology. Radiotherapy procedure involves radiation
through light or heat energy. The embolization segment is projected to hold a
significant market share and expand at a rapid CAGR during the forecast period.
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Laser
Therapy to be Highly Attractive Segment
·
Based on indication, the global
interventional oncology market can be categorized into lung cancer, renal
cancer, osteosarcoma, hepatocellular carcinoma, splenomegaly, intrahepatic
cholangiocarcinoma, neuroendocrine tumor, glioblastoma multiforme, metastatic
colorectal cancer, and others
·
The lung cancer segment is estimated to
account for a prominent share of the market during the forecast period owing to
the high prevalence of lung cancer
Hospitals
to be Highly Lucrative Segment
·
Based on end-user, the global
interventional oncology market can be categorized into hospitals, clinics, and
ambulatory surgical centers
·
The hospitals segment is likely to account
for a major share of the global Interventional Oncology market by 2031 due to
an increase in consultation of patients in hospitals
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North
America to Offer Significant Opportunities in Interventional Oncology Market
·
In terms of region, the global
Interventional Oncology market can be segmented into North America, Europe,
Asia Pacific, Latin America, and Middle East & Africa
·
North America accounted for a major share
of the global market in 2020. North America and Europe are projected to account
for notable shares of the global interventional oncology market due to a large
population base afflicted with chronic cancer such as hepatocellular carcinoma,
lung cancer, renal cancer, and metastatic colorectal cancer, in these regions.
Moreover, significant adoption of minimally invasive surgeries for the
effective management of cancer, well-established healthcare infrastructure, and
early adoption of technologically advanced interventional oncology products are
key factors that are likely to fuel the interventional oncology market during
the forecast period.
·
The interventional oncology market in Asia
Pacific is anticipated to expand at a high CAGR during the forecast period due
to high prevalence of cancer in the highly populous countries of India and
China, rapidly changing healthcare systems, various government initiatives to
improve overall healthcare, and increased per capita healthcare expenditure.
Moreover, increase in investments by leading global interventional oncology
devices companies in the region is also likely to further boost the market in
Asia Pacific during the forecast period.
Key
Players Operating in Global Interventional Oncology Market
The global
interventional oncology market is semi-consolidated, with the presence of
international and local players.
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