Interventional Oncology Market Expected to Exceed 3.5 Billion Dollars Within 6 Years

According to a report by Fortune Business Insights, the global interventional oncology market is expected to reach 3.45 billion dollars in 2030. In addition, during 2023-2030, annual growth of 7.9% is expected.

The interventional oncology market is expected to grow from 2.02 billion dollars in 2023 to 3.45 billion dollars by 2030.

Interventional oncology uses minimally invasive procedures to diagnose and treat cancer and provide palliative care, performed under imaging guidance.

Highlights:

• The World Health Organization (WHO) reported 19.3 million new cancer cases worldwide in 2020. The most common cancers in 2020 were breast and lung cancer, with approximately 2.3 million and 2.2 million cases, respectively.
• North America held the largest interventional oncology market share in 2022, at 800 million dollars, and is expected to maintain its dominance through 2030.
• Boston Scientific Corporation dominated the interventional oncology market in 2022. Prominent companies in this field include:
  • Boston Scientific Corporation (United States),
  • Merit Medical Systems (United States),
  • Terumo Corporation (Japan),
  • Siemens Healthcare GmbH (Germany),
  • BD (United States),
  • AngioDynamics (United States),
  • Hologic, Inc. (United States),
  • Teleflex Incorporated (United States)

Radiation Devices to Grow Because of Increasing Cancer Prevalence

By product type, the interventional oncology market is divided into radiation therapy, ablation, and embolization devices.

Radiation therapy devices held the largest market share in 2022. This growth is attributed to rising cancer prevalence and hospital admissions.

The Liver Cancer Segment Dominates as the Embolization Device Market Expands

By cancer type, the market is divided into lung cancer, liver cancer, kidney cancer, and others.

The liver cancer segment held the largest interventional oncology market share in 2022, with significant annual growth expected over the forecast period. This is attributed to increasing preference for minimally invasive procedures in healthcare facilities and high uptake of embolization devices.

Rising Hospital Admissions to Drive Growth in the Hospital Segment

By end user, the market is divided into hospitals, specialist clinics, and others.

The hospital segment is expected to show significant annual growth during the forecast period and held the largest market share in 2022. Growth is attributed to increasing hospital admissions requiring minimally invasive cancer treatment.

Geographically, the market is studied across North America, Europe, Asia Pacific, and the rest of the world.

Classification by Interventional Oncology Type

• Radiation Therapy Devices
• Ablation Devices
• Microwave ablation
• Radiofrequency ablation (RFA)
• Cryoablation
• Other embolization devices

By Cancer Type

• Lung Cancer
• Liver Cancer
• Kidney Cancer
• Others

By End User

• Hospitals
• Specialist Clinics
• Others

By Geography

• North America
• Europe
• Asia
• Pacific
• Rest of the World

Driver: Increasing Global Cancer Prevalence to Support Market Growth

The growing prevalence of cancers, including liver, lung, breast, and other cancers, across the global population is expected to drive interventional oncology market growth during the forecast period. These cancers are more prevalent among men than women. Major companies' increasing focus on developing and launching new cancer drugs and therapies is also expected to support market growth.

Regional Insights:

Europe held the second-largest market share in 2022 and is expected to show moderate annual growth during the forecast period. Lung cancer prevalence and demand for cancer hospitals are increasing across Europe.