Interventional Oncology (IO) Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, UK, Germany, China - Size and Forecast 2024-2028

Interventional Oncology (IO) Market Forecast 2024-2028

The Interventional Oncology (IO) Market size is estimated to grow by USD 1.04 billion at a CAGR of 7.7% between 2023 and 2028. 

The surge in R&D and clinical trials by both companies and research organizations is poised to enhance adoption rates and broaden the application spectrum of interventional oncology. Numerous clinical studies have been conducted to assess the efficacy of interventional oncology devices, with ongoing research exploring new indications like breast cancer, lung cancer, melanoma, and neuroendocrine tumors. Established players like Boston Scientific Corp. are intensifying their focus on product and technology R&D to gain a competitive edge. In 2020 alone, approximately 119 clinical studies were undertaken, with the company investing around USD 1.00 billion in healthcare sector R&D, including interventional oncology. These robust R&D endeavors are anticipated to catalyze the development of innovative products and technologies, thereby propelling the market's growth during the forecast period. 

What will be the Size of the Market During the Forecast Period?

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The market is driven by the essential role of Particle Embolization Devices in combating Liver Cancer, serving as a pivotal market driver. This minimally invasive Embolization Procedure, often coupled with Radiotherapy, provides potent therapeutic options for patients. Hospitals employ multidisciplinary treatment teams, including medical, surgical, and radiation oncology specialists, who leverage image-guided techniques for precise diagnostic and therapeutic procedures. Therapeutic options encompass surgical tumour removal, diagnostic treatments, and outpatient procedures, catering to both public and commercial sectors. However, occasional Product Recalls highlight the critical importance of ensuring patient safety across all interventions and therapies. Specific cancer types like Kidney Cancer and Lung Cancer underscore the significance of Ablation Devices and Support Devices in oncological care

Market Segmentation 

Within the dynamic landscape of oncology treatment, market segmentation emerges as a vital strategy, allowing for precise targeting and personalized care in the fight against cancer. This segmentation encompasses a diverse array of approaches and technologies aimed at optimizing patient outcomes. Key elements include the establishment of Tumour Review Boards and the coordination of Multidisciplinary Treatment Teams, which integrate expertise from the Medical, Surgical, and Radiation Oncology fields. These teams leverage innovative Image-Guided Minimally Invasive Techniques to deliver tailored Therapeutic Options, ranging from Surgical Removal of Tumours to Diagnostic Treatments and advanced Therapeutic Procedures such as Ablation and Embolization. The availability of cutting-edge Interventional Oncology Products, including Embolization Devices and Ablation Devices, further enhances treatment precision and efficacy. As the healthcare industry emphasizes sustainability, addressing Carbon Emissions associated with cancer treatments remains paramount. With increasing Cancer Incidence, particularly concerning malignancies like Renal Cancer, Osteosarcoma, and Hepatocellular Carcinoma, the demand for innovative interventional oncology solutions continues to drive advancements, ultimately improving patient care and outcomes.

By End-User  

The market share growth by the hospitals and diagnostic centers segment will be significant during the forecast period. Since hospitals are primary healthcare facilities, they are often the first point of entry for interventional oncologists. They host specialized wards with state-of-the-art interventional radiotherapy procedure  wards and multi-disciplinary teams to provide a wide variety of services. interventional oncology services may include image-guided biopsies, ablation, embolization, or other minimally invasive techniques. 

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The hospitals and diagnostic centers were the largest segment and were valued at USD 1.39 billion in 2018. Hospitals are also centers of clinical trials and research to develop and advance oncology techniques. On the other hand, diagnostic centers play an important role in early detection and accurate cancer diagnosis. Further, hospitals and diagnostic centers play an important role in the global oncology interventional market, which is fuelled by the support of key vendors such as Medtronic Plc, MedWaves Inc., and Cook Group Inc. Medtronics interventional oncologic devices and technologies are widely used in hospitals and other healthcare settings for cancer treatment. These factors under the hospitals and diagnostic centers segment will drive the growth market during the forecast period.

By Product  

Particle embolization, a key segment in the interventional oncology market, employs innovative embolic agents like microspheres or beads to obstruct tumor-feeding blood vessels, inducing tumor shrinkage or destruction. These agents, delivered via catheters directly into tumor vessels, close off the blood supply without harming surrounding healthy tissue. Offering versatility, embolic agents can be customized in size, type, and material, enhancing treatment efficacy and adoption. This tailored approach optimizes outcomes, making particle embolization increasingly favored in oncology interventions. As demand grows for such precise and effective therapies, the particle embolization segment is poised to propel the interventional oncology market forward during the forecast period.

Support devices are essential in interventional oncology, ensuring precision and safety in cancer treatments. These devices encompass imaging and navigation equipment, alongside ancillary tools, aiding in the diagnosis, planning, and execution of interventions. Imaging tools like ultrasound, CT scan, and MRI provide real-time visualization of tumors and surrounding tissues, enabling accurate targeting. Navigation equipment guides instruments for optimal placement and treatment. Innovations such as contrast-enhanced ultrasound and high-resolution CT scanners enhance tumor visibility, enabling more precise interventions. Advanced navigation systems with sophisticated software further improve tumor localization and instrument guidance. Leading vendors like Boston Scientific Corp., Siemens AG, and Elekta AB offer such systems. These factors under the support devices segment will drive the growth of the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and analysis, and drivers will shape the market during the forecast period. North America is a dominating region in the interventional oncology (IO) market, with the US and Canada as the leading revenue-generating countries. The interventional oncology market in North America is expected to grow at a significant rate, owing to the growing adoption of minimally invasive procedures. Technological advancements such as the use of robotic navigation systems and the availability of reimbursements by Medicare have also contributed to the growth of the market in this region. The involvement of government support in R&D is also expected to contribute to the growth of the market.

In addition, advances in technology (equipment, functionalities, and operation) and a highly established healthcare infrastructure are also helping to boost market growth. Image-guided minimally invasive treatments for cancer are performed mostly in the US. Advances in medical technology have resulted in an increase in the demand for minimally-invasive techniques as the surgeries as well as post-surgery recoveries are quick. Also, several new products for interventional oncology procedures are expected to obtain approval in the Americas during the forecast period, which will increase the value of the market.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

AngioDynamics Inc. - The company offers interventional oncology such as the NanoKnife 3.0 System that reimagines localized therapy through its unique mechanism of action, improving precision, expanding versatility, and increasing preservation giving the control to tailor treatments with confidence.

AngioDynamics Inc., Becton Dickinson and Co., Boston Scientific Corp., Cook Group Inc., Elekta AB, HealthTronics Inc., Hologic Inc., IceCure Medical Ltd., INSIGHTEC Ltd., Johnson and Johnson, Medtronic Plc, MedWaves Inc., Merit Medical Systems Inc., Mermaid Medical Group, Profound Medical Corp., Siemens AG, Sirtex Medical Pty Ltd., Teleflex Inc., Terumo Corp., and Quantum Surgical SAS

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The market is driven by rising demand for image-guided minimally invasive techniques and multidisciplinary treatment teams, including medical, surgical, and radiation oncology. Key trends include advancements in interventional oncology products like embolization and ablation devices, along with the emergence of specialty clinics. Challenges include addressing cancer incidence rates, particularly for cancers like renal cancer, osteosarcoma, and hepatocellular carcinoma, while managing carbon emissions associated with treatment procedures. Companies like C2 Therapeutics, Cardiofocus, and Cook Medical are contributing to market growth with innovative ablation procedures and embolization techniques. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Drivers

The increasing cancer population is notably driving market growth. Cancer is one of the leading causes of death worldwide. Lung, liver, stomach, colorectal, breast, and esophageal cancers are prevalent among the population worldwide. According to the CDC, the number of new cancer cases in the US increased by 14.21%, resulting in 1 million cases per year. The incidence of melanoma and prostate and lung cancers is expected to increase significantly. Similarly, according to the International Agency for Research on Cancer, by 2040, the global burden of cancer is expected to grow to 27.5 million new cancer cases and about 16.3 million cancer deaths.

Moreover, changes in lifestyle, unhealthy diet, smoking, fewer pregnancies, and longtime UV exposure are expected to increase the prevalence of cancers, such as breast cancer, lung cancer, and colorectal cancer, associated with these factors. The majority of cancers at chronic stages cannot be treated with conventional drugs. This is expected to increase the demand for interventional oncology procedures, such as tissue ablation and embolization, thereby driving the growth of the market during the forecast period.

Significant  Trends

Growing focus on the adoption of MWA is an emerging trend shaping the market growth. There has been a growing focus on the adoption of MWA owing to its increased advantages over conventional procedures. The MWA allows a flexible approach to treating various cancers, such as HCC. Minimum procedure time (5-10 minutes), enhanced efficacy with reduced complications, and reduced hospital stay are the major factors that are fueling the adoption rates. The adoption of MWA devices is expected to be particularly high for the treatment of liver and lung cancers, owing to the increased need for effective treatment.

Additionally, many companies are focused on developing innovative MWA devices to meet the growing demand in the market. For instance, MedWaves Inc. offers MWA devices to ablate tissue in delicate aerated areas effectively. Vendors are also increasingly forming partnerships to expand the reach of their devices. Therefore, the growing adoption of MWA is likely to have a positive impact on the growth of the market during the forecast period.

Major  Challenges

The presence of alternatives to interventional oncology solutions is a significant challenge hindering market growth. Though interventional oncology procedures are gaining wide acceptance for the treatment of oncology, the presence of alternatives, such as conventional radiation therapy, open surgeries, and chemotherapy drugs, is likely to hinder market growth. These chemotherapy drugs and open surgeries have been used for a long time. Despite being highly effective and safer than drugs, interventional oncology devices are still less preferred. The reason for the low preference for devices is attributed to the low cost of drugs and their non-invasive nature. 

Further, developing economies, such as China, India, and Brazil, are witnessing high adoption of conventional chemotherapy and radiotherapy owing to their low costs. For instance, in the US, the average cost of a cancer drug is USD 8,200. In developing economies, such as China, the cost of a cancer drug is only USD 3,200. Further, individuals in developing economies have the option to adopt low-cost generics. In addition, favorable reimbursements fuel the adoption rates of cancer drugs rather than interventional oncology procedures. Such factors will restrict the market growth and trends during the forecast period.

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Key Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

 Customer Landscape

Segment Overview

The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• End-user Outlook
  • Hospitals and diagnostic centers
  • Ambulatory surgery centers
  • Research and academic institutes

• Product Outlook
  • Particle embolization
  • Ablation
  • Support devices
• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of World (ROW)
    • Brazil
    • Argentina 
    • Australia 

Market Analyst Overview 

The market thrives at the forefront of healthcare innovation, offering advanced solutions for cancer treatment. Outpatient procedures, conducted in ambulatory surgical centers, provide accessible care across public and commercial sectors. Despite challenges such as Product Recalls, the market is propelled by breakthroughs in Image-Guided Minimally Invasive Techniques, notably in procedures like Particle Embolization for liver and kidney cancer. Collaboration among Radiologists and Multidisciplinary Treatment Teams ensures comprehensive care delivery, integrating expertise from Medical, Surgical, and Radiation Oncology. However, Market Restraints and diverse Cancer Types like splenomegaly underscore the need for ongoing research. Initiatives such as Tumour Review Boards drive innovation, promising improved outcomes for patients with Cancerous Tumors in hospitals and outpatient settings alike.

Market Scope
Report Coverage	Details
Page number	170
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.7%
Market growth 2024-2028	USD 1.04 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	7.22
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 39%
Key countries	US, Canada, UK, Germany, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AngioDynamics Inc., Becton Dickinson and Co., Boston Scientific Corp., Cook Group Inc., Elekta AB, HealthTronics Inc., Hologic Inc., IceCure Medical Ltd., INSIGHTEC Ltd., Johnson and Johnson, Medtronic Plc, MedWaves Inc., Merit Medical Systems Inc., Mermaid Medical Group, Profound Medical Corp., Siemens AG, Sirtex Medical Pty Ltd., Teleflex Inc., Terumo Corp., and Quantum Surgical SAS
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation of the size of the size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and Rest of World (ROW)
• Thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of companies

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