Interventional Oncology Devices Market Size

Interventional Oncology Market Analysis

The interventional oncology devices market is expected to register a CAGR of 8.3% during the forecast period.

COVID-19 had a significant impact on the growth of the market. The COVID-19 pandemic affected healthcare systems globally and resulted in the interruption of usual care in many healthcare facilities, exposing vulnerable patients with cancer to significant risks. For instance, according to an article published by the Lancet Oncology in May 2021, a study was conducted in India which showed that the COVID-19 pandemic had a considerable impact on the delivery of oncology services and the long-term effect of cessation of cancer screening, delayed hospital visits on cancer stage migration and outcomes were substantial. Thus, the lack of cancer treatment during the pandemic significantly impacted the market's growth. However, in the post-pandemic period, cancer care has regained traction. Hence, the market studied is expected to have stable growth during the forecast period of the study.

The major factors accounting for the growth of the market include the increase in cancer incidence rate worldwide, high preference for minimally invasive procedures, augmented funding from the government in developed countries, and favorable reimbursement scenario for interventional oncology treatment. According to the American Cancer Society, 1.9 million new cancer cases are expected to occur in the United States in 2022. Furthermore, according to the data updated by WHO in February 2022, the most common cancers around the world are breast, lung, colon and rectum, and prostate cancers. Cancer-causing infections, such as human papillomavirus (HPV) and hepatitis, are also responsible for approximately 30% of cancer cases in low- and lower-middle-income countries. Therefore, an increase in the incidence rate of cancer around the world drives the growth of the interventional oncology devices market during the forecast period.

Additionally, the increasing product developments by key market players are expected to drive the growth of the market. For instance, in November 2021 Fluidx Medical Technology presented the data supporting the potential for oncology drug delivery with the company's next generation, doxorubicin-loaded GPX embolic device.

Thus the above-mentioned factors are expected to drive the growth of the market during the forecast period. However, the dearth of trained interventional oncologists, clinical evidence for localized treatment regions, and stringent regulations for medical devices are expected to restrain the growth of the market.