Market Trends of Interventional Oncology Devices Industry
This section covers the major market trends shaping the Interventional Oncology Devices Market according to our research experts:
Breast Cancer is Expected to Hold a Significant Share in the Market Over the Forecast Period.
Breast cancer is a disease in which cells in the breast grow out of control. Different kinds of breast cancer depend on which cells in the breast turn into cancer. Breast cancer can spread outside the breast through blood vessels and lymph vessels. When breast cancer spreads to other parts of the body, it is said to have metastasized. The growing incidence of breast cancer across the globe and product launches is expected to drive market growth.
According to the data from the American Cancer Society in 2022, it is estimated that about 13% or 1 in 8 women in the United States are going to develop invasive breast cancer during the course of their life. An estimated 51,400 new cases of non-invasive (in situ) breast cancer are expected to be diagnosed in American women by the end of 2022. According to the same source, a man's lifetime risk of developing breast cancer is about 1 in 833. Hence, with the growing burden of breast cancer, interventional oncology procedures are expected to increase over the forecast period, which will drive growth in the segment studied.
Furthermore, according to data from Breastcancer.org published in January 2022, more than 3.8 million women are living with a history of breast cancer in the United States, including women who are currently being treated and women who have finished treatment. The source also claims breast cancer is the most commonly diagnosed cancer among American women. In 2022, about 30% of newly diagnosed cancers in women will be breast cancers.
Also, innovative product launches are expected to contribute to the segment's growth. For instance, in April 2021, IceCube Medical Ltd received the designation as a Breakthrough Device from the United States FDA for its ProSense for use in the treatment of patients with T1 invasive breast cancer and/or patients not suitable for surgical alternatives for the treatment of breast cancer. It is a liquid-nitrogen-based cryoablation system that enables minimally-invasive treatment of cancer tumors.
Thus, the studied segment is expected to witness significant growth over the forecast period due to the above-mentioned factors.
North America is Expected to Hold a Significant Market Share Over the Forecast Period.
North America is expected to hold a significant market share during the forecast period. The market for interventional oncology devices in North America is expected to grow significantly during the forecast period owing to the factors such as the increasing incidence of cancer in the country, rising prevalence of minimally invasive procedures, growing product launches, and growing investments by the key market players and government. Additionally, significant advancements in medical imaging technology have allowed interventional oncologists to bring image-guided procedures into daily clinical practice and make targeted cancer treatment possible, thus driving the market.
According to an American Cancer Society report in January 2022, it was estimated that 10,470 children would be diagnosed with cancer in 2022. This indicates that the incidence and mortality rate associated with cancer is significantly high, which increases the demand for surgical procedures, subsequently increasing the demand for interventional oncology devices, thus driving the market.
Furthermore, according to the data by the Canadian Cancer Society in November 2022, it was estimated that 233,900 people will be diagnosed with cancer in Canada in 2022. This growth in incidence is largely due to Canada's growing and aging population and emphasizes the importance of cancer prevention.
The growing investments by various market players in this region are expected to contribute to the growth of the market. For instance, in May 2021, Scientica Vascular received USD 50 million from Vivo Capital to support and expand the development of microcatheters and guidewires for interventional oncology markets. This investment will speed up the company's global sales and marketing efforts for the existing products and develop new products in the market. Such investments are expected to drive market growth during the study period.
Thus, the above-mentioned factors are expected to drive the growth of the market in this region during the forecast period.
