Major players in the interventional oncology devices market are Boston Scientific Corporation, Medtronic plc, Terumo Corporation, Merit Medical Systems Inc, Philips Volcano, AngioDynamics Inc, GE Healthcare, Siemens Healthineers, Sirtex Medical, and Cook Medical Incorporated.
New York, May 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interventional Oncology Devices Global Market Report 2022" - https://www.reportlinker.com/p06280902/?utm_source=GNW
The global interventional oncology devices market is expected to grow from $1.97 billion in 2021 to $2.15 billion in 2022 at a compound annual growth rate (CAGR) of 9.4%. The market is expected to grow to $3.03 billion in 2026 at a compound annual growth rate (CAGR) of 8.9%.
The market for interventional oncology devices comprises the sale of interventional oncology devices and related services by the entities that manufacture them. Interventional oncology devices are used to detect and treat cancer using minimally invasive procedures and advanced imaging technologies.
The main products of interventional oncology devices are embolization devices, ablation devices, and support devices.The embolization devices are intended for the embolization of the blood vessels of a variety of tumors.
The interventional oncology devices are used to perform procedures such as thermal tumor ablation, non-thermal tumor ablation, transcatheter arterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE), or selective internal radiation therapy (SIRT), and transcatheter arterial embolization (TAE), or bland embolization that are used to treat cancer types such as liver cancer, kidney cancer, lung cancer, bone cancer, and others.
North America was the largest region in the interventional oncology devices market in 2021.Asia Pacific was the second largest region in the interventional oncology devices market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The availability of private and government funding drove the interventional oncology devices market.In the field of cancer, funding from the government and private has increased, especially for the devices used in treatments as it promotes early detection and better survival rates.
The American Cancer Society, the largest non-government, not-for-profit cancer research funder, has awarded 93 grants which totaled $40 million in the first of two cycles for 2019 for cancer research. In 2019, the US Congress provided NCI with an amount of $5.74 billion and an additional $400 million for the Cancer Moonshot program that has a special focus on early detection of cancer using the latest technologies. BioProtect Ltd, an Israeli company that develops novel bioabsorbable polymer spacer balloons, received a funding of $13 million of its Series D equity financing from a leading global syndicate of venture investors that finances the ongoing multicenter FDA clinical trial of BioProtect’s lead product, the ProSpace balloon spacer, which protects prostate cancer patients undergoing radiation therapy. Endosight, the first augmented-reality-guided ablative system, has received 20% of its funding from private organizations. The funding from government and private organizations helps in the development of new technologies and devices, thereby driving the interventional oncology devices market.
Rising product recalls are likely to hinder the demand for interventional oncology devices.The number of interventional oncology product recalls has risen.
For instance, in June 2020, the IceFORCE 2.1 CX Prostate Cryoablation Kit Visual ICE System of the Boston Scientific Corporation was recalled as the needle surface had deteriorated. In March 2020, Medtronic recalled the Pipeline Flex embolization system with Shield technology due to a fracture in the distal portion. These product recalls put financial strain on businesses and also hampers the demand, thus hindering the market.
Companies are focusing on deploying robotics technology in interventional oncology devices, for higher efficiency.The robotic system integrates image-based planning and navigation with the installation of different instruments to the desired body part with better accuracy and efficiency.
For instance, in November 2019, the first robotic device of XACT Robotics Ltd was approved in the United States by the Food and Drug Administration for use during computed tomography (CT) controlled percutaneous interventional procedures.
In July 2020, Terumo Corporation, a Japanese medical device company, acquired Quirem Medical for $45 million.Through this acquisition, Terumo intends to launch the Holmium platform globally as a part of the ongoing expansion of its interventional oncology (IO) portfolio.
It further strengthens the brand and extends manufacturing and clinical development activities. Quirem Medical is a Netherlands-based medical device company that develops and markets Holmium-166-based radioactive microspheres for Selective Internal Radiation Therapy (SIRT).
The countries covered in the interventional oncology devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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