The interventional oncology devices market is expected to register a CAGR of 8.3% during the forecast period (2020-2025).
The major factors accounting for the growth of the s market include the increase in the incidence rate of cancer worldwide, high preference for the minimally invasive procedures, augmented fundings from the government in developed countries, and the favorable reimbursement scenario for interventional oncology treatment. According to WHO report, cancer is the second leading cause of death globally with 18.1 million new cases and an estimated 9.6 million deaths in 2018. According to the American Cancer Society, in 2020, 1,806,590 new cancer cases and 606,520 cancer deaths are projected to occur in the United States alone. Therefore, an increase in the incidence rate of cancer around the world drives the growth of interventional oncology devices market during the forecast period. However, the stringent regulations in the usage of medical devices may hamper the growth of the market to some extent.
Key Market Trends
Lung Cancer Dominates the Market Followed by Breast Cancer and the Trend is Expected to be Same During the Forecast Period.
According to the WHO, lung cancer constitutes the major proportion of total cancer cases in the world accounting for 2.09 million cases. As the world population is increasing continuously, the incidence rate of cancer is also expected to grow. This factor is expected to drive the growth of the market during the forecast period.
North America Dominates the Market and the Same is Expected Over the Forecast Period.
North America is expected to dominate the overall market during the forecast period. The factors, such as advancements in technology and affordability to minimally invasive procedures for the effective management of cancer in the developed countries, are responsible for the growth of the market. According to the National Cancer Institute, the US Department of Health and Human Services, one in 16 people in the United States will be diagnosed with lung cancer in their lifetime. More than 228,000 people in the United State are diagnosed with lung cancer in 2018, with a new diagnosis every 2.3 minutes. this factor leads to the growth of the interventional oncology devices market in North America.
The Interventional Oncology Devices market is moderately competitive and consists of several major players. With increasing consolidations of various organizations such as BTG acquisition by Boston Scientific in 2019, it is expected to generate competitive rivalry among the key players in the future. Some of the major players of the market are Boston Scientific Corporation, Medtronic plc, Merit Medical Systems Inc., Terumo Corporation, HealthTronics Inc., etc.
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