Global Interventional Oncology Ablation Market, By Technology (Radiofrequency Ablation, Microwave Ablation, Cryoablation, Irreversible Electroporation Ablation), By Indication (Liver Cancer, Kidney Cancer, Lung Cancer, Others), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 533.7 Million in 2023 and is expected to exhibit a CAGR of 8.7% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting inorganic growth strategies, such as acquisitions of market players, which will drive the global interventional oncology ablation market. For instance, in August 2022, Boston Scientific Corporation a biotechnology company acquired Obsidio, Inc. a medical device company to add novel technology cleared for use in peripheral vasculature to its interventional oncology and embolization portfolio.
Global Interventional Oncology Ablation Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 had a negative impact on the global interventional oncology ablation market. For instance, in May 2021, according to an article published in Radiology Research and Practice, “Impact of the COVID-19 Pandemic on Radiotherapy Supply,” Covid-19 impacted on the regular supply of radiotherapy, determining delay or cancellation of procedures with the likely effect of observing, in the future, worse local control of the disease and survival rates in these oncological patients.
Global Interventional Oncology Ablation Market: Key Developments
In April 2021, Terumo Corporation a medical device company is build a global therapeutic interventional oncology team to offer more therapeutic solutions to cancer patients. The organization will be comprised of medical strategy, research and development, software development, medical imaging discovery, and operations.
In July 2021, Terumo Corporation and University Medical Center Utrecht (UMC Utrecht) announced that they had signed a Memorandum of Understanding (MoU) to recognize the longstanding partnership in the field of oncology. Companies collaborate in the broader range of interventional oncology, including tumor ablation and chemoembolization.
In October 2022, HealthCare Global Enterprises Ltd., a provider of cancer care in India, partnered with Elekta a neuroscience company to establish advanced radiation therapy centers across the country. This partnership enabled HCG to strengthen its leadership in cancer care by expanding access to precision radiation medicine technologies.
Browse 35 Market Data Tables and 33 Figures spread through 180 Pages and in-depth TOC on “Global Interventional Oncology Ablation Market”- Forecast to 2030, Global Interventional Oncology Ablation Market, By Technology (Radiofrequency Ablation, Microwave Ablation, Cryoablation, Irreversible Electroporation Ablation), By Indication (Liver Cancer, Kidney Cancer, Lung Cancer, Others), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Key Takeaways of the Global Interventional Oncology Ablation Market:
- The global interventional oncology ablation market is expected to exhibit a CAGR of 7% during the forecast period. The distribution agreement with market players offers lucrative growth opportunities for players in the global interventional oncology ablation market.
- Among technology, the Cryoablation having opportunity to grow in global interventional oncology ablation market over the forecast period, and this is attributed to the increasing distribution agreements among market players. In September 2021, IceCure Medical a medical device company entered into an initial distribution agreement with Mutlu Medikim Tibbi Malzeme a medical device distributor to sell The company's ProSense Cryoablation System and Probes in Turkey.
- Among region, North America is expected to be the dominant region in the global interventional oncology ablation market, owing to the increasing number of cancer patients. For instance, 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 are significantly increasing, which also increases the demand for surgical procedures, subsequently increasing the demand for interventional oncology devices.
- Major players operating in the global interventional oncology ablation market are Boston Scientific Corporation, Johnson & Johnson, Medtronic Plc, Varian Medical Systems, Inc., EDAP TMS S.A., AngioDynamics, CASCINATION AG, Merit Medical Systems, Inc., STARmed Co., and Biomedical Srl.