(PharmaNewsWire.Com, March 25, 2020 ) The growth of interventional oncology market is primarily driven by the rising preference for minimally invasive procedures, expansion of the target patient population, increasing public-private funding and government support for cancer research, technological advancements in the field of interventional oncology, and increasing government investments and funding for interventional oncology and related cancer research.
The global interventional oncology market is projected to reach USD 2.9 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 6.8%.
Based on product, the interventional oncology market is segmented into ablation devices, embolization devices, and support devices. The embolization devices segment accounted for the largest share of the interventional oncology market in 2018. The large share of this segment can be attributed to the rising prevalence of cancer, product enhancements, and the increasing adoption of Yttrium-90 radioembolic agents in emerging countries.
Based on cancer type, the interventional oncology market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers (includes pediatric cancer, prostate cancer, and breast cancer). The liver cancer segment accounted for the largest share of the interventional oncology market in 2018. The large share of this segment can be attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using interventional oncology.
The Asia Pacific regional market is expected to grow at the highest CAGR during the forecast period. Emerging economies in the region such as India, China, and South Korea, along with developed markets such as Japan and Australia, are offering high-growth opportunities for market players in the field of interventional oncology. This can be attributed to factors such as the increasing adoption of interventional oncology procedures, growing incidence of cancer, and the growing geriatric population.
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