Interventional Oncology Devices Global Market Report 2021: COVID 19 Growth And Change to 2030
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 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interventional Oncology Devices Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06071078/?utm_source=GNWThe global interventional oncology devices market is expected to grow from $2.015 billion in 2020 to $2.234 billion in 2021 at a compound annual growth rate (CAGR) of 10.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.32 billion in 2025 at a CAGR of 10%.
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.
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.
The interventional oncology devices market covered in this report is segmented by product into embolization devices; ablation devices; support devices. It is also segmented by procedure into thermal tumor ablation; non-thermal tumor ablation; transcatheter arterial chemoembolization (TACE); transcatheter arterial radioembolization (TARE) or selective internal radiation therapy (SIRT); transcatheter arterial embolization (TAE) or bland embolization, and by cancer type into liver cancer; kidney cancer; lung cancer; bone cancer; others.
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 March 2018, Auris Surgical Robotics, Inc has received U.S. Food and Drug Administration (FDA) clearance for the Monarch™ Platform, a lung biopsy platform that uses robotic technology.
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 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 to $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, which represents a $79 million increase from FY 2018, and an additional $400 million for the Cancer Moonshot program that has a special focus on early detection of cancer using 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 help in the development of new technologies and devices, thereby driving the interventional oncology devices market.
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