TBRC's interventional oncology devices market report forecasts the market to reach $3Bn by 2026
LONDON, March 23, 2022 /PRNewswire/ -- The global interventional oncology devices market size 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%. TBRC's interventional oncology devices market forecast then sees it growing to $3.03 billion in 2026 at a CAGR of 8.9%.
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Regional Analysis And Growth Opportunities
North America is the largest region as per interventional oncology devices market analysis, accounting for 35.6% of the total in 2021. It is followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the interventional oncology devices market will be Asia Pacific and South America, where growth will be at CAGRs of 8.1% and 7.2% respectively. These will be followed by North America and Western Europe.
Interventional Oncology Devices Market Trends
Companies are focusing on deploying robotics technology in interventional oncology devices to improve efficiency of oncology procedures. 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 example, in November 2021, Quantum Surgical, a France-based medical robotics company, introduced Epione, a new category of interventional oncology robotics. This robotic-assisted technology provides physicians with advanced tools to plan, target, deliver and confirm tumor ablation. In October 2019, the first robotic system of XACT Robotics Ltd, an Israel-based company, was approved by the United States Food and Drug Administration for use during computed tomography (CT) guided percutaneous interventional procedures.
Competitive Landscape
The interventional oncology devices market is highly concentrated with a small number of large players dominating the market. The top ten competitors in the market made up to 95% of the total market in 2020. Boston Scientific Corporation was the largest competitor with 23.27% of the market, followed by Terumo Corporation, Siemens Healthineers, Sirtex Medical Limited, Merit Medical Systems, Inc., Medtronic plc, Cook Medical LLC, HealthTronics, Varian Medical Systems Inc., and AngioDynamics Inc.
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