Collaborations Like that of MEDX Xelerator with West Pharmaceutical Services to Drive the Interventional Oncology Market Growth

Interventional oncology (IO) is an emerging subspecialty that utilizes image-guided surgeries or procedures to improve cancer care across the world. Advancements in IO include cross-sectional imaging modalities like magnetic resonance, computed tomography, and positron emission tomography. In addition, the intervention oncology has developed over the years with its shift towards more patient-centered and personalized treatment approached. Furthermore, one of the latest innovations in intervention oncology is offering therapeutic agents directly into the cancer tumors by direct intratumoral injection or catheter. Also, guided imaging has also been utilized for offering bacterial and viral therapies to destroy cancer cells.

COVID-19 Impact on the Market

The onset of the Covid-19 pandemic has negatively affected the global interventional oncology market. Due to strict lockdowns and mobility restrictions imposed by governments, several hospitals and clinic centers turned their operating units to intensive care units (ICU), thus impacting the market growth during the pandemic. However, a few healthcare companies exhibited innovative technologies to aid in planning, targeting, and delivering tumor ablation. This factor is anticipated to offer enormous growth opportunities for the interventional oncology market post pandemic.

Key Developments of the Market

The major companies operating in the industry are adopting numerous growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global interventional oncology market to grow exponentially. For instance:

In July 2021, Rajiv Gandhi Cancer Institute and Research Center announced its decision to install Siemens Healthineers’ BioMatrix 3T MR System- MAGNETOM Vida. This is the first 3T MR scanner that is built to overcome imaging challenges by adjusting automatically to the patient’s bio variability for enabling personalized examinations. Some of the attractive benefits of MAGNETOM Vida are fewer rescans, high-quality personalized exams for clinical research, and predictable scheduling. Its field strength is 3 Tesla and has zero helium boil-off technology along with both active and passive shimming.

In November 2021, MEDX Xelerator, an Israeli-based medical device incubator, announced its collaboration agreement with West Pharmaceutical Services, an established company in injectable drug administration. The latter has agreed to offer funding for the initial phases of concept venture creations at the incubator. Moreover, the funding would be majorly used to assist growing number of personnel required to manage the incubator projects.

In December 2021, Argon Medical Devices Inc., a leading manufacturer of interventional medical devices, announced its acquisition of Matrex Mold & Tool Inc., a custom mold manufacturer for plastic injection molding. The decision was made with an aim to supply products despite widespread supply chain disruptions and transportation delays.

Forecast Analysis of the Interventional Oncology Market

According to the report published by Research Dive, the global interventional oncology market is expected to generate a revenue of $3,791.50 million in the 2022-2030 timeframe, growing exponentially at a CAGR of 6.5%.

Increasing rate of cancer cases among people across the world and the growing aging population are the main factors predicted to drive the global interventional oncology market by 2030. In addition, noteworthy expansion of medical and healthcare establishments across countries like Japan, India, and China is expected to offer abundant growth opportunities for the market during the analysis timeframe. However, lack of information regarding intervention oncology in establishing countries is the prime factor anticipated to impede the market growth during the forecast years.

Regionally, the interventional oncology market in the North America region is estimated to observe tremendous growth and register a revenue of $912.60 million by 2030 owing to the increasing geriatric population along with the prevalence of cancer among people. In addition, growing cancer-centric healthcare expenditure and need for advanced cancer care options in the US and Canada is further expected to boost the growth of interventional oncology market in the North America region.

The major players of the interventional oncology market include Medtronic, BD, Boston Scientific, Terumo, AngioDynamics, Merit Medical, J&J, Cook Medical, Teleflex, and HealthTronics.