APAC to record fastest-growing interventional oncology market
There has been an expanding research base across India, China, and Japan.
Asia Pacific is set to have the fastest-growing interventional oncology market worldwide, driven by government efforts to ramp up funding and supportive regulations for the development and commercialization of such products, according to a report from Research and Markets.
Also spurring growth in the market are rising healthcare expenditure, a growing number of hospitals and clinics in India and China, expanding research base across India, China, and Japan, and the rising incidence of surgeries.
Globally, the interventional oncology market size is projected to reach $2.9b by 2026 from $1.9b in 2020, at a compound annual growth rate (CAGR) of 6.8%, propelled by factors such as the technological advancements in the market.
Additionally, rising cases of surgeries, investments from both private and public sectors are having effects on the market’s growth. However, it is held back by unfavorable reimbursement scenarios in some countries.
Demand from the main end-users has declined as key regions and countries have imposed social distancing rules and lockdowns. However, this impact is expected to be short-term, and no adverse effects are sighted in the future after the market gradually reopens