The focus is on easy-to-use, patient-friendly and minimally invasive technology devices.
New analysis from Frost & Sullivan (patientmonitoring.frost.com), European Market for Interventional Oncology Technology, estimates the market to reach $51.7 million in 2016. This research covers the following markets: radio frequency ablation (RFA), microwave ablation (MWA), hi frequency focussed ultrasound (HIFU) and cryoablation.
"The most important driver in the market is the requirement of easy-to-use and patient-friendly minimally invasive or non–invasive devices that support enhanced cancer therapy management," notes Frost & Sullivan Senior Research Analyst Akanksha Joshi. "The increasing demand for patient-friendly, easy-to-operate and well designed equipment at affordable prices will boost the sales of technologically advanced products."
The rapid greying of western Europe has been accompanied by the increased occurrence of diseases like cancer. This has further underlined the need for methods that can detect and treat cancer at the earliest, thus saving patients' lives.
"This has motivated the demand for patient-friendly minimally invasive technologies to cure cancer," says Joshi. "There is an urgent demand for novel, low-cost technologies that reduce the duration of hospitalization, while offering patients rapid and robust treatment for cancer."
However, the low reimbursement rate for interventional oncology technology as compared to the traditional form of treating cancer – surgery – has led to a decline in the number of patients opting for these advanced treatment methods.
The traditional method of using surgery as a mode of treatment for cancer is available to patients at a much lower rate and is reimbursed across Europe. At present, the medical community also considers it the most trusted method.
On the other hand, using interventional oncology technology makes the treatment extremely expensive, thus hindering their uptake.
"Collaboration with established local companies would help the manufacturers of niche technologies to provide effective services, while maintaining profit margins," advises Joshi. "To succeed, manufacturers must provide innovative, accurate and reliable patient friendly devices."
If you are interested in more information about this study, please send an email with your contact details to Chiara Carella, Corporate Communications, at chiara.carella[.]frost.com.
European Market for Interventional Oncology Technology is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: European Market for Ventilation and Airway Management Devices, European Markets for Disease Management and European Market for Multiparameter mid range Patient Monitors. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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European Market for Interventional Oncology Technology / M6CB