BURLINGTON, Mass., Nov. 20, 2014 /PRNewswire/ -- Decision Resources Group finds that the European interventional oncology device market is less penetrated, relative to the market in the United States. The European market continues to be negatively impacted by the eurozone debt crisis, which has resulted in significant cost-saving measures. The adoption of new, premium-priced technologies, including many interventional oncology devices, has thus been slow. This effect, however, will gradually wear off as the economy recovers.
Other key findings from Decision Resources Group's coverage of the European interventional oncology device market:
- Growing awareness of interventional oncology: Similar to the U.S., the European market will also be supported by increasing awareness of the field of interventional oncology, driven by efforts from organizations such as the Cardiovascular and Interventional Radiological Society of Europe. Growing interest in these minimally invasive treatments will lead to strong market growth overall.
- Microwave ablation devices: The adoption of microwave ablation, which is purported to be more effective than radiofrequency ablation, is growing rapidly in Europe. However, physicians in Spain and Italy will be slower to adopt this technology due to the more cost-constrained environment in these countries.
- Radioembolization spheres: Similarly, Spain and Italy will experience a slower shift toward radioembolization spheres due to the high cost of these products. Adoption in the other European countries will be rapid because these treatments are less harmful on the liver than traditional transcatheter arterial chemoembolization.
Comments from Decision Resources Group Analyst Naushad Budhwani:
- "The European interventional oncology device competitive landscape is fairly similar to the U.S., featuring established competitors such as Sirtex Medical, BTG, Covidien and AngioDynamics. However, having a local presence in this market can considerably improve the uptake of novel technology. For example, the adoption of microwave ablation has been boosted by the local presence of Microsulis Medical (now owned by AngioDynamics) in the United Kingdom, and HS Medical in Italy."
- "The European market varies widely by country. For example, Spain and Italy have been most heavily impacted by the debt crisis, which has impeded adoption of new technology. In the United Kingdom, physicians are also slower adopters because they are more conservative and prefer to wait until an extensive amount of clinical data is available. By contrast, physicians in France and particularly Germany are very receptive to new products and are therefore early adopters."
- Naushad Budhwani has written a Medtech 360 report on this subject entitled European Markets for Interventional Oncology Devices 2015.
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