Newark, NJ, Jan. 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global tumor ablation market is expected to grow from USD 964.08 Million in 2017 to USD 2,474.31 Million by 2025 at a CAGR of 12.40% during the forecast period 2018-2025.
Increasing cases of cancer worldwide, growing demand for minimally invasive procedures, technological advancements in the field of thermal ablation and rise in awareness about various cancer types and increasing R&D activities are the factors driving the tumor ablation market.
Tumor ablation is an insignificantly intrusive procedure used to treat liver, lung, kidney, bone and spine tumors. Image guided techniques like tumor ablation has become a powerful tool for the treatment of certain benign and malignant tumors of the lungs, liver, kidneys, bone, and soft tissues and for pain palliation. Tumor ablation is minimally invasive procedure used to destroy cancer cells in the chest, lung and liver and other areas of patients’ body. During tumor ablation technique, there is a use of thermal energy to heat or cool tissue to cytotoxic level. The change in lifestyle and unhealthy eating habits, including increasing consumption of tobacco and alcohol is the leading cause for rise in number of cancer cases. According to National Cancer Institute (NCI), in 2016 around 1,685,210 new cases of cancer were diagnosed in the U.S. Increasing prevalence of cancer cases worldwide is driving the growth of the market. As per the statistics by the World Health Organization (WHO), about 13.0% of the population suffers from cancer every year. These tools offer various benefits such as less trauma and speedy recovery.
Demand for minimally invasive procedures offering less trauma and speedy recovery coupled with technological advancements in the field of thermal ablation are contributing to the growth of the market. In addition, government creating awareness about various cancer types is also driving the market. High cost of the treatment is restraining the growth of the market. However, increasing investment in research and development for innovative therapies are boosting the market growth.
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Key players operating in the global tumor ablation market include Galil Medical, Inc., Misonix, Inc., HealthTronics, Angiodynamics, Covidien, Boston Scientific Corporation, Medtronic Plc, SonaCare Medical, EDAP TMS S.A., Neuwave Medical, Inc., Atricure, Inc., Biosense Webster, Inc., Conmed Corporation, Olympus Corporation, Smith & Nephew, St. Jude Medical, Inc. and others.
- Extensive product portfolio and expansion strategies by major players are contributing for the growth of the sector. For instance, in October 2017, Acutus Medical received approval from US Food and Drug Administration (FDA) for AcQMap. It is high resolution imaging and mapping system. It will enable practitioners to quickly map and re-map changes throughout the ablation procedure.
- For instance, in February 2015, SonaCare Medical LLC launched Sonalink, which is a remote patient monitoring platform. It is used during High-Intensity Focused Ultrasound (HIFU) procedures.
The radiofrequency technology segment held the largest market share and was valued around USD 366.32 million in 2017
The technology segment is classified into microwave, radiofrequency, cryoablation, and other technologies. The radiofrequency technology segment held the largest market share and was valued around USD 366.32 million in 2017. Major application of this technology in solid tumor removal contributed to its growth. In this technology, imaging devices and needle electrode probe pierced through skin and high frequency currents passes through electrode to generate heat to destroy tumor cells.
Surgical segment accounted for the maximum market share and of 51.37% in 2017
Treatment segment is divided into surgical, laparoscopic, and percutaneous procedures. Surgical segment accounted for the maximum market share and of 51.37% in 2017. Rising prevalence of liver and breast cancer requiring open surgical procedures has contributed to the growth of the segment.
Liver cancer segment is expected to register the highest CAGR of 14.68% during the forecast period
Application segment is bifurcated into liver cancer, breast cancer, lung cancer, prostate cancer, and other types of cancer. Liver cancer segment is expected to register the highest CAGR of 14.68% during the forecast period due to high prevalence of these cancers.
The hospitals held the largest share and was valued around USD 462.72 million in 2017
End user segment is classified into cancer specialty clinics, hospitals, and others. The hospitals held the largest share and was valued around USD 462.72 million in 2017. Hospitals segment has recorded the highest growth owing to increasing visitations to hospitals for routine check-ups coupled with presence of advanced facilities in hospitals.
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Regional Segment Analysis of the Tumor Ablation Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region captured the largest share of global tumor ablation market and was valued around USD 395.24 Million in 2017 whereas Asia pacific is expected to witness maximum CAGR in the forecast period. North America region is expected to dominate the market. Major factors contributing to the growth are government support for quality healthcare, high purchasing power, availability of reimbursement, and increasing prevalence of cancers in the region. Asia pacific is expected to register the lucrative growth in the forecast period owing to improving healthcare infrastructure in the region. In addition, huge population base in the region led to high demand for affordable treatment options.
About the report:
The global tumor ablation market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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