Westford, USA,, Feb. 23, 2023 (GLOBE NEWSWIRE) -- North America remains a prominent region in the oncology ablation market. Some of the key factors influencing this region's growth are government assistance for elevated healthcare, substantial purchase power parity, and the availability of cost-effective reimbursement policies. In addition to this, the rising incidences of cancer and the growing demand for improved tumor ablation techniques will rise throughout the course of the projection period owing to the benefits of a speedy recovery, patient comfort, and shorter recovery times, minimally invasive procedures are becoming more popular among surgeons and patients.
SkyQuest’s latest insights on the prevalence of cancer show that almost 10 million deaths, or roughly one in six deaths, were caused by cancer in 2020, making it the top cause of death globally. 400 000 kids are diagnosed with cancer in children every year. The most prevalent malignancies vary between nations. In low- and lower-middle-income nations, cancer-causing infections including the human papillomavirus (HPV) and hepatitis are thought to be the cause of 30% of cancer cases.
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Solid malignancies are treated with this minimally invasive surgical technique. Without performing the conventional surgery, tumors are "burned" or "frozen" using specialized probes. The needle probe is guided and positioned into the tumor using MRI, ultrasound, or computed tomography (CT). Those with liver metastases may potentially benefit from ablation therapy, which can lessen their chance of cancer recurrence. Despite the fact that ablation therapies do not eradicate tumors, they have the potential to result in complete remission.
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Prominent Players in Oncology Ablation Market
- Angiodynamics (Covidien)
- Boston Scientific Corporation
- Medtronic Plc
- Ethicon, Inc.
- Galil Medical Inc.
- Misonix Inc.
- HealthTronics
- Mermaid Medical
- Theraclion
- Chongqing Haifu Medical Technology Co., Ltd.
- HS Hospital Service S.P.A
- Philips Healthcare
- GE Healthcare
- Pixie Scientific
- Proteus Digital Health Inc.
Surgical Ablation Segment to Dominate the Market Growth Owing to Rising Prevalence of Liver and Breast Cancer
The market is dominated by the surgical ablation segment, which in 2021 had a revenue share of about 35.2%. The rising prevalence of breast and liver cancer as well as the absence of sophisticated tumor ablation therapies for these particular organs are factors predicted to propel segment expansion. These techniques all have advantages, including quicker recovery, little scarring, and improved safety. The fast post-operative recovery time, patient convenience, and cost-effectiveness are further aspects that are anticipated to boost segment demand. According to projections from SkyQuest, there will be about 238,341 new cases of lung cancer in the US in 2023. Around 117,551 in men and 120,791 in women and about 127,070 lung cancer fatalities are predicted for the same year.
With a revenue share of more than 30.1% in the global market in 2021, North America led the oncology ablation market and it is predicted to keep dominating the market by gathering the largest market share over the forecast period. Some of the key factors influencing this region's growth are government support for high-quality healthcare and the availability of reimbursements. By improving the quality and accessibility of healthcare through health coverage laws, the Patient Protection and Affordable Care Act (PPACA), for example, lower the cost of healthcare for both individuals and the government in the United States. It is therefore anticipated that these government actions will improve the healthcare system as a whole, which will promote market growth.
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Renal Cancer Segment to Gain Largest Market Share Due to Increasing Incidences of Kidney Diseases
The fastest-growing segment and one with the highest CAGR during the predicted period is the renal or kidney cancer segment. The use of radiofrequency and microwave ablation techniques for the treatment of kidney tumors is successful in a vast number of cases and hence the growing prevalence of renal/kidney cancer and the growing usage of ablation therapy in treating this disease is predicted to boost the segment growth. Candidates for kidney tumor ablation include patients with solitary kidneys, tumors smaller than 4 cm, and sluggish post-operative recovery.
SkyQuest found during research that over 3.5% of cancer cases in the US are caused by kidney cancer. More than 62,001 Americans obtain a kidney cancer diagnosis each year. Age is a risk factor for kidney cancer. Ages 66 to 75 are the most typical range for kidney cancer cases. The disease strikes men twice as frequently as it strikes women.
Moreover, the fastest-growing region in the oncology ablation market is Asia Pacific, which is anticipated to have the greatest CAGR during the projected period. The growing population of patients and important healthcare providers in swiftly developing countries like China and India create growth potential. Additionally, the rising adoption of advanced healthcare devices and technologies, supported by the increasing investment by key market players in the region is predicted to drive market growth over the ensuing years.
The oncology ablation market is receiving a lot of attention due to the rising need for minimally invasive surgery methods that are both patient-friendly and cost-effective. A thorough study report that examines the industry's size, share, and key competitors have been released to help readers better understand the market. The study also strives to give a thorough review of the market, including its growth forecasts, difficulties, and opportunities.
Key Developments in the Oncology Ablation Market
- For the treatment of prostate, kidney, and bladder cancer, Francis Medical, Inc., a privately held medical device firm, will introduce its revolutionary and exclusive water vapor ablation therapy in September 2021.
- A new technology that creates 3D images using ultrasound may improve the accuracy of thermal ablation therapy for the treatment of liver cancer, according to a simulation study conducted by researchers at one of the health research organizations.
- ProSense, an advanced liquid-nitrogen-based cryoablation therapy for the treatment of tumors (benign and cancerous by freezing), with the main target areas being breast, kidney, bone, and lung cancer, was submitted for approval by the Brazilian Health Regulatory Agency ("ANVISA") in June 2022.
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Key Questions Answered in the Oncology Ablation Market Research Report
- What are the ramifications for market growth and valuation as a result of shifting consumer preferences and how do they impact the demand for goods and services in the target market?
- What new developments in technology and innovations are most likely to have an impact on market growth and valuation predictions?
- What are the potential risks and opportunities for market participants, and how can regulatory changes and policy decisions affect the growth prospects of the target market?
- What are the main obstacles related to supply chain management, logistics, and distribution that market participants must overcome in order to promote growth?
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