Wilmington, Delaware, United States, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global tumor ablation market was projected to attain US$ 1.3 billion in 2022. It is anticipated to garner a 6.9% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 2.3 billion by 2031.
A few benefits of ablation therapy include improved patient comfort, a shorter recovery period, and a shorter operation duration. Leading suppliers in the international tumor ablation market are making large investments in collaborations and research and development efforts to broaden their product offerings. Improvements in precision, mobility, and cost-effectiveness brought about by technology are probably going to support the expansion of the tumor ablation market.
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Global Tumor Ablation Market: Key Players
Leading manufacturers are making significant investments in the advancement of next-generation cancer treatment technologies. Close industry partnerships and acquisitions and mergers are seen as essential tactics for improving product portfolio development and securing a dominant position in the market.
For instance, Terumo Europe and University Medical Center Utrecht (UMC Utrecht) inked a Memorandum of Understanding (MoU) in July 2021 to work together on oncology-related product development and intellectual transfer. Future advancements in tumor ablation products are anticipated because of the shift. The following companies are well-known participants in the global tumor ablation market:
- Medtronic PLC
- Integra LifeSciences Holdings Corporation
- BTG International Ltd
- Boston Scientific Corporation
- AngioDynamics Inc.
- SonaCare Medical LLC.
- BVM Medical Limited
- St. Jude Medical, Inc.
- EDAP TMS S.A.
Key Findings of the Market Report
- The market for tumor ablation is becoming more lucrative as costs associated with cancer treatment rise.
- According to National Cancer Institute projections, the total estimated national expenses of cancer care in the United States are predicted to reach up to US$ 173 billion by 2020. Early tumor treatment is crucial for a patient's survival and pain control; this is why radiofrequency ablation technology is used.
- Advanced methods including microwave ablation, radiofrequency, and cryoablation are used in tumor ablation to precisely target malignant tissue while sparing healthy tissue.
- Growth in the worldwide elderly population and increased knowledge of cancer treatment options would probably drive the tumor ablation market.
- Based on illness indication, the tumor ablation industry's leading section is liver cancer.
- As air pollution increases and the consequences of long-term tobacco use become apparent in older users, lung cancer is also on the rise.
Market Trends for Tumor Ablation
- The benefits of minimally invasive procedures and therapies, such as quicker recovery times, more patient comfort, and shorter process times, have made them extremely popular with physicians and patients alike. Following the pandemic, market numbers for ablative therapy have increased as consumer awareness of healthcare goods and services has grown.
- When accuracy is necessary and the tumor is smaller, adjuvant medicines are usually used. Technological advancements in tumor ablation, including the use of image-guided apparatus, internally cooled radiofrequency probes, and cryoablation, are anticipated to present profitable prospects for market growth.
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Global Market for Tumor Ablation: Regional Outlook
- In 2022, North America held a leading market share for tumor ablation. The market dynamics of the region are being enhanced by the existence of a well-developed healthcare sector, an increase in public knowledge of impending cancer care technologies, and research and development of novel care solutions.
- Europe is a lucrative market for tumor ablation because to the availability of public healthcare and the execution of rigorous government legislation regulating caregiving.
- Since there are many healthcare providers in emerging nations like India and China, the market for tumor ablation is growing. Financial assistance is provided to patients who require it through cancer welfare initiatives in the Asia Pacific area, such the Health Minister's Cancer Patient Fund (HMCPF) of the Indian Government.
Some key developments by the players in this market are:
- Taiwanese electronics manufacturer Compal Electronics unveiled a brand-new RF ablation technology in July 2023. This is the company's entry into the market for ablative cancer treatments.
- In a first-of-its-kind clinical experiment conducted in February 2023, a female American patient received complete non-invasive ablation therapy treatment for breast cancer. The University of Utah and Huntsman Cancer Institute worked together to create the technique.
Global Tumor Ablation Market Segmentation
Technology
- Radiofrequency Ablation
- Microwave Ablation
- Cryoablation
- High-intensity Focused Ultrasound
- Laser Interstitial Thermal Ablation
- Others
Disease Indication
- Liver Cancer
- Lung Cancer
- Kidney Cancer
- Bone Cancer
- Breast Cancer
- Prostate Cancer
- Others
End User
- Home Users
- Clinics
- Hospitals
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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