Published: May, 2017
The global tumor ablation market is extremely and fragmented due to the prevalence of numerous players of small, medium, and large size, states Transparency Market Research (TMR) in a research report. With the market holding massive potential for development, several pharmaceutical companies are striving to enter the global tumor ablation market. The entry of new players is expected to intensify the competition in the market and will push players to focus on new technological developments in order to satisfy the present customer base and further expand their geographical reach as well. The crème vendors in the market are also expected to get into strategic partnerships and marketing tactics in order to strengthen their position in the market for the long run. Some of the top players in the market are Medtronic, BTG International, Boston Scientific, BVM Medical, and Jude Medical.
According to a TMR analyst, “The global market for tumor ablation is likely to progress at a 12.20% CAGR from 2016 to 2024.” Rising from a valuation of US$702.9 mn in 2015, the market is likely to be valued at US$1.9 bn by the end of 2024.
Radiofrequency to Remain Popular in terms of Technology
On the basis of technology, the global tumor ablation market can be segmented into laser interstitial thermal ablation, high-intensity focused ultrasound, cryoablation, microwave, and radiofrequency ablation. Amongst these, the segment that led the global market in 2015 was the radiofrequency ablation technology. The radiofrequency ablation technology segment is likely to expand at a 10.90% CAGR from 2016 to 2024. The rising awareness regarding the benefits of tumor ablation via radiofrequency is expected to fuel the demand for this technology in the coming years. Some of the benefits of radiofrequency tumor ablation include fast recovery, extreme efficiency, and low risk of tissue damage. The factor that a patient has to go through only a particular treatment for treating the tumor in the ablation technology of radiofrequency is expected to add to its popularity significantly and support its future growth as well.
Region-wise, North America dominated the global tumor ablation market in 2015 with a share of 30% in the same year. The dominance of the North America can be attributed to the early deployment of the treatment process. Thanks to the advancements in technology, high incidence rate of cancer, and growing geriatric population base, the region is expected to stay at the topmost position in the coming years as well.
Growing Popularity of Technology Pertaining to Tumor Ablation to Have Positive Impact on Demand
The growing number of cases across the globe has led to significant rise in the demand for tumor ablation technology. According to a study conducted by the World Health Organization (WHO), almost 8.8 million people died of cancer in 2015. It became the second leading death causing factor in the world. As tumor ablations are extremely efficient in treating cancer effectively with less side-effect, its popularity is likely to rise among patients as well as medical professional. This is expected to lead to a rise in the uptake of tumor ablation technology in the coming years. The other most prominent factor that is expected to add up to the growth of the global tumor ablation market is the incessant advancements in technology. Furthermore, patient inclination towards minimally invasive processes is expected to act as a support system for the market regarding its growth. However, the progress of the market might be hindered due to the dearth of favorable reimbursement policies and expensive research and development related to this field.
This review of the market is based on a recent market research report published by Transparency Market Research, titled, “Tumor Ablation Market (Technology - Radiofrequency Ablation, Microwave Ablation, Cryoablation, High-Intensity Focused Ultrasound, and Laser Interstitial Thermal Ablation; Disease Indication - Liver Cancer, Lung Cancer, Kidney Cancer, Bone Cancer, Breast Cancer, and Prostate Cancer; End Users - Hospitals and Cancer Specialty Clinics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2024.”
The global tumor ablation market has been segmented as follows:
- Radiofrequency Ablation
- Microwave Ablation
- High-Intensity Focused Ultrasound
- Laser Interstitial Thermal Ablation
- Liver cancer
- Lung cancer
- Kidney cancer
- Bone cancer
- Breast cancer
- Prostate cancer
By End Users
- Cancer Specialty Clinics
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC countries
- South Africa
- Rest of MEA
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