Published: Sep, 2018
The global tumor ablation market is expected to rise significantly due to increasing competition in the market. According to a report by Transparency Market Research, the global tumor ablation market is facing intense competition due to rising fragmentation in the market. There are ample amount of growth opportunities due to present of various large companies operating in the market.
One of the leading key player in the market is Medtronic plc. This company’s prominence is mainly due to its diverse product portfolio. Medtronic has also expanded itself across various regions that has helped the company gain ground over its competitors. Some of the other leading players operating in the global tumor ablation market are AngioDynamics, BVM Medical Limited, Jude Medical Inc., Sonacare Medial LLC, and BTG International Ltd.
The global tumor ablation market is expected to rise to a healthy CAGR of 12.2% during the forecast period of 2017 to 2024. The global market is anticipated to attain a valuation of US$ 1949.5 mn by the end of 2024. Based on technology, radiofrequency ablation is expected to rise in the market due to rise in geriatric population. The global tumor ablation market is led by North America as it held 35% of the total shares in the market. The rise in this region is mainly due to extensive healthcare facilities.
Substantial Innovative Technology Awareness is Boosting the Global Tumor Ablation Market
The global tumor ablation market is expected to rise at a significant rate due to increasing acceptance of new line of treating cancer owing to high inability of tumor ablation due to traditional therapies. Rise in public awareness programs and patient support programs by government and NGO’s of various countries regarding the early detection of cancer is anticipated to boost the market growth. Government is also actively investing in various research related to cancer that will supplement the growth of the market. Rise in acceptance of innovative technologies in the market is one of the key trends that has brought significant growth possibilities for the global tumor ablation market. Rise in geriatric population is driving the demand for MIS (minimally invasive surgeries) because they cause lesser trauma with faster recovery. This fuels the demand for minimal invasive procedures such as radiofrequency ablation compared to invasive procedures. Other medical procedures such as high intensity focused ultrasound, irreversible electroporation, and laser ablation are also anticipated to encourage the growth of the market. Increasing per capita income in developed and developing economies is helping people choose advanced therapies over conventional thus, augmenting the market growth.
Stringent Government Regulations to Hamper the Global Market in Coming Years
The global tumor ablation market is expected to face certain restrains that can possibly hamper the growth of the market. Lack of tumor ablation techniques awareness has the potential to hamper market growth. Reimbursement limitation for tumor ablation is another factor affecting the market growth. Expensive research and development cost is holding back various emerging economies to invest in the same. Next generation effective cancer treatments are expensive that many cannot afford thus, making it hard for the market to grow. Strict regulations are also affecting the market growth. Long time for approval of product launch and containment measures of cost by government of various economies are restraining the growth of global tumor ablation market.
The information in this review is based on the findings of a report 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 2017 – 2024.”
The global tumor ablation market is 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
- Asia Pacific
- Latin America
- Middle East and Africa
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