Global Tumor Ablation Market: Snapshot
The global tumor ablation market is predicted to display staggering growth in the years ahead. Increasing acceptance of newer line of treatment for cancer and higher efficacy of tumor ablation over traditional therapies is benefitting the tumor ablation market. Furthermore, introduction of public awareness programs for early detection of cancer and governmental funding for cancer research especially in developed countries is fuelling the tumor ablation market.
On the flip side, high cost of tumor ablation techniques and limited reimbursement scenarios is limiting the adoption of tumor ablation.
Owing to a multitude of favorable factors, vis-à-vis revenue the global tumor ablation market is likely to rise at a CAGR of 12.2% from 2017 to 2024.
Rising Prevalence of Liver Cancer Boosts Radiofrequency Technology Segment
The tumor ablation market is segmented depending upon technology, disease indication, end user, and geography. Depending upon technology, high-intensity focused ultrasound, microwave ablation, radiofrequency ablation, cryoablation, laser interstitial thermal, and others are the segments into which the tumor ablation market is divided. Of them, microwave ablation followed by cryoablation are most lucrative technology segments. The growth of microwave ablation technology segment is mainly because of minimum side effect and less duration of therapy. However, radiofrequency ablation technology segment is currently the leading one. Radiofrequency ablation segment held the leading 35.6% market share in 2015. Rising number of liver cancer patient is anticipated to boost the growth of the segment.
By disease indication, the various segments into which the global tumor ablation market is segmented are liver cancer, kidney cancer, lung cancer, bone cancer, breast cancer, prostate cancer, and others. Among them, lung cancer is the most lucrative segment and is predicted to be valued at US$373.7 mn by the end of 2024. This is mainly because of increasing cigarette smoking and rising pollution level. On the other hand, liver cancer held the leading 23.8% share in the overall market in 2015. In 2012, WHO reported 745,000 deaths due to liver cancer worldwide.
In terms of end user, hospitals, cancer specialty clinics, and others are the segments into which the tumor ablation market is divided. Hospitals is an attractive end-use segment in the tumor ablation market. This is mainly because of increasing practices of regular visits to hospitals for well-being and availability of various facilities in hospitals to serve patients. However, cancer specialty clinics is anticipated to surpass in terms of growth rate due to shifting preference of individuals toward cancer specialty clinics.
Modernization of Healthcare Infrastructure to Catapult Asia Pacific Market
Geography-wise, North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa are the segments into which the tumor ablation market is divided. Powered by the U.S., North America held the leading 34% share in the overall market in 2015. Extensive healthcare facilities and substantial awareness about innovative technologies for cancer account for the growth of North America tumor ablation market.
However, Asia Pacific is likely to emerge as lucrative market for tumor ablation in the upcoming years. Rising disposable income, rapid urbanization, and expansion of healthcare facilities in emerging economies are likely to offer lucrative opportunities to vendors in tumor ablation market.
Key companies operating in the global tumor ablation market include Medtronic plc., Integra LifeSciences Holding Corporation, Boston Scientific Corporation, BTG International Ltd., Sonacare Medical LLC, St. Jude Medical Inc., BVM Medical Limited, and AngioDynamics.
Global Tumor Ablation Market: Overview
The research report on the global tumor ablation market is a valuable guide for its many offerings. It analyzes the tumor ablation market for the forecast period between 2017 and 2024 both regionally and globally. The report looks into each and every aspect that could influence the growth of the said market between 2017 and 2024.
The report discusses vital market indicators such as growth trends and demand drivers at length. Going ahead, key segments under each category are discussed at length in this report. This includes market share and revenue contribution estimations of key segments between 2017 and 2024 considering 2016 as the base year. Market share values and revenue contribution of key segments are also provided for 2015 for reference.
The report begins with an extensive executive summary covering terms and terminologies, conventions, and notations generally relevant for medical devices industry. Industry statutes and industry policies that players in this market need to adhere to are included in this section. The executive summary section serves to provide the gist of the entire report. The section provides a snapshot of market attractiveness that market stakeholders can leverage to ascertain growth spaces.
Going ahead, the report discusses value chain and market dynamics. This includes valuable insights into demand-supply dynamics and qualitative insights on industry value chain. The analysis presented for each aspect is supported by proper logic. The section concludes with a bird’s eye view of competitive outlook throwing light on feasibility and profitability of new investments between 2017 and 2024.
Global Tumor Ablation Market: Research Methodology
The making of the report involved an extensive research phase. Analysts employed industry-best analytical tools and proven research methodologies to chart the growth trajectory of the tumor ablation market between for the aforementioned forecast period. The research phase comprises both secondary and primary research. Primary research constituted the greater portion of research phase, which involved e-mail interactions, face-to-face interviews, and telephonic interviews to obtain valuable inputs on each category, segment, and sub-segment across geographies. Primary research phase typically involves reaching out but is not limited to industry participants such as CEOs, marketing/product managers, VPs, market intelligence managers, national sales managers, etc. Outside experts reached out during primary research phase include investment bankers, research analysts, and valuation experts.
Secondary research phase involves tapping into industry-centric databases such as company websites, annual reports, investor presentations, stock analysis, government websites, online paid databases, and national and international databases.
Employing multi-dimensional approach, the report evaluates embryonic growth of key regional markets. This helps to comprehend key growth trends to come to the fore in the tumor ablation market in the near future. The report projections provided in (US$ Mn) can help market stakeholders gauge growth opportunities that they can look up to.
Global Tumor Ablation Market: Competitive Dashboard
The report provides a detailed competitive dashboard of the tumor ablation market. The section mentions and profiles key companies that have significant presence in the tumor ablation market. Each of the companies is profiled for their business attributes of company overview, product portfolio, recent advancements, and long-term and short-term growth objectives. The competition matrix provided in this report is likely to aid market stakeholders formulate growth strategies.