Global Tumor Ablation Market is expected to grow at a CAGR of 12.40% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Tumor Ablation Market by Technology (Radiofrequency, Microwave, Cryoablation, Irreversible Electroporation, Other Technologies), Treatment, Application, End User, and Region and Global Forecast 2018-2025.
As per the report, the global tumor ablation market is expected to grow from USD 964.08 Million in 2017 to USD 2,474.31 Million by 2025 at a CAGR of 12.40% during the forecast period from 2018-2025. North America is estimated to dominate the market in the forecast period. Government support for quality healthcare, high purchasing power, availability of reimbursement, and increasing prevalence of cancers in the region are some of the major factors driving the growth of the market.
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Prominent players operating in the market are Galil Medical, Inc., Misonix, Inc., HealthTronics, Angiodynamics, Covidien, Boston Scientific Corporation, Medtronic Plc, SonaCare Medical, EDAP TMS S.A., Neuwave Medical, Inc., Atricure, Inc., Biosense Webster, Inc., Conmed Corporation, Olympus Corporation, Smith & Nephew, and St. Jude Medical, Inc. and others. Competitors are developing new technologies to retain their foothold in the global market. For instance, in February 2015, SonaCare Medical LLC launched Sonalink, which is a remote patient monitoring platform. It is used during High-Intensity Focused Ultrasound (HIFU) procedures.
The technology segment is classified into microwave, radiofrequency, cryoablation and other technologies. The radiofrequency technology segment held the largest market share and was valued around USD 366.32 million in 2017. Major application of this technology in solid tumor removal contributed to its growth. In this technology, imaging devices and needle electrode probe pierced through skin and high frequency currents passes through electrode to generate heat to destroy tumor cells. Treatment segment is divided into surgical, laparoscopic, and percutaneous procedures. Surgical segment accounted for the maximum market share in 2017. Rising prevalence of liver and breast cancer requiring open surgical procedures has contributed to the growth of the segment. Application segment is bifurcated into liver cancer, breast cancer, lung cancer, prostate cancer, and other types of cancer. Liver cancer segment is expected to register the highest CAGR during the forecast period due to high prevalence of these cancers. End user segment is classified into cancer specialty clinics, hospitals, and others. The hospitals held the largest share in 2017. Hospitals segment has recorded the highest growth owing to increasing visitations to hospitals for routine check-ups coupled with presence of advanced facilities in hospitals.
Demand for minimally invasive procedures offering less trauma and speedy recovery coupled with technological advancements in the field of thermal ablation are contributing to the growth of the market. In addition, government creating awareness about various cancer types is also driving the market. High cost of the treatment is restraining the growth of the market. However, increasing investment in research and development for innovative therapies are boosting the market growth.
About the report:
The global tumor ablation market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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