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.
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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.
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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.
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