Tumor Ablation Market by Technology (Microwave Ablation, Radiofrequency Ablation, Irreversible Electroporation Ablation, Cryoablation, Other Ablation Technologies), Treatment (Laparoscopic Ablation, Percutaneous Ablation, Surgical Ablation), Application (Prostate Cancer, Kidney Cancer, Breast Cancer, Liver Cancer, Lung Cancer, Other Types Of Cancer), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, Feb. 18, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global tumor ablation market is expected to grow from USD 628 million in 2020 to USD 1,634 million by 2028, at a CAGR of 12.7% during the forecast period 2021-2028.
There are certain factors driving the growth of the global tumor ablation market. Some of them include increasing prevalence of various types of cancers, increasing demand for safer treatment options, enhanced efficacy of tumor ablation techniques, higher procedural safety profile, advancements in tumor ablation technologies, increasing demand for minimally invasive techniques, rising government & private investment in R&D activities, and an expanding aging population. Emerging economies like India, Brazil, and China are especially lucrative, considering their growth potential.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world's economy and has negatively impacted all kinds of markets, including the tumor ablation market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals and strict government regulations also hinder the market growth.
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Key players operating in the global tumor ablation market include Medtronic plc, Healthtronics, Inc., Mesonix, Inc., Sonacare Medical, LLC, Angiodynamics, Inc., Galil Medical, Inc., Boston Scientific Corporation, EDAP TMS S.A., Mermaid Medical, Inc., and Neuwave Medical, Inc., among others. To gain a significant market share in the global tumor ablation market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Medtronic plc and Boston Scientific Corporation are some of the biggest players in the global tumor ablation market.
For instance, AngioDynamics introduced the NanoKnife Ablation system in the South Korean market post the approval by the South Korean Ministry of Food and Drug Safety in October 2018. This assisted the company in broadening its brand portfolio for tumor ablation systems.
Medtronic plc unveiled the Barrx 360 Express radiofrequency ablation (RFA) balloon catheter in April 2018 for Barrett's esophagus treatment. Now Medtronic can give technologically advanced products to its clients in the tumor ablation market.
Radiofrequency ablation segment dominated the market and held the largest market share of 23.8% in the year 2020
On the basis of technology, the global market has been segmented into microwave ablation, radiofrequency ablation, irreversible electroporation ablation, cryoablation, and other ablation technologies. Radiofrequency ablation segment dominated the market and held the largest market share of 23.8% in the year 2020. The high market share of the radiofrequency ablation segment is attributed to factors including its high adoption rate among surgeons for liver cancer treatment, cost-effectiveness, and current technological advancements in R.F. like the development of multi-electrode, fluid-cooled catheters.
Surgical ablation segment dominated the market and held the largest market share of 36.2% in the year 2020
Based on treatment, the tumor ablation market has been divided into percutaneous ablation, laparoscopic ablation, and surgical ablation. Surgical ablation segment dominated the market and held the largest market share of 36.2% in the year 2020. The large share of this segment can be attributed to key factors such as increasing awareness regarding the advantages of surgical ablation, many elderly cancer patients hesitant to undergo surgical cancer treatment, and the high amount of minimally invasive surgical procedures carried out to treat all manners of cancers.
Liver cancer segment dominated the market and held the largest market share of 20.9% in the year 2020
The application segment includes prostate cancer, kidney cancer, breast cancer, liver cancer, lung cancer, and other types of cancer. The liver cancer segment dominated the market and held the largest market share of 20.9% in the year 2020. Factors like unhealthy eating & drinking habits such as binge drinking, availability of good medical reimbursements policies in developed nations, high life expectancy post liver tumor ablation procedures, high popularity of ablation among doctors & surgeons for liver carcinoma treatment, and expanding number of liver cancer cases in general fuel the growth of the segment.
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Regional Segment Analysis of the Tumor Ablation Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global tumor ablation market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 43.1% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to key factors such as rising public as well as private investment to create new tumor ablation products for the market, early introduction of tumor ablation systems in the region, and the trend of substituting older tech with new & advanced therapeutic techniques like cryoablation & microwave. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period 2021-2028. This growth is owing to factors like rising disposable income, advancing rate of medical science in the region, growing patient population, increasing presence of significant healthcare players, and government assistance for lower-income sections.
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About the report:
The global tumor ablation market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an 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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