A new research report published by Fior Markets with the title 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
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. 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. On the other hand, 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.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Key players in the global tumor ablation market are 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. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the global tumor ablation market.
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 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. Based on treatment, the tumor ablation market has been divided into percutaneous ablation, laparoscopic ablation, and surgical ablation. The percutaneous ablation segment is anticipated to register a growth rate of 13.8% over the projected period owing to its benefits like fast surgery times, cost-efficiency, high patient comfort, low scarring, better safety, and quick recovery. 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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