Major Companies Operating In The Tumor Ablation Therapy Devices Market Are Focusing On Technology Advancements

"Global Tumor Ablation Therapy Devices Market, Forecast Market Size, 2019 – 2023, $ Million"

The Business Research Company’s Global Tumor Ablation Therapy Devices Market Size & Share Report 2020-30: COVID 19 Growth And Change; Segments Covered: 1) By Technology: Radiofrequency Ablation, Microwave Ablation, Cryoablation, Irreversible Electroporation Ablation, Others 2) By Treatment: Surgical, Laparoscopic, Percutaneous 3) By End User: Hospitals, Oncology Clinics, Others 4) By Application: Kidney Cancer, Liver Cancer, Breast Cancer, Lung Cancer, Prostate Cancer, Others

Major companies operating in the tumor ablation therapy devices market are focusing on technology advancements for shorter procedures, increased safety, lower exposure to radiation, faster learning curves and improved outcomes. In 2018, J&J Medicals released a microwave ablation system called NEUWAVE, which is the first minimally invasive device to put electrodes into cancer cells and thereby increase the temperature around them for burning the cancer cells. In June 2020, Boston Scientific launched a technology called DirectSense technology, a tool used for monitoring the effect of radiofrequency (RF) now for cardiac procedures, which may be further employed for tumors.

The global tumor ablation therapy devices market size is expected to decline from $515.48 million in 2019 to $501.51 million in 2020 at a compound annual growth rate (CAGR) of -2.71%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities. The entire supply chain has been disrupted, impacting the market negatively. The tumor ablation therapy devices market share is then expected to recover and reach $728.35 million in 2023 at a CAGR of 13.25%.

The increasing prevalence of cancer is a key factor driving the growth of the global tumor ablation market. Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide. Tumor ablation is a minimally invasive procedure widely used in the treatment of lung, liver, kidney and bone tumors. According to the World Health Organization (WHO), 9.6 million deaths occurred in 2018 due to cancer and about 70% of deaths from cancer occur in low- and middle-income countries. The tumor ablation procedure is an effective method for patients who have failed chemotherapy or radiotherapy, which thereby supports the growth of the tumor ablation therapy devices market.

The tumor ablation therapy devices market consists of sales of tumor ablation devices and related services that are used in hospitals and oncology clinics. Tumor ablation is a technique used to extract the tumors using a needle, to insert it in the tumor organ using imaging techniques. Key players in the global tumor ablation therapy devices market include Galil Medical Inc, Misonix Inc, HealthTronics, Angiodynamics, Boston Scientific Corporation, Medtronic Plc., EDAP TMS S.A., Neuwave Medical Inc, BVM Medical Limited, Erbe Elektromedizin GmbH, BTG International Ltd, AtriCure, Inc., and Theraclion, INTIO Inc.

Product recalls of tumor ablation devices due to technical issues is expected to hinder the growth of the tumor ablation therapy devices market. Companies are retracting their products from the market due to safety concerns. For instance, in November 2018, Covidien Emprint Long Percutaneous Antenna with Thermosphere Technology - a tumor ablation device from Medtronic - recalled its devices due to disengagement of ceramic trocar tip of the Emprint ablation from the needle shaft post-ablation.

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