(PharmaNewsWire.Com, November 04, 2019 ) The tumor ablation market is projected to grow from an estimated USD 321.9 Million in 2016 to USD 580.1 million by 2021 at a CAGR of 12.5%.
Key factors such growing geriatric population, continuous expansion in population base of cancer patients across the globe, and ongoing technological advancements in the field of tumor ablation product are the major factors driving the growth of the tumor ablation market across the globe.
By technology, the radiofrequency segment is expected to hold the largest market share in 2016
On the basis of component, the global tumor ablation market is segmented into four broad categories, namely, radiofrequency, microwave, cryoablation and other technologies. The radiofrequency market is estimated to command the largest share of the global tumor ablation market in 2016.
The significant market share of RFA technology can primarily be attributed to factors such as ongoing technological developments in the field of RF ablation (such as the development of fluid-cooled and multi-electrode catheters), high adoption rate of ablation techniques for liver cancer treatment among surgeons, and the cost effectiveness of RF ablation products.
By mode of treatment, the surgical mode segment projected to account for the largest share in 2016
Based on mode of treatment, the market is segmented into surgical, laparoscopic, and percutaneous.
The surgical ablation segment is expected to hold the largest share of the tumor ablation market in 2016. This is attributed to the large number of minimally invasive surgical procedures performed in mature markets (such as U.S., Italy, and Germany) to treat various cancers, growing awareness about the benefits of surgical ablation, and the large proportion of cancer patients ineligible or reluctant to undergo surgical cancer treatment due to age-related factors.
By application, the liver cancer segment is expected to hold the largest market share in 2016
On the basis of application, the market is segmented into liver cancer, lung cancer, kidney cancer, bone metastasis, other applications. The liver cancer segment is expected to account for the largest share of the tumor ablation market in 2016. Factors such as high adoption rate of ablation techniques among healthcare professionals for the treatment of liver carcinoma, significant medical reimbursements available in the US and ~53% reimbursement for liver cancer treatment provided by Medicare, larger proportion of global population exposed to various risk factors for liver cancer as compared to that for other cancer types, and significant life expectancy in patients after liver tumor ablation drive the growth of this segment.
North America is expected to dominate the market in 2016
As of 2016, North America held the largest share of the global tumor ablation market, followed by Europe. The large share of North America in the global tumor ablation market can be attributed to the early introduction and high adoption rate of tumor ablation products in the region, significant trend of replacing older technologies with advanced and innovative therapeutic techniques (such as microwave and cryoablation), and increasing private/public funding to develop and commercialize novel tumor ablation products.
The key players in the global tumor ablation market are Medtronic plc (US), AngioDynamics, Inc. (US), HealthTronics, Inc. (US), Galil Medical, Inc. (US) and Boston Scientific Corporation (US).
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