(PharmaNewsWire.Com, June 02, 2020 ) The global tumor ablation market is estimated to grow at a CAGR of 12.5% to reach USD 580.1 Million by 2021. Technological advancements in the field of tumor ablation coupled with increased procedural safety profile, rising market demand of minimal invasive tumor ablation techniques, increasing prevalence of cancer across the globe, as well as growing number of public-private initiatives & funding to support ongoing research activities related to tumor ablation are propelling the growth of the market.
However, factors such as unfavorable regulatory policies and cost containment measures adopted by various governments are restraining the optimal market growth.
The key players present in the global tumor ablation market focus on various strategies such as product approvals, launches, and enhancements; strategic acquisitions; partnerships, agreements, and collaborations; and geographic expansions in order to increase their shares in the global tumor ablation market.
During 2013-2016, product approvals, launches, and enhancements; and acquisitions were the key strategies adopted by major industry players, including AngioDynamics, Inc. (U.S.), Boston Scientific Corporation (U.S.), Galil Medical (Israel), EDAP TMS S.A. (France), HealthTronics, Inc. (U.S.), Medtronic plc (Ireland), and SonaCare Medical LLC (U.S.). Other strategies adopted by many prominent players include fund raising from private/government sources to enhance their research & development capabilities; initiatives to increase awareness about tumor ablation; and geographic expansions.
As of 2015, Medtronic plc (Ireland) held the leading position in the tumor ablation market owing to its robust product portfolio and its strong geographic presence across major markets (such as the U.S., Europe, China, Japan, Brazil, and India). The company primarily focuses on strategic acquisitions and development of technologically advanced tumor ablation systems as its key growth strategies to sustain its leadership position in the market. In line with this strategy, during 2013-2016, the company launched several tumor ablation products such as OsteoCool RF Ablation System (2016) and Barrx 360 Express radiofrequency ablation (RFA) balloon catheter (2016). The company also adopted geographic expansion as another key growth strategy to strengthen its sales and product distribution capabilities. In line with this, Medtronic set up the Asia-Pacific regional headquarters in Singapore Singapore Health Services (SingHealth) in May 2016; SingHealth will help streamline and expand the company’s regional operations across 80 locations in Asia-Pacific.
AngioDynamics, Inc. (U.S.) held the second position in the tumor ablation market in 2015. The company has a strong product portfolio in the global tumor ablation market, including products such as Acculis MTA system, NanoKnife system, StarBurst RFA system, and UniBlate RFA electrodes. The company pursued strategic acquisitions and expansions of existing product portfolio (as well as pipeline development) as its key growth strategies. During 2013-2016, AngioDynamics acquired Microsulis Medical Ltd. (U.S.) and Navilyst Medical Inc. (U.S.); these acquisitions helped the company strengthen its market position and geographic presence. Additionally, in August 2016, AngioDynamics reported excellent clinical results with its Acculis Microwave Tissue Ablation System during cancer treatment studies (lung tumor, bone tumor, and renal tumor). This helped company to further strengthen the pipeline development for microwave ablation products.
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