(PharmaNewsWire.Com, March 16, 2017 ) The Global Tumor Ablation was worth $375 million in 2016 and estimated to be growing at a CAGR of 12.7%, to reach $681.79 million by 2021. Tumors are the group of abnormal cells that accumulate together and form lumps. Tumor ablation is a minimally invasive procedure used to destroy cancer cells in the chest, lung and liver.
Rising Prevalence of cancer is proportional to the growth of Tumor Ablation Market. According to the recent statistics published by the WHO, cancer accounts for 13% of the deaths worldwide. Cancer incidence is expected to increase by 70% over the next couple of decades.
Factors such as growing geriatric population across the globe, increasing number of people affected with cancer, technological advancements in the field of ablation are driving the global tumor ablation market. Increasing demand for minimally invasive cancer treatment procedures and growing awareness regarding the benefits offered by ablation procedures over the conventional surgical procedures are also fuelling the growth of the market. However therapeutic challenges related to ablation procedures and stringent regulatory guidelines leading to increase in gestation period of product launches are hindering the growth of the market.
Global tumor ablation market is segmented into technology treatment and application. On the basis of technology the market is sub-segmented as Radiofrequency Ablation Devices, Microwave Ablation Devices, Cryoablation Devices and other Ablation Devices. Radiofrequency devices segment dominated the market with a share of about 35% attributed to its crucial role in solid tumour removal in the body. By treatment the market is segmented as Surgical Ablation, Laparoscopic Ablation and Percutaneous Ablation. Surgical Procedures segment accounted for a prominent share of around 37% owing to increasing prevalence of liver and breast cancers. Based on application global tumor ablation market is segmented as Liver Cancer, Breast Cancer, Lung Cancer, Prostrate Metastasis and other cancer.
On the basis of geography global Tumor Ablation market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominated the industry with over 33% owing to its advanced healthcare infrastructure. Rising prevalence of cancer in this region is a major driving factor for the industry in this region. Asia Pacific is estimated to be the fastest growing region during the forecast period due to huge population base and favourable economic developments in the region.
Some of the key companies dominating the market include Medtronic Plc., Boston Scientific Corporation, Angiodynamics, Mermaid Medical, HealthTronics, Galil Medical Inc., EDAP TMS S.A., SonaCare Medical, Misonix, Inc. and Neuwave Medical, Inc.
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