(PharmaNewsWire.Com, September 01, 2021 ) 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%.
Growth in the tumor ablation market is mainly driven by the significant geriatric population and rising cancer patient population across the globe, and ongoing technological advancements in the field of tumor ablation products.
By technology, the microwave ablation segment is expected to grow at the highest rate during the forecast period in the tumor ablation market
The microwave tumor ablation technology is the fastest-growing ablation technology segment that is currently being used to treat various cancers (such as liver, lung, and kidney).
Growth in the in microwave ablation segment is attributed to increasing private funding for novel product development of microwave ablation, its significant efficiency over other ablation technologies, and growing adoption of the microwave tumor ablation procedure among healthcare professionals to treat various cancers.
By mode of treatment, surgical ablation segment is expected to be the largest contributor to the tumor ablation market in 2016
Surgical tumor ablation is a minimally invasive surgical procedure in which ablation probes/catheters are used to deliver energy directly to the cancer site for treatment. This does not involve surgical removal of affected tissues or tumors. Surgical ablation is performed on patients ineligible for the surgical removal of tumor/cancer tissue.
The stable market growth witnessed by the surgical tumor ablation segment is mainly due to the large number of minimally invasive surgical procedures performed in mature markets (such as the U.S., the U.K., Italy, Germany, and Japan) to treat various cancers, growing market awareness about the benefits of surgical ablation in emerging markets (coupled with rapid modernization of regional healthcare infrastructure), and large proportion of cancer patients ineligible for surgical cancer treatment (paired with growing patient base for key cancers such as liver, kidney, lung, and prostate).
North America is expected to account for the largest share of the market during the forecast period
North America is one of the major revenue-generating regions in the global tumor ablation market. The large share of this regional segment can mainly be attributed to early introduction of tumor ablation technologies in the region, continuous technological advancements occurring in the field of tumor ablation catheters, and growing private-public investments to develop innovative tumor ablation technologies (coupled with the growing public awareness related to the benefits of tumor ablation).
Key Market Players
The tumor ablation market is a diverse and highly competitive market with a large number of players. Some of the prominent players in the tumor ablation are Medtronic, Plc (U.S.), AngioDynamics, Inc. (U.S.), HealthTronics, Inc. (U.S.), Galil Medical, Inc. (U.S.) and Boston Scientific Corporation (U.S.).
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