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Tumor Ablation Market – High target disease prevalence, product launches, increasing strategic developments are key factors Drives Revenue Growth
NEW YORK CITY, NEW YORK, UNITED STATES, June 24, 2022 /EINPresswire.com/ — According to the current analysis of Reports and Data, the global Tumor Ablation market was valued at USD 973.4 million in 2018 and is expected to reach USD 2.30 billion by year 2026, at a CAGR of 11.2 %. The study covers Tumor Ablation therapy uses some form of energy like radiofrequency, heat, electricity or cold to destroy and remove a tumor. Tumor ablation has primarily been used for the treatment of esophageal squamous cell dysplasia, gastric antral vascular ectasia, radiation proctopathy, cholangiocarcinoma, and pancreatic neoplasia. Ablation is preferred over other methods of treatment such as conventional surgery due to multiple advantages like no skin incision minimal risk to patient, little to no pain inflicted and a short duration of hospital stay. The increasing economic impact of cancer which shows increased prevalence of cancer among the population which increases the demand for the cancer treatment. In the year 2016 US the annual cost for cancer was USD 80.2 billion of which 38% cost was estimated due to inpatient hospital stays which can be reduced to quite good extent as the tumor ablation demands short duration of hospital stay.
Rising prevalence of target diseases such as lung and liver cancer due to various reasons such as unhealthy living styles and hereditary factor, unmet needs of patients demanding drug developments, increased focus of pharmaceutical companies on development of easier methods of testing and monitoring, entry of various players, private investment and governmental funding, and favorable regulatory scenario, increasing demand for less to no pain treatments are some of the key factors driving the market growth in the industry. New technological innovation of surgical technology taking place such as development in existing radio frequency ablation system now with multi electrode radio frequency system which produces radiofrequency using multi channels.
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Key participants include: Galil Medical, Inc.; Misonix, Inc.; HealthTronics; Boston Scientific Corporation; Medtronic Plc; SonaCare Medical; EDAP TMS S.A.; and Neuwave Medical, Inc.
Further key findings from the report suggest
Tumor Ablation market is growing at a CAGR of 12% in Asia Pacific followed by North America and Europe, with 0% and 10.9% CAGR, respectively. High cancer prevalence across the globe is the major factor driving the market during the forecast period across all regions.
The Radiofrequency Ablation segment dominates the market with a 25% market share. It is also estimated to grow at a CAGR of 10.3% as it is more preferably used for localized tumor ablation surgery especially for malignant liver cancer as it do not require longer period of hospital stay for the pre surgery observations
The microwave ablation segment is forecasted to be the fastest growing market segment, estimated to hold a 12.1% CAGR. Microwave ablation expects less risk and shorter duration of the hospital stay. Microwave ablation can perform for the treatment of multiple tumors simultaneously.
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Based on end use, the liver cancer segment dominates the market holding a 23.0% market share and is estimated to grow at a 12.1% CAGR. For the year 2018 American Cancer Society forecasted the liver cancer cases in the US might be approximately 42,220 and is expected to keep on increasing. It is the only cancer in the US which is continuously increasing
Asia Pacific is expected to account for the 26.6% of the global Tumor Ablation market. Developing nations such China, and India are likely to witness high growth due to uncontrolled population growth, more aged population, adherence to unhealthy habits and diet and infinite pollution growth
Slow rate of commercialization, high costs involved in research and development, reluctance toward the adoption of new treatment practices and government regulations that require long certification and approval cycles are likely to hamper growth of the market
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Segments covered in the report:
Treatment Type Outlook (Revenue, USD Million; 2016-2026)
Technology Type Outlook (Revenue, USD Million; 2016-2026)
Other Ablation Technologies
Application Type Outlook (Revenue, USD Million; 2016-2026)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
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