The tumor ablation industry is anticipated to witness CAGR of over 11.1% over the next seven years. The market is expected to witness considerable growth in demand owing to the advent of technology and innovation in the area of thermal ablation. Market growth is expected to be primarily influenced by increasing the prevalence of cancer. As per World Health Organization, approximately 13.0% of the deaths that happen globally occur due to cancer. An estimated increase of over 70.0% in cancer incidences, over the next few years, is expected to impact market demand. Additionally, the need to cure almost 100 cancer types is expected to propel the growth of the industry.
Request a sample copy of the tumor ablation market report @ http://www.hexaresearch.com/sample/315
Rapidly growing geriatric population is expected to be the key factor propelling market growth. According to the WHO, the aging proportion of the world’s population is anticipated to double and reach at least 22.0% in 2022 from 12.0% in 2015. Rising demand for Minimally Invasive Surgeries (MIS) coupled with benefits from these procedures including fast recovery and reduced trauma to the patient are likely to facilitate growth in demand. Minimally invasive practices including radiofrequency ablation are expected to significantly contribute to growth.
Technological improvements pertaining to factors such as portability, cost-effectiveness and accuracy are expected to fuel this market and play a major role in propelling demand from 2014 to 2022. In addition, development of innovative processes including High-Intensity Focused Ultrasound (HIFU), irreversible electroporation and image-guided procedures are also likely to enhance demand. However, cost-containment procedures performed by different government bodies and healthcare reforms in the U.S. are expected to restrain the development of this market. Moreover, ablation procedures leading to therapeutic challenges along with tough regulatory rules may result in significant growth in gestation period of the product, thereby posing a threat to the industry.
Major technologies in this field include cryoablation, microwave and radiofrequency, amongst other technologies namely HIFU, laser ablation and radioiodine. In 2015, radiofrequency emerged as the most dominant segment with nearly 35.0% market share, which can be ascribed to its major use in solid tumor removal in the body. Furthermore, this process is highly definite and aims at tissue level with no damage to surrounding cells. Microwave ablation technology is expected to witness considerable development over the forecast period on account of improved efficacy with reduced hospital stay & procedure time and minimal complications.
Browse related category market reports @
The market is segmented into laparoscopic procedures, percutaneous procedures and surgical procedures based on the mode of treatment. Approximately 38.0% of the overall revenue was contributed by surgical procedure segment in 2015. Growing incidence of breast and liver cancers, that requires the open surgical procedure, is likely to play a vital role in driving market growth. Percutaneous procedures are anticipated to experience a substantial growth from 2015 to 2022 due to increasing utilization of minimally invasive procedures providing increased safety and faster recovery.
Breast cancer, liver cancer, lung cancer, prostate cancer are the key applications of tumor ablation. Other applications include bone metastasis, ENT cancer, and kidney cancer. Liver cancer constituted for the major share in 2015. Frequent incidences of primary liver cancer and bile duct, particularly in males is anticipated to further fuel demand. Conversely, lung cancer segment is expected to experience attractive growth prospects in the next seven years on account of increasing rate of smoking, air pollution, and sedentary consumer lifestyles.
On the basis of region, the industry is categorized into Europe, North America, Middle East & Africa, Asia-Pacific and Latin America. In 2015, North America led the industry capturing nearly 32.0% market share, on account of advanced healthcare infrastructure.
According to American Cancer Society, 300.2 cases of cancer were reported in the U.S., per 100,000 people. In Canada, 296.6 occurrences have been registered, which is considerably above the global average. Thus, growing occurrence of cancer in North America is a high-impact driver for this market. Additionally, accessibility to favorable reimbursement policies along with increasing disposable income is anticipated to drive the growth in North American market.
Asia Pacific is anticipated to record the most rapid growth rate over the forecast period. Increasing population base together with positive economic developments in emerging countries including China and India is expected to present new opportunities for market players. Improvement in healthcare infrastructure in Asia is expected to further propel the growth of this region from 2015 to 2022.
Key companies include Galil Medical Inc, HealthTronics, Angiodynamics, Boston Scientific Corporation, Medtronic Plc. (Covidien), SonaCare Medical, EDAP TMS S.A., Neuwave Medical Inc., and Misonix Inc. New product developments, technological advancements, partnerships, joint ventures, mergers, and acquisitions, and collaborations are the most popular strategies adopted by manufacturers to mark their global presence. For instance, In February 2015, Bonescalpel business was acquired by Misonix, Inc. This step majorly helped in obtaining a competitive edge to the company in ultrasound surgical devices segment.
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Company Name: Hexa Research
Contact Person: Michelle Thoras and Ryan Shaw
Email: Send Email
Address:Felton Office Plaza, 6265 Highway 9
Country: United States