8 April 2019, The global tumor ablation market is likely to obtain USD 1.5 billion at a compound annual growth rate (CAGR) of over 11% during the forecast phase (2015-2022). The major growth drivers influencing the market are the increasing occurrences of various types of cancers and the rising technical developments in the field of thermal ablation techniques.
The tumor ablation market is categorized as technologies, treatments, applications, and regions. Major technologies of the market are microwave, radiofrequency, cryoablation, and several other technologies including High-Intensity Focused Ultrasound (HIFU), radioiodine, laser ablation etc. Radiofrequency dominated the technology sector in 2015. However, the microwave ablation sector is likely to experience a huge growth (15%) in the near future. Enhanced efficiency along with minimum complications and process time (5 to 10 min.) is said to augment the segment growth.
Laparoscopic, surgical, and percutaneous procedures are the various treatment procedures of the tumor ablation market. The surgical procedure sector held a large amount of market share (38.0%) in 2015. This can be attributed to open surgeries related to breast and liver cancer. However, the percutaneous procedure sector is said to experience a significant growth during 2015 to 2022 owing to the growing demands for minimally invasive procedures.
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The key applications of tumor ablation include several cancers such as breast, liver, prostate, lung, kidney, ENT cancer etc. The liver cancer sector held the largest share in 2015 and is further expected to grow during the forecast period. On the other hand, the lung cancer sector is expected to experience tremendous growth owing to the factors such as rising smoking incidences, air pollution and deskbound lifestyle.
Geographically, the tumor ablation market is separated into Middle East & Africa, North America, Asia-Pacific (APAC), Europe, and Latin America. The North America region dominated the market with over 32% share in 2015. The APAC region is estimated to record the fastest CAGR over the forecast period. The improving healthcare infrastructures in APAC is said to spur market growth in this region in the coming years.
The major participants of the tumor ablation market are Galil Medical Inc., HealthTronics, Angiodynamics, Boston Scientific Corporation, and SonaCare Medical.
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