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Tumor Ablation Market Is Booming With 13.2% CAGR Till 2028, Driven By High Demand For Safer Therapeutic Options And Rising Prevalence of Cancer | Grand View Research, Inc.

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Tumor Ablation Market Is Booming With 13.2% CAGR Till 2028, Driven By High Demand For Safer Therapeutic Options And Rising Prevalence of Cancer | Grand View Research, Inc.

May 06
06:12 2022
Tumor Ablation Market Is Booming With 13.2% CAGR Till 2028, Driven By High Demand For Safer Therapeutic Options And Rising Prevalence of Cancer | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to new report available with Grand View Research, the global tumor ablation industry is expected to gain high demand owing to rising inclination towards minimally invasive procedures owing to benefits such as speedy recovery, patient comfort, and shorter turnaround time, during the forecast period.

Tumor Ablation Industry Overview

The global tumor ablation market size was valued at USD 646.4 million in 2020 and is estimated to reach USD 2.4 billion by 2028, registering a compound annual growth rate (CAGR) of 13.2% during the forecast period.

The rising prevalence of cancer and the high demand for safer therapeutic options are major factors contributing to the growth of the market. According to the WHO, it is projected that around 10-11 million cancer cases will be diagnosed each year globally by 2030. The number of new cancer cases is expected to increase by more than 80% in low-income countries compared to half the rate in high-income countries (40%) between 2008 to 2030. Lucrative growth potential in currently available therapeutic options and high demand for minimally- and non-invasive therapies are the factors expected to drive the market in upcoming years.

Gather more insights about the market drivers, restrains and growth of the Global Tumor Ablation Market

The increasing inclination of surgeons and patients towards minimally invasive procedures owing to benefits such as speedy recovery, patient comfort, and reduced turnaround time are the factors expected to drive the demand for advanced tumor ablation techniques over the forecast period. Advanced tumor ablation procedures are generally performed on an outpatient basis and do not require any hospital admission compared with conventional therapies, thereby significantly reducing the total healthcare cost. The ablative surgeries are the preferred therapy for tumors of smaller sizes. Thus, its procedural volume is indirectly dependent on the yearly cancer screening rates. Since the number of newly diagnosed cancer cases has dropped significantly during COVID owing to fewer screening initiatives undertaken by concerned authorities, the market was significantly impacted in 2020.

Japan tumor ablation market size, by technology, 2018 - 2028 (USD Million)

According to a report by the Our World in Data (OWD), a project by Global Change Data Lab, over 70.0% of cancer cases occur in people aged 50 years and older in 2017. The number is expected to increase proportionally with the rising geriatric population. The aging population comprises the main target population for noninvasive ablation techniques as the body’s biological functions get compromised with aging. Therefore, the rapidly increasing aging population is expected to boost the demand for tumor ablation techniques during the forecast period.

Technological advancements to enhance accuracy, portability, and cost-effectiveness are the factors making market players constantly improve and launch advanced devices. Image-guided equipment, HIFU, and cryoablation are major examples of these technological advancements. Usage of cooled radiofrequency denervation technique with internally cooled radiofrequency probes to enlarge the size of the lesion is one of the emerging techniques which is anticipated to play a significant role in market expansion. This technique enables complete denervation of the sacroiliac joint which helps in pain management.

Tumor Ablation Market Segmentation

Based on the Technology Insights, the market is segmented into Radiofrequency, Microwave, Cryoablation, Irreversible Electroporation and Other Ablation Technologies.

  • The radiofrequency tumor ablation technology segment dominated the market for tumor ablation and accounted for the largest revenue share of 35.4% in 2020.   
  • Microwave ablation technology is anticipated to witness a remunerative market growth over the forecast period. The energy of microwave (MW) ablation device is propagating electromagnetic field, unlike electric current in a radiofrequency ablation device.

Based on the Treatment Insights, the market is segmented into Surgical ablation, Laparoscopic Ablation and Percutaneous Ablation.

  • The surgical ablation segment dominated the market for tumor ablation and accounted for the largest revenue share of 40.3% in 2020. Increased prevalence of liver and breast cancer and unavailability of advanced tumor ablation techniques for these particular organs are the factors estimated to fuel the segment growth.
  • The percutaneous ablation segment is expected to exhibit lucrative growth over the forecast period. These procedures offer faster recovery, minimal scarring, and increased safety. In addition, factors such as quick surgery time, patient comfort, and cost-efficiency are anticipated to further boost the segment demand. 
  • Laparoscopic ablation is efficient in providing long-term outcomes while simultaneously retaining minimal invasiveness. This is expected to boost the laparoscopic ablation segment growth during the forecast period.

Based on the Application Insights, the market is segmented into Kidney Cancer, Liver Cancer, Breast cancer, Lung Cancer, Prostate Cancer, and Other cancers.

  • The liver cancer segment dominated the market for tumor ablation and accounted for the largest revenue share of nearly 19.9% in 2020.
  • The lung cancer segment is anticipated to grow at a rapid pace during the forecast period. This growth can be attributed to the increasing incidence of the disease.
  • Other segment includes various types of cancer such as bone metastasis and ENT cancer. The availability of advanced methods and increasing cancer prevalence are anticipated to facilitate market growth.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

  • North America dominated the tumor ablation market and accounted for the largest revenue share of 34.3% in 2020. Major factors contributing to the growth of this region include government support for quality healthcare, high purchasing power parity, availability of reimbursements, and increasing prevalence of cancer. 
  • Europe followed North America in terms of revenue share in 2020. A greater extent of public funding in Europe’s healthcare system has contributed to this growth. 
  • In Asia Pacific, the market is expected to register the fastest growth rate during the forecast period. Expanding patient population and a growing presence of major healthcare providers in rapidly developing economies such as India and China open growth opportunities.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

  • Radiofrequency Ablation Devices MarketThe global radiofrequency ablation devices market size was valued at USD 2.8 billion in 2018 and is projected to expand with a CAGR of 11.6% over the forecast period. The market is majorly driven by the growing prevalence of chronic and cardiovascular diseases and preference for minimally invasive surgeries.
  • Renal Denervation Market The global renal denervation market size was estimated at USD 41.7 million in 2017 and is anticipated to expand at a CAGR of 43.2% over the forecast period. Factors, such as growing cases of therapy-resistant hypertension is one of the key growth-driving factors for the market. Hypertension is one of the most common diseases in the world.

Market Share Insights

  • August 2019: Boston Scientific Corporation received Health Canada approval for its advanced cryoablation system named ICEfx™. The device has a smaller footprint, portable, and is a powerful alternative to existing cryoablation systems.
  • March 2018: Auris Health announced a partnership with Ethicon to develop robotically-assisted bronchoscopy tumor ablative systems.

Key Companies Profile:

The market players have adopted various strategic initiatives such as product launches, partnerships, mergers, and acquisitions to sustain their position in the market.

Some of the prominent players in the tumor ablation market include:

  • Galil Medical Inc.
  • Misonix Inc.
  • HealthTronics
  • Mermaid Medical
  • Theraclion
  • Chongqing Haifu Medical Technology Co., Ltd.
  • HS Hospital Service S.P.A
  • EDAP TMS S.A.

Order a free sample PDF of the Tumor Ablation Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

Web: https://www.grandviewresearch.com

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Website: https://www.grandviewresearch.com/industry-analysis/tumor-ablation-market

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