The tumor ablation market is showcasing an enormous potential for growth across the world. The alarming increase in the incidence of cancer and, particularly, the rising prevalence of tumor in humans. The continual advancements in ablation technology, leading to the increased development of new and innovative products that are the safe, efficient, and have minimal side effects., are also boosting the growth of the global market for tumor ablation significantly.
Going forward, the growing cases of bile duct cancer and primary liver cancer are anticipated to drive this market substantially over the forthcoming years. Along with this, the rise in the geriatric population base and the escalating consumption of alcohol and smoking are also projected to propel this market in the near future. The worldwide market for tumor ablation offered an opportunity worth US$702.9 mn in 2015, which is likely to increase to US$1.9 bn by 2024, expanding at a CAGR of 12.20% over the period from 2016 to 2024.
Increasing Popularity of Radiofrequency Ablation to Ensure its Dominance
Based on technology, the global market for tumor ablation has been categorized into radiofrequency ablation, microwave ablation, cryoablation, high-intensity focused ultrasound, and laser interstitial thermal ablation. Among these, the radiofrequency ablation technology segment has been leading the global market in terms of revenue. Expanding at a CAGR of 10.90% between 2016 and 2024, the segment is likely to maintain its lead in this market in the near future.
The growing awareness about the benefits of tumor ablation through radiofrequency, such as its efficiency, less risk of tissue damage, and faster recovery, is likely to fuel its demand substantially over the next few years. The fact that the patient requires going through only one treatment session for tumor destruction when radiofrequency ablation technology is used, is adding significantly to its popularity, which is also anticipated to push its adoption rate upwards in the years to come. Apart from this, the uptake of microwave technology for tumor ablation is also increasing considerably, which is expected to reflect positively on the market share of this segment over the forthcoming years.
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Technological Advancements to Propel North America Tumor Ablation Market
Geographically, the worldwide market for tumor ablation has been classified into Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe. In 2015, North America dominated the overall market with a share of 30% due to the early adoption of the treatment procedure. The regional market is likely to remain on the top over the forthcoming years, thanks to the technological advancements, rising base of geriatric population, and the high prevalence of cancer.
Europe stood second in the global tumor ablation market in 2015. Driven by the increasing tobacco and alcohol consumption, rise in research activity, presence of a large base of the geriatric population, and the growing awareness among consumers, the Europe market for tumor ablation is anticipated to retain its position in the years to come.
Among other regional markets for tumor ablation, Asia Pacific is predicted to present the most promising growth opportunities in the near future on the ground of soaring unmet medical needs, rising medical expenditures in emerging economies, rapidly expanding capital in research and development in medical and healthcare, and the increasing focus of global players on this region.
EDAP TMS S.A., St. Jude Medical Inc., BVM Medical Ltd., SonaCare Medical LLC, AngioDynamics Inc., Boston Scientific Corp., BTG International Ltd., Integra LifeSciences Holdings Corp., and Medtronic plc. are some of the key enterprises functional in the global tumor ablation market.
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