According to a research report by Transparency Market Research (TMR), the global tumor ablation market is fragmented and highly competitive in nature, owing to the presence of a large number of market participants. As the market hold enormous potential for growth, pharmaceutical companies continue to enter in this market, intensifying the competition within.
The leading players are expected to focus on product innovation and technological advancements in current offerings to strengthen their position in this market over the coming years. Jude Medical, BVM Medical, Boston Scientific, BTG International, and Medtronic are some of the key players in this market, mentions the research study.
TMR estimates the global market for tumor ablation to rise from US$702.9 mn in 2015 to a value of US$1.9 bn by 2024, progressing at a CAGR of 12.20% during the period from 2016 to 2024. The radiofrequency ablation technology segment, which has been dominating the global market over the last few years, is likely to retain its position throughout the forecast period.
Advancements in Tumor Ablation Technology to Ensure Dominance of North America
The report also analyzes the worldwide market for tumor ablation on the basis of geography. As per the study, Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe are the key segments of this market, geographically. North America occupied the top position in this market in 2015 with a share of 30%, thanks to the early adoption of the tumor ablation technology. Researchers predict this regional market to continue its growth streak throughout the forecast period, supported by the technological advancements in ablation technologies, rising prevalence of cancer, and the increasing base of geriatric population.
Europe and Asia Pacific are also anticipated to witness prominent growth in their market shares over the next few years, states the research report. The Europe market for tumor ablation is expected to be propelled further by the rising consumption of tobacco and alcohol, a large geriatric population base, increase in research activities, and the surging awareness level among people in this region. Asia Pacific, on the other hand, is projected to be driven by the presence of high unmet medical needs, escalating medical expenditures in emerging economies, increasing investment in research and development activities in the medical and healthcare sector, and the growing attention of key market participants on this region.
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Rising Popularity of Tumor Ablation Technology to Reflect Positively on its Demand
“With the significant rise in the incidence rate of cancer in humans, the market for tumor ablation has been gained substantial momentum across the world,” states a researcher at TMR. According to the World Health Organization (WHO), nearly 8.8 million people died due to cancer in 2015, globally, establishing it as the second leading cause of death across the world. Since tumor ablations is a highly efficient treatment for cancer with minimal risk of side-effects, its popularity has increased manifolds among medical professional as well as patients, which, as a result, has been reflecting positively on its uptake. The continual advancements in ablation technology are also adding considerably to the growth of this market.
In addition, the rising inclination of patients toward minimally invasive procedures and the growing acceptance of innovative technologies will propel this market remarkably over the forthcoming years. However, the lack of a favorable reimbursement scenario and the high cost associated with research and development may hamper the market’s progress in the years to come, notes the study.
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