Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global tumor ablation devices market, by technology (Radiofrequency Ablation, Microwave Ablation, Cryoablation, High-Intensity Focused Ultrasound, Laser Interstitial Thermal Ablation, and Others), by application (Blood Cancer, Breast Cancer, Liver Cancer, Prostate Cancer, Lung Cancer, Kidney Cancer, and Others), and by end-user (Hospitals and Ambulatory Surgical Centers), was pegged at US$ 464.18 million in 2017 and is projected to witness a CAGR of 10.2% over the forecast period (2017-2025).
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Tumor ablation is a minimally invasive surgical procedure for the treatment of tumors of the liver, kidneys, bones, and lungs. The last couple of decades have seen considerable growth in the global tumor ablation, which is mainly attributed to the emergence and rapid adoption of various technologically advanced devices, including multi-polar and bipolar electrodes, temperature-controlled and fluid-cooled ablation catheters, and imaging and contact force measuring sensors. Increasing awareness about the benefits of this procedure, which offers high efficiency, lesser risk of tissue damage, and faster recovery, is expected to fuel the global tumor ablation devices market development over the next few years. Certain new technologies, such as the microwave technology for tumor ablation, are being increasingly adopted worldwide for their therapeutic benefits, such as faster heat-generation (which reduces the susceptibility to organ damage), better safety and efficacy profile, and lower heat-sink effect (which safeguards the surrounding healthy tissues).
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Healthcare professionals around the world are currently recommending ablation surgical procedures for the removal of tumor and the treatment of arrhythmia, especially for the geriatric population. The minimally invasive nature of these procedures help reduce blood loss and aid in speedy recovery. Several companies, for example, SonaCare Medical, are combining their ablation techniques with other equally efficient technologies in order to improve accuracy and enhance the level of care. Its product, called SonaLink, is a remote patient monitoring platform used along with the Sonatherm ablation system, which enables physicians to enhance patient care. Hence, such instances significantly promote the global tumor ablation devices market growth.
Tumor ablation devices find a wide range of application in various cancer treatments, which creates a highly favorable environment for the global market growth, owing to the surging prevalence of various cancers across the globe. The governmental regulatory bodies also play a crucial role in the manufacture and commercialization of tumor ablation systems. Numerous governmental initiatives aimed at developing the global healthcare infrastructure has resulted in higher healthcare budgets. For instance, in 2013, the government of U.K. had spent around 300 million euros in finding tumors earlier which allow more patients to have access to the latest genetic cancer tests, which in turn should result in more personalized and more effective treatments. However, certain side effects of this surgical process may act as a severe hindrance to the global market growth in the near future. The common side effects caused by tumor ablation devices include strokes, esophageal injuries, chemical allergies, and even death in some rare cases.
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In terms of technology, the radiofrequency segment is expected to gain the biggest market fragment in the global tumor ablation devices market over the projected period, owing to the extensive application of these devices in solid tumor removal procedures. Furthermroe, in terms of application, the blood cancer segment is the leading segment in the global market, owing to the surging blood cancer prevalence worldwide.
Key Competitors:
The leading players engaged in the global tumor ablation devices market are Boston Scientific Corporation, Medtronic Plc, Intuitive Surgical, Inc., Johnson & Johnson, Inc., Smith & Nephew Plc., Angiodynamics, HealthTronics, Inc., SonaCare Medical, LLC, Galil Medical Inc., EDAP TMS S.A., Abbott Laboratories, NuVasive, Inc., and Alpinion Medical Systems Co., Ltd.
These companies are actively focused on extending educational programs to various institutions for the promotion of their products, which further helps them sustain their global market share. For instance, in February, 2017, University of Minnesota used the EDAP TMS product- Ablatherm Robotic HIFU for prostate ablation treatment. Such constructive use of the technology can tremendously favor the growth of tumor ablation devices market.
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