NEW YORK, Oct. 10, 2016 /PRNewswire/ -- The global tumor ablation market is estimated to register a high CAGR of 12.5% during 2016-2021, and is expected to be valued at ~USD 580.1 million in 2021. Although mature markets (North America and Europe) held large shares of the tumor ablation market in 2016, the Asia-Pacific region is projected to register the highest growth during the next five years. A number of factors such as technological advancements in the field of tumor ablation focused on enhancing effectiveness and safety of the treatment, rising demand of minimal invasive tumor ablation techniques, increasing prevalence of cancer across the globe, and growing public-private initiatives and funding to support R&D activities in tumor ablation are propelling the growth of the market. However, factors such as unfavorable regulatory policies and cost-containment measures adopted by various governments are restraining the optimal market growth.
On the basis of technology, the global tumor ablation market is divided into four major categories, namely, radiofrequency ablation, microwave ablation, cryoablation, and others (includes electrical, laser/light, ultrasound). Based on mode of treatment, the tumor ablation market is segmented into surgical mode, laparoscopic mode, and percutaneous mode. On the basis of application of tumor ablation, the market is categorized into liver cancer, lung cancer, kidney/renal cancer, bone metastasis, and others (includes tumor ablation for the treatment of prostate, breast, colorectal, thyroid, pancreas, neuroendocrine, head, neck, and lumbar-vertebra cancer).
Geographically, North America is estimated to command the largest share of the global tumor ablation market in 2016, followed by Europe. The high prevalence and incidence of major types of cancer (such as liver, lung, kidney, and bone metastasis) in the region, rising inclination of patients towards minimally invasive procedures for cancer treatment, and increasing government funding for cancer research are market drivers in North America. However, unsupportive government policies, limited availability of medical reimbursements in the U.S., and cost-containment measures adopted by governments in the U.S. and Canada are negatively affecting the growth of the tumor ablation market in this region.
The tumor ablation market is fairly competitive, with a large number of global and local manufacturers of tumor ablation solutions. Medtronic plc (Ireland), AngioDynamics, Inc. (U.S.), and HealthTronics, Inc. (U.S.) were the top three players in the tumor ablation market in 2015. New product launches and product enhancements; acquisitions; geographic expansions; and partnerships, agreements, and collaborations are the major strategies adopted by most players to achieve growth in the tumor ablation market.