The global tumor ablation market size is anticipated to reach USD 2.17 billion by 2025
Nov 26, 2018, 20:15 ET
LONDON, Nov. 26, 2018 /PRNewswire/ -- Tumor Ablation Market Size, Share & Trends Analysis Report By Treatment (Surgical, Percutaneous), By Application (Lung, Liver Cancer), By Technology (Radiofrequency, Microwave), And Segment Forecasts, 2018 - 2025
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The global tumor ablation market size is anticipated to reach USD 2.17 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to witness a healthy CAGR of 11.12% during the forecast period. Increasing cases of cancer across the globe is the key growth-driving factor for this market. About 13.0% of the population suffers from cancer each year, as per the statistics by the World Health Organization (WHO).
Demand for minimally invasive procedures due to the benefits, such as less trauma, speedy recovery, along with technological advancements in the field of thermal ablation is also likely to boost market growth. For instance, usage of cooled radiofrequency denervation technique - a procedure that uses radiofrequency thermal energy to ablate sensory nerve fibers of the sacroiliac joint - with internally cooled radiofrequency probes to enlarge the lesion size.
In February 2015, SonaCare Medical LLC launched Sonalink - a remote patient monitoring platform - that can be used during High-Intensity Focused Ultrasound (HIFU) procedures.In addition, increasing per capita income is enabling people to take up advanced treatment for tumors, thus driving the growth of this market.
Active role of healthcare agencies and government in creating awareness about various cancer types is also expected to facilitate usage of tumor ablation therapy, thereby supporting market development.
Further key findings from the study suggest:
• Radiofrequency led the technology segment in 2017 accounting for over 30.5% of the market share as this therapy finds applications in solid tumor removal
• Percutaneous procedures are expected to witness lucrative growth over the forecast period due to rising demand for minimally invasive procedures offering faster recovery and higher safety
• Lung cancer is anticipated to witness lucrative growth in the coming years. Sedentary lifestyle and rising air pollution are contributing to growing prevalence of lung cancer
• North America led the overall tumor ablation market. Key factors driving the regional market are increasing prevalence of cancer in Canada and U.S., easy reimbursement policies, and availability of quality healthcare
• Major companies in the market include Galil Medical, Inc.; Misonix, Inc.; HealthTronics, Angiodynamics, (Covidien), Boston Scientific Corporation; Medtronic Plc; SonaCare Medical; EDAP TMS S.A.; and Neuwave Medical, Inc.
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