Tumor Ablation Market Size to Rise at a Moderate CAGR of 12.2% During 2017-2024
The market is anticipated to exhibit an exponential growth in the years to come. Rapid adoption of new type of treatment to fight cancer with better efficiency of tumor ablation against traditional therapies is favoring the Tumor Ablation Market. Apart from this, increasing public awareness programs in order to detect cancer at a very first step along with funds provided by government of various countries for cancer research, particularly in developed countries is stoking the tumor ablation market.
However, it has been noticed that the exorbitant cost of tumor ablation techniques coupled with constraint subsidy scenarios is deterring the growth of the global tumor ablation market. The global tumor ablation market, riding on multiple benefits is prognosticated to expand at 12.2% of CAGR during the forecast period 2017 – 2024.
The global tumor ablation market is classified on the basis of disease indication, technology, geography, and end user. On the basis of technology, the market is segregated into high-intensity focused ultrasound, radiofrequency ablation, microwave ablation, laser interstitial thermal, cryoablation, and others. Amongst them microwave ablation is the most popularized technology among the healthcare sector. Minimal side effects and less duration of therapy has made microwave ablation more favored technology. Cryoablation technology is the second most used technology after cryoablation. However, it has been noticed radiofrequency ablation technology is at present leading the market owing to the prolonged rise in liver cancer cases among population all over the world. Radiofrequency ablation technology held a whopping 35.6% of the market share in recent years.
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On the basis of disease the, the global tumor ablation market is bifurcated into lung cancer, kidney cancer, breast cancer, bone cancer, prostate cancer, liver cancer, and others. Out of these, case of lung cancer is likely to grow at a staggering rate owing to rise in pollution and cigarette smoking level. It is predicted that this segment is likely to be valued at US$373.7mn by the end of the forecasts period. However, on the flip side, liver cancer registered 23.8% share in the overall market. According to WHO, in 2012, liver cancer became the primary reason of death for 745000 individual worldwide.
On the basis of end user, the global tumor ablation market can be split into cancer specialty clinics, hospitals, and others. Hospitals is known to record the highest number of footfalls owing to rising practices of visiting hospitals for well-being, coupled with presence of advanced facilities in hospitals. On the other hand, cancer specialty clinics is expected to beat hospitals on the base of growth rate due to rising preference towards cancer specialty clinics.
On the basis of geography, the market is segregated into Asia Pacific, Middle East and Africa, Latin America, Europe, and North America. Contribution by the U.S made North America to hold a staggering 34% of share in the overall market in recent years. Advanced healthcare facilities along with substantial awareness regarding the upcoming technologies for cancer has helped the market to grow in the region. However, in coming years, Asia Pacific due to rapid urbanization, expansion of healthcare facilities, accompanied with rising disposable income is likely to provide better opportunities to the players in the market.
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Some of the major players in the market are BVM Medical Limited, Sonacare Medical LLC, BTG Internation LET., and Medtronic plc.