Tumor Ablation Market To Create Business Opportunities, Owing To High Demand For Safer Therapeutic
Tumor Ablation Industry Overview
The global tumor ablation market size was valued at USD 1.14 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030.
The rising prevalence of cancer and the high demand for safer therapeutic options are major factors contributing to the growth of the market. According to the WHO, it is projected that around 10-11 million cancer cases will be diagnosed each year globally by 2030. The number of new cancer cases is expected to increase by more than 80% in low-income countries compared to half the rate in high-income countries (40%) from 2008 to 2030. Lucrative growth potential in currently available therapeutic options and high demand for minimally and non-invasive therapies are the factors expected to drive the market in the upcoming years.
Gather more insights about the market drivers, restrains and growth of the Global Tumor Ablation Market
Increasing inclination of surgeons and patients toward minimally invasive procedures owing to the benefits such as speedy recovery, patient comfort, and reduced turnaround time are the factors expected to drive the demand for advanced tumor ablation techniques over the forecast period. Advanced tumor ablation procedures are generally performed on an outpatient basis and do not require any hospital admission compared with conventional therapies, thereby significantly reducing the total healthcare cost. The ablative surgeries are the preferred therapy for tumors of smaller sizes. Thus, its procedural volume is indirectly dependent on the yearly cancer screening rates. The market was significantly impacted in 2020 as the number of newly diagnosed cancer cases significantly dropped during COVID owing to fewer screening initiatives undertaken by concerned authorities.
According to a report by the Our World in Data (OWD), a project by Global Change Data Lab, over 70% of cancer cases occur in people aged over 50 in 2017. The number is expected to increase proportionally with the rising geriatric population. The aging population comprises the main target population for noninvasive ablation techniques as the body’s biological functions get compromised with aging. Therefore, the rapidly increasing aging population is expected to boost the demand for tumor ablation techniques during the forecast period.
Technological advancements to enhance accuracy, portability, and cost-effectiveness are the factors compelling market players to constantly improve and launch advanced devices. Image-guided equipment, HIFU, and cryoablation are major examples of these technological advancements. Usage of the cooled radiofrequency denervation technique with internally cooled radiofrequency probes to enlarge the size of the lesion is one of the emerging techniques that is anticipated to play a significant role in market expansion. This technique enables complete denervation of the sacroiliac joint, which helps in pain management.
Browse through Grand View Research's Medical Devices Industry Research Reports.
Radiofrequency Ablation Devices Market - The global radiofrequency ablation devices market size was valued at USD 2.8 billion in 2018 and is projected to expand with a CAGR of 11.6% over the forecast period. The market is majorly driven by the growing prevalence of chronic and cardiovascular diseases and preference for minimally invasive surgeries.
Magnetic Resonance Imaging Market - The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.
Tumor Ablation Market Segmentation
Grand View Research has segmented the global tumor ablation market based on technology, treatment, application, and region:
Tumor Ablation Technology Outlook (Revenue, USD Million, 2017 - 2030)
Radiofrequency Ablation
Microwave Ablation
Cryoablation
Irreversible Electroporation
Other Ablation Technologies
Tumor Ablation Treatment Outlook (Revenue, USD Million, 2017 - 2030)
Surgical Ablation
Kidney Cancer
Liver Cancer
Breast Cancer
Lung Cancer
Prostate Cancer
Other Cancers
Laparoscopic Ablation
Kidney Cancer
Liver Cancer
Breast Cancer
Lung Cancer
Prostate Cancer
Other Cancers
Percutaneous Ablation
Kidney Cancer
Liver Cancer
Breast Cancer
Lung Cancer
Prostate Cancer
Other Cancers
Tumor Ablation Application Outlook (Revenue, USD Million, 2017 - 2030)
Kidney Cancer
Liver Cancer
Breast Cancer
Lung Cancer
Prostate Cancer
Other Cancer
Tumor Ablation Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Market Share Insights
August 2019: Boston Scientific Corporation received Health Canada approval for its advanced cryoablation system named ICEfx™.
March 2018: Auris Health announced a partnership with Ethicon to develop robotically-assisted bronchoscopy tumor ablative systems.
Key Companies profiled:
Some prominent players in the global tumor ablation market include
Angiodynamics (Covidien)
Boston Scientific Corporation
Medtronic Plc
Ethicon, Inc.
Galil Medical Inc.
Misonix Inc.
HealthTronics
Mermaid Medical
Theraclion
Chongqing Haifu Medical Technology Co., Ltd.
HS Hospital Service S.P.A
EDAP TMS S.A.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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