(PharmaNewsWire.Com, August 30, 2019 ) Technological advancements in the field of tumor ablation coupled with increased procedural safety profile, rising market demand of minimal invasive tumor ablation techniques, increasing prevalence of cancer across the globe, as well as growing number of public-private initiatives & funding to support ongoing research activities related to tumor ablation are propelling the growth of the Tumor Ablation Market.
However, factors such as unfavorable regulatory policies and cost containment measures adopted by various governments are restraining the optimal market growth.
Key Market Opportunities:
# Growth Potential Offered By Emerging Markets
# Growing Awareness About Ablation Procedures Over Conventional Therapeutic and Surgical Procedures
Global Industry Trends:
# Growing Adoption Rate of Radiofrequency-Based Tumor Ablation Procedures
# Microwave Technology to Be the Fastest Growing Segment in Overall Tumor Ablation Businesses
By technology, the microwave ablation segment is expected to grow at the highest rate during the forecast period in the tumor ablation market
The microwave tumor ablation technology is the fastest-growing ablation technology segment that is currently being used to treat various cancers (such as liver, lung, and kidney).
Growth in the in microwave ablation segment is attributed to increasing private funding for novel product development of microwave ablation, its significant efficiency over other ablation technologies, and growing adoption of the microwave tumor ablation procedure among healthcare professionals to treat various cancers.
By mode of treatment, surgical ablation segment is expected to be the largest contributor to the tumor ablation market in 2016
Surgical tumor ablation is a minimally invasive surgical procedure in which ablation probes/catheters are used to deliver energy directly to the cancer site for treatment. This does not involve surgical removal of affected tissues or tumors. Surgical ablation is performed on patients ineligible for the surgical removal of tumor/cancer tissue.
On the basis of component, the global tumor ablation market is segmented into four broad categories, namely, radiofrequency, microwave, cryoablation and other technologies. The radiofrequency market is estimated to command the largest share of the global tumor ablation market in 2016.
North America is expected to dominate the market in 2016
As of 2016, North America held the largest share of the global tumor ablation market, followed by Europe. The large share of North America in the global tumor ablation market can be attributed to the early introduction and high adoption rate of tumor ablation products in the region, significant trend of replacing older technologies with advanced and innovative therapeutic techniques (such as microwave and cryoablation), and increasing private/public funding to develop and commercialize novel tumor ablation products.
The key players in the global tumor ablation market are Medtronic plc (US), AngioDynamics, Inc. (US), HealthTronics, Inc. (US), Galil Medical, Inc. (US) and Boston Scientific Corporation (US).
The key players present in the global tumor ablation market focus on various strategies such as product approvals, launches, and enhancements; strategic acquisitions; partnerships, agreements, and collaborations; and geographic expansions in order to increase their shares in the global tumor ablation market.
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