Global tumor ablation market is expected to reach USD 1.5 billion
by 2022, according to a new study by Grand View Research Inc. Rising prevalence
of different forms of cancer and increasing technological advancements in the
field of thermal ablation techniques are the most prominent drivers of the
market.
Besides the use of thermal ablation, techniques such as
laser ablation, irreversible electroporation, High Intensity Focused
Ultrasonography (HIFU) are also clinically growing, concurrently propelling the
tumor ablation industry.
Occurrence of lung, breast, and liver cancer is on the rise
globally. According to the Center for Disease Control (CDC) and other
organizations, currently, about 210,828 cases of lung cancer, 2.9 million cases
of breast cancer, and over 2.7 million cases of prostate cancer are reported in
the U.S. alone.
In terms of technological advancement, companies such as
SonaCare Medical are coupling ablation techniques with other technologies to
improve accuracy, performance, and level of care. SonaLink, a remote patient
monitoring platform, was put to use along with Sonatherm ablation system to
enable physicians to enhance patient care experience, thereby promoting market
growth.
The industry is also anticipated to witness mergers and
joint collaborations as a tool to curb rising competition. For instance, Boston
Scientific Corporation acquired C.R. Bard Electrophysiology, which led to a
48.0% hike in profit for the former company.
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Further key findings from the study suggest:
- Microwave ablation technology is expected to be the fastest growing segment over the forecast period at a CAGR of over 15.0%. Reduction in the procedure time and low cost for treatment are some of the attributes favoring growth.
- In terms of treatment, surgical ablation is predicted to form the largest market by 2022 with about 35.0% share. Liver and lung cancer ablation require surgical procedures, and since these form the largest and fastest growing segments, they concomitantly propel surgical ablation growth.
- Lung cancer forms the most lucrative market and is anticipated to be the fastest growing segment over the forecast period. By 2022, it is expected to contribute about 15.0% of the revenue share owing to its rising prevalence rate across the globe.
- According to market forecast for 2022, North America is expected to dominate the market and Asia Pacific is anticipated to witness the fastest growth. Augmenting growth in the cancer prevalence and rising healthcare expenditure in regions such as China, Korea, and India are factors responsible for this rapid growth.
- Major players of the market include HealthTronics, Galil Medical Inc., Angiodynamics, Medtronic Plc. (Covidien), Boston Scientific Corporation, SonaCare Medical, Misonix Inc., EDAP TMS S.A., and Neuwave Medical Inc. To retain market leadership, players such as Medtronic are working towards acquiring other companies and expanding their portfolio. For instance, in January 2016, Medtronic acquired the OsteoCool RF Ablation System from Baylis Medical.
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About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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