ID: MRFR/MED/5673-HCR | February 2021 | Region: Global | 85 pages
The tumor ablation market is one of the rapidly improving market structures which is projected to achieve better future results due to the rising number of cases of tumors in the liver, kidneys, bone, and tissues which leads to continuous investments being made towards the establishment and growth of the tumor ablation market size and share.
Tumor ablation is a small invasive tool that is assisted with imaging techniques that is used for the treatment of various kinds of tumors and also to ensure high efficacy and safer adoption of methods to overcome the drawbacks associated with cancer treatment. The growth of the tumor ablation market is high due to numerous factors prevailing in the market such as the rising number of cancer cases all around the globe, the increased health awareness among the population, and also the existence of a large proportion of geriatric population which increases the risk of cancer among people.
The tumor ablation market has picked up pace due to various technological advancements and improvements being made in the healthcare sector which has given an uplift to the tumor ablation revenue. The surgeons and the healthcare professionals have also developed the use of tumor ablation equipment and minimally invasive techniques and tools to cure tumors since it is beneficial in terms of its efficacy and it also does not require any hospital admission and thus reduces the overall cost.
The global tumor ablation market is expected to grow at a CAGR of around 12.8% by 2023 and the global market value to reach a total value of $363.1 million in 2017 approximately. The tumor ablation market is expected to reap positive results from the Asia Pacific region where the demand for tumor ablation is expected to be high due to a large proportion of the geriatric population residing in these countries and the increasing number of cases of cancer in the countries of these regions. Moreover, the segment by application is expected to contribute maximum towards tumor ablation market share.
COVID 19 Analysis:
The novel coronavirus or the Covid 19 pandemic has negatively impacted the tumor ablation industry since the rising number of tumor ablation cases have faced a standstill since the people have now become more aware of their health and have started avoiding all forms of cancer compounding products which have led to a minute fall in the number of cases and the tumor ablation companies have faced shortages in personnel, accumulated stocks, and forced shutdowns. Due to the lockdowns in various countries, the demand for tumor ablation has significantly reduced due to the restriction of people moving freely and also people avoiding much of their visits to the health care places until there’s an emergency. Due to the Covid 19 effect, it has been observed that a large number of tumor ablation companies are forced to lay off employees but it is assumed that the market will soon pick up the pace and the demand would increase. It is expected that the post-lockdown period would be a great success for the tumor ablation market revenue since the pending tumor treatment surgeries would provide a sudden increase to the global market scenario. It is also analyzed that every segment would be contributing significantly towards the growth of market value.
The tumor ablation market has been experiencing a diversified growth in all segments and across different regions due to the rising populations and the increasing per capita incomes of people which has shifted the demands of people to highly sophisticated and technologically advanced products and equipment which have acted as a motivating factor to the tumor ablation market.
Secondly, the increased consumption of tobacco products and alcoholic liquor which have drastic effects and is seen as the major cause of tumor ablation among the youth and around all the parts of the globe has been a major key driver which has boosted tumor ablation market share and created a positive trend. Advancement in technology and the shift of preference of the healthcare professionals towards the minimal invasive ablation techniques from the traditional techniques have also driven the market for tumor ablation.
Another major driver in the global tumor ablation market has been the ever-increasing health awareness programs and missions which have motivated people all over the world towards improvement in their health stats and to also be aware of the diseases that can be caused due to the consumption of various products. Also, the improvement in health care facilities all around the world and expenditures being made by the public and private entities have facilitated the market to have vast growth.
The overall growth in the tumor ablation market has been expediently rising but certain factors hinder the growth process of the market which include large sums of money to be invested initially in setting up of tumor ablation companies and thus it restricts various new players to enter the markets.
Another key factor that acts as a barrier towards an increase in tumor ablation market share is the stringent and rigid system of rules and regulations from the Governments of different countries. Since it is a matter of public health and adoption of new techniques for the treatment of tumors and cancers has definitely attracted Government’s inspection agencies to have a strict overview on the invasive techniques which demotivates the manufacturers since a lot of paperwork and documents have to be filed before adoption of new technology.
Another key restraint that has been observed off late is the high cost of the tumor ablation which bars most of the patients who are not aptly equipped with all the financial resources and also affects the tumor ablation market share since it cannot cater to the diverse variety of patients of different sections of the society. The Government also tries to curb the cost of such treatment which also affects the healthcare workers negatively.
The tumor ablation market trends have been dedicated towards the use of improved technology in the treatment process since the procedure for tumor ablation is based on highly scientific procedures and methods, it is usually carried on with the help of advanced tools and machines.
However, to be more specific, tumor ablation procedures involve radiofrequency techniques which are known to treat a variety of tumors at the same time which also reduces the cost and increases the efficiency of the treatment. Another technology that is used in the tumor ablation market is microwave technology which involves the use of nanoparticles and the energy of the microwave ablation device creates an electromagnetic effect that is used to remove the tumor. These techniques have proved to be effective and the recurrence of tumors has not been observed.
The technological system to be used soon in the tumor ablation market involves using robotics and artificial intelligence systems to provide for the specific and timely location of the tumor and then proceed with the treatment process and to remove the tumor by minimizing every threat associated with the treatment and also ensuring that tumor does not return after the treatment.
Segment Overview: The tumor ablation market has been segmented as follows:
1) By Technology:
Regional Analysis: The global tumor ablation market has been divided into four regions where each region has been contributing significantly in terms of its capabilities and population demands. However, among the four regions, the Asia Pacific region has been accounting for the major tumor ablation market share whereby the key drivers towards the growth of the tumor ablation industry are developed here, and the population seems to be quite interested in the innovations in terms of new products in the market.
The major tumor ablation market revenue is expected to come from countries like China, Japan, Korea, and India. The tumor ablation statistics indicate that the population along with the disposable incomes of people of these countries has been increasing which has led to shifts in lifestyles and changing demands. The shift of the people towards health awareness and improvement in healthcare facilities has contributed towards the growth of the market in this region.
The European region has also been experiencing major growth with contributions coming from developed nations such as France, Germany, Denmark, Belgium, etc. since most of the people in these countries have been consuming alcoholic liquor which has increased the number of cases in this region rapidly. Also, rapid improvements in technology have led to the widespread development of the tumor ablation market in these countries. The North American region is also experiencing vast growth in tumor ablation market shares as the countries in this region have been reaping the benefits of technology thereby maximizing the level of operations and reducing operational cost.
Competitive Landscape: The competitive landscape in terms of the tumor ablation market has been immense and nail-biting with new players easily entering the market and the existing players making huge investments in this segment.
The key players in the market are more focused on developing future strategies and set themselves as joint ventures to increase the tumor ablation market share and size.
Report Overview: The Global report helps the investors to gain meaningful information about the market and make decisions wisely. The report discusses the steps taken by the tumor ablation market leaders to boost the market growth and inflate market valuation for their good. The report fully summarises the ongoing market scenario in the tumor ablation market which would help the intended audience to seek more information about the market. The objective of the report was to fully summarise the key players in the market and their role in boosting the market value. The report also discusses the future growth prospects and the competitive landscape in the tumor ablation industry and lays down the expected growth rate of the market along with the hindrances it may face.
Frequently Asked Questions (FAQ) :
The tumor ablation market had a valuation of USD 363.1 million in 2017.
The tumor ablation market had a predicted CAGR of 12.8% during the forecast period of 2018 to 2023.
The global tumor ablation market growth can be dampened by strict regulations and cost suppression measures.
The tumor ablation market has end users like a hospital, research institute, and surgical & ablation centers.
The Americas is leading the tumor ablation market.