ID: MRFR/HC/5673-CR | 85 Pages | Author: Rahul Gotadki | February 2023
Tumor Ablation Market Size was valued at USD 1.1 billion in 2021 and is projected to grow from USD 1.2 billion in 2022 to USD 2.7 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.81% during the forecast period (2022 - 2030).The need for minimally invasive cancer treatment methods is rising, which has increased awareness of the advantages of tumour ablation over other surgical and conventional procedures. Thus, acts as a major market driver for the expansion of market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Tumor Ablation Market Trends
Demand for effective treatments is rising as cancer incidence rates rise. Worldwide, there are more people being diagnosed with various malignancies, including lung, blood, breast, and liver cancers. According to the International Agency for Research on Cancer's (IARC) GLOBOCAN 2020 projections of cancer incidence and mortality, there were approximately 10 million cancer deaths and 19.3 million new cancer cases worldwide in 2020. The National Cancer Institute estimates that in the US in 2018, there were 609,640 cancer-related deaths and 1,735,350 new cases of the disease. The key causes of the rising incidence of cancer around the world include excessive smoking, alcohol drinking, and cigarette use. Patient enrollment in the critical U.S. trial, which aimed to demonstrate the security and effectiveness of TechsoMed's flagship product, BioTraceIO, in providing practical visualisation and quantitative insights on procedure results in liver cancer patients undergoing ultrasound-guided percutaneous ablation procedures, has successfully been completed, the company announced today. The first-of-its-kind AI algorithm-driven tissue viability imaging tool was developed by TechsoMed. Only the BioTraceIO software system can visualise the ablated area using standard real-time ultrasound imaging, and it does this to let interventional radiologists assess the usefulness of their operation results when performing tumour ablation. Thus, this factor is driving the market CAGR.
As the population ages, the financial burden on the healthcare system increases. The Population Reference Bureau predicts that from 52 million in 2018, the number of Americans aged 65 and beyond will nearly double by 2060. The market will expand as demand for ablation devices for tumour therapy rises along with the senior population. Additionally, diabetes and cancer are prevalent among the elderly, who are more vulnerable to problems from chemotherapy or surgical procedures. Moreover, a combination of the ageing population's lower immune system activity and higher co-morbidities is projected to support market expansion. Elderly patients with liver cancer frequently seek minimally invasive procedures for a quicker recovery, which drives the tumour ablation market. Elderly patients with liver cancer have worse liver function and more co-morbidities. The geriatric population is the major target demographic for noninvasive ablation procedures because the body's essential functions weaken with age. As a result, during the anticipated period, the growing senior population is anticipated to fuel demand for tumour ablation devices.
The major market players are actively engaged in R&D to advance and advance tumour ablation procedures. For instance, the Emprint ablation catheter kit from Medtronic plc was granted Breakthrough Device Designation status by the US FDA in April 2021. This investigational tool is designed to work with the Emprint microwave generator and the Medtronic lung navigation platform to deliver a localised, minimally invasive treatment for lung cancer lesions. When necessary, it might be utilised in addition to therapy as part of normal care. Ethicon, a Johnson & Johnson Medical Devices Company, also obtained the US FDA Breakthrough Device Designation in July 2020 for their robotic-assisted bronchoscopy-based transbronchial microwave ablation technique. Thus, it is anticipated that this aspect will accelerate Tumor Ablation market revenue ly.
Tumor Ablation Market Segment Insights
Tumor Ablation Technology Insights
The Tumor Ablation market segmentation has been segmented by technology into Radiofrequency, Microwave, Irreversible Electroporation and Cryoablation. The radiofrequency segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Its advantages, such as specificity and effectiveness in solid tumour ablation procedures in the kidneys and liver, can be credited with the domination. Additionally, by treating numerous tumours simultaneously with radiofrequency ablation, multiple electrodes positioned at various places can increase the effectiveness of the procedure.
Tumor Ablation Treatment Insights
The Tumor Ablation market segmentation has been segmented by treatment into Surgical Ablation, Percutaneous Ablation and Laparoscopic Ablation. The surgical ablation segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The reasons expected to drive the market growth include rising rates of breast and liver cancer as well as the lack of sophisticated tumour ablation treatments for these specific organs.
Tumor Ablation Application Insights
The Tumor Ablation market data has been segmented by application into Lung Cancer, Kidney Cancer and Liver Cancer. The liver cancer segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is explained by the increasing prevalence of primary liver cancer and bile duct cancer. It is projected that the availability of cutting-edge techniques and rising cancer prevalence will promote market expansion.
Tumor Ablation End User Insights
The Tumor Ablation market data has been segmented by end user into Hospital and Clinics and Specialty Centers. The hospital and clinics segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030 due to presence of experienced and well-equipped professionals.
Figure 2: Tumor Ablation Market by End users, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Tumor Ablation Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Tumor Ablation market accounted for USD 0.5 billion in 2021 and is expected to exhibit a 43.20% CAGR during the study period. Government support for high-quality healthcare, high purchasing power parity, the availability of reimbursements, and the rising incidence of cancer are some of the main drivers of this region's growth.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: TUMOR ABLATION MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific Tumor Ablation market accounts for the fastest growing market share. Growth prospects are created by the rising number of patients and significant healthcare providers in quickly emerging nations like China and India. Throughout addition, healthcare utilization in Asia and the Pacific is rising thanks to government support. Further, the China Tumor Ablation market held the largest market share, and the India Tumor Ablation market was the fastest-growing market in the region.
Europe Tumor Ablation market is expected to grow at a substantial CAGR from 2022 to 2030. The healthcare system in Europe received more public financing as a result of this increase. Additionally, it is predicted that the market in this region will develop faster than average due to the rising senior population and government assistance for the fight against cancer. Moreover, UK Tumor Ablation market held the largest market share, and the Germany Tumor Ablation market was the fastest-growing market in this region
Tumor Ablation Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the Tumor Ablation industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the Tumor Ablation industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, Tumor Ablation industry has provided medicine with some of the most significant benefits. The Tumor Ablation market major player such as SonaCare Medical LLC (US), Medtronic plc (Ireland), EDAP TMS (France), Angio Dynamics (US), HealthTronics Inc (US), Johnson & Johnson (US), Boston Scientific Corporation (US), Misonix Inc (US), HistoSonics Inc (US) and Biotronik (Germany).
An American manufacturer of medical equipment is Medtronic plc. Due to its 2015 acquisition of the Irish-based Covidien, the business has its operational and executive offices in Minneapolis, Minnesota, and its legal headquarters in Ireland. In April 2021, the FDA has given Medtronic plc, a leader in medical technology, permission to move forward with an experimental device exemption (IDE) trial to test an internally produced implantable tibial neuromodulator (TNM) device that is intended to relieve the symptoms of urinary incontinence.
A biomedical/biotechnology engineering company based in Delaware, Boston Scientific Corporation is a manufacturer of medical devices used in interventional medical specialties such as interventional radiology, neuromodulation, neurovascular intervention, electrophysiology, interventional cardiology, peripheral interventions, cardiac surgery, vascular surgery, endoscopy, oncology, urology, and gynaecology. In August 2019, for its cutting-edge cryoablation technology known as ICEfxTM, Boston Scientific Corporation got approval from Health Canada. The apparatus is a potent replacement for the current cryoablation equipment and has a more compact, portable design.
Key companies in the Tumor Ablation market includes
Tumor Ablation Industry Developments
July 2021: Misonix, Inc., a developer of regenerative medicine and minimally invasive therapeutic ultrasound technologies that improve clinical results, was acquired by Bioventus Inc. Mixonix provides the SonaSrar tumour ablation solution, which reduces surgical time and precisely removes soft tissue.
July 2020: The Sonablate HIFU device from SonaCare Medical has acquired regulatory approval from the National Medical Products Administration (NMPA), formerly known as the Chinese FDA, for use in the treatment of benign prostatic hypertrophy and prostate cancer (BPH).
Tumor Ablation Market Segmentation
Tumor Ablation Technology Outlook (USD Billion, 2018-2030)
Tumor Ablation Treatment Outlook (USD Billion, 2018-2030)
Tumor Ablation Application Outlook (USD Billion, 2018-2030)
Tumor Ablation End User Outlook (USD Billion, 2018-2030)
Tumor Ablation Regional Outlook (USD Billion, 2018-2030)
|Market Size 2021||USD 1.1 Billion|
|Market Size 2022||USD 1.2 Billion|
|Market Size 2030||USD 2.7 Billion|
|Compound Annual Growth Rate (CAGR)||11.81% (2022-2030)|
|Historical Data||2018 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Technology, Treatment, Application, End User and Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Countries Covered||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil|
|Key Companies Profiled||SonaCare Medical LLC (US), Medtronic plc (Ireland), EDAP TMS (France), Angio Dynamics (US), HealthTronics Inc (US), Johnson & Johnson (US), Boston Scientific Corporation (US)|
|Key Market Opportunities||Rising R&D activities|
|Key Market Dynamics||Rising demand for minimally invasive tumor ablation techniques Increasing prevalence of cancer across the globe.|
The tumor ablation market had a valuation of USD 2,459.74 million in 2030.
The tumor ablation market had a predicted CAGR of 11.81% during the forecast period of 2020 to 2030.
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.
Key Questions Answered
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