Future And Growth Of Tumor Ablation Market By 2025

The global tumor ablation market size was valued at USD 750.4 Million in 2015 and is expected to reach USD 2,129 Million by 2025 growing at a CAGR of over 11.2% during the forecast period. The market growth can be attributed to increase in cancer cases globally over the forecast period. Increased procedural safety profile, technological advancements in the field of healthcare, and growing number of public-private initiatives is further expected to spur the market growth.

Market Outlook:
Furthermore, rising demand of minimal invasive tumor ablation techniques, & funding to support ongoing research activities related to tumor ablation are also responsible for the surge in tumor ablation market. According to the World Health Organization (WHO), about 13% of the people suffer from cancer across the globe. Additionally, it is also estimated that there will be a 70% rise in cancer cases and more than 100 cancer types will require tumor ablation, thereby boosting the market growth over the forecast period.

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The geriatric population is also expected to double in numbers and the global population will also have anticipated to increase from 12% to 22% from 2015 to 2050, based on a WHO report. The demand for minimally invasive surgeries (MIS) is rising with the increasing geriatric population since, patients experience lesser trauma in MIS and recover faster as compared to invasive procedures. Minimally invasive surgeries such as radiofrequency ablations is highly demanded and hence, is responsible for the market growth. Additionally, government and various healthcare agencies are actively creating awareness about various cancer types, accentuating the usage of tumor ablation therapy.
Key Players:
• Covidien
• HealthTronics
• Galil Medical Inc.
• Angiodynamics
• Misonix Inc.
• Medtronic Plc.
• SonaCare Medical
• Boston Scientific Corporation
• Medtronic

Furthermore, High Intensity Focused Ultrasound (HIFU), laser ablation and irreversible electroporation are few techniques which are projected to grow clinically, simultaneously propelling the tumor ablation industry. The increased per capita income in developed as well as emerging nations is encouraging people to undergo advanced therapy for tumors, thus further assisting market growth. Although, cost containment adopted by various governments and unfavorable regulatory policies may act as a constraint to the industry growth.

The tumor ablation market is segmented on the basis of technology, treatment, application and region. Based on technology, the market has been segmented into cryoablation, microwave, radiofrequency and other technologies which include HIFU, radio iodine and laser ablation. In 2015, radiofrequency tumor ablation technology segment held the maximum share in the tumor ablation market. Radiofrequency ablation is increasingly utilized in solid tumor excision owing to the enhanced efficiency and specificity towards the method, thereby contributing majorly to the market growth.

Microwave ablation technology is anticipated to witness a substantial growth over the forecast period. The segment’s growth can be attributed to the benefits associated with the technology such as consistency in high temperature, optimal heating of the cystic mass, larger tumor ablation volume, reduced procedural pain and lesser ablation time. Improved efficacy with minimal complications and reduced hospital stay are further expected to drive growth of the segment.

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North America region dominated the global tumor ablation market in 2015. Factors contributing to the regional growth includes availability of reimbursement, government support for quality healthcare and increasing prevalence of cancers in the U.S. and Canada, and high purchasing power parity. For instance, Patient Protection and Affordable Care Act (PPACA), also known as ObamaCare, promotes quality and affordability of health insurance and reduces the cost of healthcare for individual and government. Such government initiatives help in improving the overall healthcare system, thus boosting growth of tumor ablation market.

Europe regional market is accounted for a substantial share in the global tumor ablation market which can be attributed to Europe’s publically funded healthcare system. Growing geriatric population base coupled with the support of government policies aiding in controlling cancer lead to substantial industry growth of the region.
Furthermore, Asia Pacific region is also anticipated to witness a lucrative growth over the forecast period owing to improving healthcare infrastructure with various government initiatives aiding market growth. Economically developing countries such as India and China are expected to aid the market growth owing to a huge population base.

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