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The global tumor ablation market is growing considerably, due to increasing awareness of ablation procedure over other surgical and conventional procedures, and increasing demand for minimally invasive cancer treatment procedure. The increasing investment in research and development to introduce novel therapies, such as chemo therapy and radiation therapy, are creating opportunities for the global tumor ablation market.
In addition, the massive unexplored market in the tumor ablation industry of the developing economies is creating abundant opportunities for the global tumor ablation market, to grow at a considerable rate during the forecast period. The increasing adoption rate of radiofrequency based tumor ablation procedure is a trend, witnessed in the global tumor ablation market.
On the basis of technology, the global tumor ablation market can be categorized as cryoablation, radiofrequency ablation, microwave ablation and others. The radiofrequency ablation leads the global tumor ablation market in terms of market size, due to its specification of treating target tissues without causing significant damage to the surrounding healthy cells. Whereas, microwave ablation technology is expected to grow at the fastest rate in the coming years, due to increasing private funding and increasing adoption of microwave tumor ablation among healthcare professionals.
On the basis of treatment, the global tumor ablation market can be segmented as surgical ablation, percutaneous ablation, and laparoscopic ablation. Moreover, on the basis of application, the tumor ablation market can be categorized as liver cancer, lung cancer, bone metastasis and kidney cancer. Liver cancer leads the global tumor ablation market in terms of market size; whereas, lung cancer is expected to grow with the fastest rate in the forecasted period, due to growing number of lung cancer cases, up surging level of alcohol and cigarette abuse, and increasing private investment to develop innovative lung cancer ablation products.
Some of the factors driving the growth of the global tumor ablation market are growing geriatric population, increasing number of cancer cases, growing number of hospitals, ablation and surgical centers, low procedural cost associated with radiofrequency ablation tumor and technological advancement in ablation devices. In addition, the upsurge in the healthcare expenditure, increasing healthcare awareness, growing government support and up surging awareness for personalized drugs are expected to drive the growth of the global tumor ablation market. However, strict regulatory requirement, long approval time for the product launch and cost containment measures by various governments are some of the factors, restraining the growth of the global tumor ablation market.
Geographically, North America is likely to dominate the global tumor ablation market in the coming years, due to high adoption of tumor ablation products and increasing demand for minimally invasive surgeries. However, the ongoing healthcare reforms in the U.S. are inhibiting the growth of North America tumor ablation market. Asia-Pacific is the fastest growing region in the global tumor ablation market, due to presence of huge pool of patients, intensifying government support, and increasing prevalence of cancer in the region. In addition, the tumor ablation Asia-Pacific market is growing, due to increasing healthcare expenditure and refining healthcare infrastructure in the emerging countries, such as India and China.
Some of the companies operating in the global tumor ablation market are Mermaid Medical A/S, Medtronic PLC, Boston Scientific Corporation, HealthTronics Inc., CONMED Corporation, EDAP TMS S.A., AngioDynamics Inc., Galil Medical Inc., Misonix Inc., Neuwave Medical Inc., Smith & Nephew PLC and Sonacare Medical LLC.