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, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email:
sales@grandviewresearch.com
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