The global tumor ablation market size is anticipated to reach USD 2.6 billion by 2027, according to a new report by Grand View Research, Inc. The market is estimated to witness a healthy CAGR of 11.2% during the forecast period. Increasing incidence of cancer and high demand for effective treatment options are the major factors driving the market. According to Cancer Research U.K., the incidence rate of cancer is expected to grow by 62% from 2018 to 2040. Lung, breast, bowel, and prostate are the most common sites reported with cancer in 2018.
Increasing inclination towards minimally invasive procedures owing to the benefits such as speedy recovery, patient comfort, and shorter turnaround time are the factors expected to foster the demand for advanced tumor ablation techniques during the forecast period. Integration of tumor ablation devices with efficient interventional imaging modalities such as ultrasound, MRI, and CT is anticipated to revolutionize ablation procedures performed in outpatient settings. This is expected to significantly eliminate the cost to the patient including hospital stays.
Supportive government initiatives such as screening programs, awareness campaigns, and cancer schemes for various cancer types are expected to increase the number of diagnosed cases. For instance, in 2019, the National Health Scheme (NHS) has started offering lung cancer screening programs in some areas of England. Such initiatives are anticipated to escalate the need for cancer management in early cancer stages thereby facilitate the demand for tumor ablation therapy.
The rising demand for advanced medical technologies coupled with improving financing capabilities of healthcare facilities is expected to increase the demand for tumor ablation devices during the forecast period.
Further key findings from the report suggest:
- Radiofrequency dominated the technology segment with more than 30.0% share in 2019 owing to prominent application in solid tumor removal
- Percutaneous procedures are expected to witness lucrative growth over the forecast period due to rising demand for minimally invasive procedures offering faster recovery and higher safety
- Tumor ablation in lung cancer treatment is anticipated to witness fastest growth over the forecast period
- Sedentary lifestyle, increasing incidences of smoking, and rising air pollution are contributing to the growing prevalence of lung cancer
- North America dominated the overall market owing to the factors such as increasing prevalence of cancer, high purchasing power parity, government support for quality healthcare, and availability of reimbursement
- Major players in the tumor ablation market include Galil Medical Inc.; Misonix Inc.; HealthTronics; AngioDynamics; Covidien; Boston Scientific Corporation; Medtronic Plc; SonaCare Medical; EDAP TMS S.A.; and Neuwave Medical Inc.