Certain factors that are propelling the growth of the market include the rising burden of cancer, technological advancements that are being done in the ablation devices, and the growing demand for minimally invasive surgeries.
Cancer has a social burden across all the major countries around the globe. According to the American Cancer Society, there were an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States in the year 2019.
Approximately one in every six deaths is due to cancer globally. The low and middle-income countries contribute to around 70% of all cancer deaths. This is primarily due to poor treatment or a lack of proper diagnosis for the disease in such countries.
High incidence of cancer across the globe is putting a high economic burden on the countries. Therefore, the need for better diagnostics and treatment for cancer has raised. Currently, efforts are being made by government organizations such as the World Health Organization, National Cancer Institute, Cancer Research United Kingdom, etc. to reduce the cancer incidence and create more awareness about prevention and cure of the disease.
Key Market Trends
Radiofrequency Ablation to is Expected to Witness Better Growth Over the Forecast Period
Radiofrequency ablation (RFA) uses high-energy radio waves for treatment, in which a thin, needle-like probe is inserted into the tumor. A high-frequency current is then passed through the tip of the probe, which heats the tumor and destroys the cancer cells; this is a common treatment method for small tumors. This is the most widely used method of tumor ablation.
Radiofrequency ablation is more effective in hepatocellular carcinoma (HCC), the most common primary liver neoplasia with a poor diagnosis. A study suggests that the incidence of neoplasia can range from 500,000 to 1,000,000 cases, annually, which puts it at fifth rank worldwide. The disease is more prevalent in Asia due to the hepatitis B virus (HBV) infection in the region.
The approach of RFA in destroying metastases of the liver is growing as less number of patients with HCC patients are candidates for surgery. Furthermore, the rate of relapse after curative surgery is high. Therefore, percutaneous techniques, like RFA, is considered. RFA is further expected to grow, as it is a minimally invasive, repeatable procedure with a low complication rate.
North America is Expected to Dominate the Market Over the Forecast Period
The growing investments of many key players in this market have grown significantly in the United States. In addition, the focus on the development of products with innovative features and greater effectiveness has increased in recent times. As a result, there has been a rise in R&D funds. Owing to the strict regulatory oversight, all the tumor ablation systems are replaced as per the replacement schedule stipulated by healthcare regulatory authorities, thus ensuring that the new sales of tumor ablation systems in the country are reasonably consistent.
The market growth in the region is supported by the rising prevalence of cancer. Moreover, the number of people with a higher risk for a variety of cancers (aging population) is increasing in the region. It has been estimated that 98 million American people will be aged 65 or more by the year 2060.
Therefore, growing investment by the companies and the rise in geriatric population are major factors that will continue to contribute to the market growth.
The tumor ablation market is consolidated and consists of a few major players. Most of the companies that are dominating the market are based in the United States and other countries like Australia, Germany, Japan, etc. With technological advancements, it is believed that new companies will enter the market in the coming future with their novel techniques.
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