The tumor
ablation industry is anticipated to witness CAGR of over 11.1% over the
next seven years. The market is expected to witness considerable growth in
demand owing to the advent of technology and innovation in the area of thermal
ablation. Market growth is expected to be primarily influenced by increasing
the prevalence of cancer. As per World Health Organization, approximately 13.0%
of the deaths that happen globally occur due to cancer. An estimated increase
of over 70.0% in cancer incidences, over the next few years, is expected to
impact market demand. Additionally, the need to cure almost 100 cancer types is
expected to propel the growth of the industry.
Rapidly
growing geriatric population is expected to be the key factor propelling market
growth. According to the WHO, the aging proportion of the world’s population is
anticipated to double and reach at least 22.0% in 2022 from 12.0% in 2015.
Rising demand for Minimally Invasive Surgeries (MIS) coupled with benefits from
these procedures including fast recovery and reduced trauma to the patient are
likely to facilitate growth in demand. Minimally invasive practices including
radiofrequency ablation are expected to significantly contribute to growth.
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Technological
improvements pertaining to factors such as portability, cost-effectiveness and
accuracy are expected to fuel this market and play a major role in propelling
demand from 2014 to 2022. In addition, development of innovative processes
including High-Intensity Focused Ultrasound (HIFU), irreversible
electroporation and image-guided procedures are also likely to enhance demand.
However, cost-containment procedures performed by different government bodies and
healthcare reforms in the U.S. are expected to restrain the development of this
market. Moreover, ablation procedures leading to therapeutic challenges along
with tough regulatory rules may result in significant growth in gestation
period of the product, thereby posing a threat to the industry.
Major
technologies in this field include cryoablation, microwave and radiofrequency,
amongst other technologies namely HIFU, laser ablation and radioiodine. In
2015, radiofrequency emerged as the most dominant segment with nearly 35.0%
market share, which can be ascribed to its major use in solid tumor removal in
the body. Furthermore, this process is highly definite and aims at tissue level
with no damage to surrounding cells. Microwave ablation technology is expected
to witness considerable development over the forecast period on account of
improved efficacy with reduced hospital stay & procedure time and minimal
complications.
The
market is segmented into laparoscopic procedures, percutaneous procedures and
surgical procedures based on the mode of treatment. Approximately 38.0% of the
overall revenue was contributed by surgical procedure segment in 2015. Growing
incidence of breast and liver cancers, that requires the open surgical
procedure, is likely to play a vital role in driving market growth.
Percutaneous procedures are anticipated to experience a substantial growth from
2015 to 2022 due to increasing utilization of minimally invasive procedures
providing increased safety and faster recovery.
Breast
cancer, liver cancer, lung cancer, prostate cancer are the key applications of
tumor ablation. Other applications include bone metastasis, ENT cancer, and
kidney cancer. Liver cancer constituted for the major share in 2015. Frequent
incidences of primary liver cancer and bile duct, particularly in males is
anticipated to further fuel demand. Conversely, lung cancer segment is expected
to experience attractive growth prospects in the next seven years on account of
increasing rate of smoking, air pollution, and sedentary consumer lifestyles.
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On the
basis of region, the industry is categorized into Europe, North America, Middle
East & Africa, Asia-Pacific and Latin America. In 2015, North America led
the industry capturing nearly 32.0% market share, on account of advanced
healthcare infrastructure.
According
to American Cancer Society, 300.2 cases of cancer were reported in the U.S.,
per 100,000 people. In Canada, 296.6 occurrences have been registered, which is
considerably above the global average. Thus, growing occurrence of cancer in
North America is a high-impact driver for this market. Additionally,
accessibility to favorable reimbursement policies along with increasing
disposable income is anticipated to drive the growth in North American market.
Asia
Pacific is anticipated to record the most rapid growth rate over the forecast
period. Increasing population base together with positive economic developments
in emerging countries including China and India is expected to present new
opportunities for market players. Improvement in healthcare infrastructure in
Asia is expected to further propel the growth of this region from 2015 to 2022.
Key
companies include Galil Medical Inc, HealthTronics, Angiodynamics, Boston
Scientific Corporation, Medtronic Plc. (Covidien), SonaCare Medical, EDAP TMS
S.A., Neuwave Medical Inc., and Misonix Inc. New product developments,
technological advancements, partnerships, joint ventures, mergers, and
acquisitions, and collaborations are the most popular strategies adopted by
manufacturers to mark their global presence. For instance, In February 2015,
Bonescalpel business was acquired by Misonix, Inc. This step majorly helped in
obtaining a competitive edge to the company in ultrasound surgical devices
segment.
Table of Contents
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
2.1. Tumor Ablation Devices Market–
Industry Snapshot and Key Buying Criteria, 2014
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