DUBLIN--(BUSINESS WIRE)--The "Tumor Ablation Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Certain factors that are propelling the growth of the market include rising incidence of cancer, technological advancements that are being done in the ablation devices, and a growing geriatric population across the globe.
Cancer has a social burden across all the major countries in the globe. According to the American Cancer Society, there will be 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 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 UK, etc. to reduce the cancer incidence and create more awareness about prevention and cure of the disease.
Key Market Trends
Radiofrequency Ablation (RFA) to Witness the Highest CAGR in the Forecast Period
Radiofrequency ablation 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.
RFA is more effective in hepatocellular carcinoma (HCC), the most common primary liver neoplasia with a poor diagnosis. A study suggests that 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 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 Dominates the Market
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.
The US government allocated funds of more than USD 5 billion to the National Cancer Institute (NCI) in 2016, an increase of more than 5.3% as compared to the previous year. 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 the 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.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence of Cancer
4.2.2 Technological Advancement in Ablation Devices
4.2.3 Rise in Geriatric Population
4.3 Market Restraints
4.3.1 Strict Regulatory Process
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Technology
5.1.1 Radiofrequency (Rf) Ablation
5.1.2 Microwave Ablation
5.1.4 Other Technologies
5.2 By Mode of Treatment
5.2.1 Surgical Ablation
5.2.2 Laparoscopic Ablation
5.2.3 Percutaneous Ablation
5.3 By Application
5.3.1 Liver Cancer
5.3.2 Lung Cancer
5.3.3 Kidney Cancer
5.3.4 Bone Metastasis
5.3.5 Other Applications
5.4.1 North America
22.214.171.124 Rest of Europe
5.4.3 Asia Pacific
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AngioDynamics Inc.
6.1.2 Galil Medical, Inc.
6.1.3 NeuWave Medical, Inc.
6.1.4 Medtronic PLC
6.1.5 INTIO Inc.
6.1.6 SonaCare Medical, LLC
6.1.7 Misonix, Inc.
6.1.8 BVM Medical Limited
6.1.9 COMSOL Inc.
6.1.10 Boston Scientific Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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