Pune, India -- (SBWIRE) -- 06/25/2018 -- Global Tumor Ablation Market is expected to reach USD 3,495.0 million by 2024 from USD 1,669.7 million in 2016, at a CAGR of 9.8% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

The global tumor ablation market is highly concentrated to a few big players and rest to local players who cater to domestic markets only. Medtronic dominated the tumor ablation market accounting for a highest market share in 2016, followed by Boston Scientific Corporation and Abbott. Other players in this market include Galil Medical Inc., Perseon Corporation, NeuWave Medical, Inc., Koninklijke Philips N.V., INTIO Inc., Mermaid Medical A/S, SonaCare Medical, LLC, DFINE, Inc., Misonix, BVM Medical Limited, AngioDynamics, COMSOL Inc, EDAP TMS, and HealthTronics, Inc. among others holds 30.3% of the global tumor ablation market in 2016.

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Medtronic:

Founded in 1949 and headquartered in Dublin, Ireland. Medtronic is a global healthcare solutions company and it is the world's largest standalone medical technology development company. The company operates in cardiac and vascular group, minimally invasive therapies group, restorative therapies group and diabetes group. Cardiac and vascular group segment offers various products for cardiac rhythm and heart failure, coronary and structural heart, aortic and peripheral vascular. Minimally invasive therapies group segment offers surgical solutions, patient monitoringand recovery. Restorative therapies group segment offers products for spine, neuromodulation, surgical technologies, neurovascular. Diabetes group segment offers intensive insulin management, non-intensive, diabetes therapies, diabetes service and solutions.

Recent Developments:

In April 2017, MEDTRONIC launched a new product OsteoCool RF Ablation System uses the cooled radiofrequency (RF) ablation technology to target cancer cells, thus expanding its pain therapy portfolio.
In February 2017, MEDTRONIC received 510 (k) approval for OsteoCool (TM) RF Ablation System for palliative treatment of metastatic bone tumors.

In August 2013, Covidien plc. subsidiary of MEDTRONIC launched a new product new Barrx RF ablation catheter for treating Barrett's esophagus enhancing their product portfolio in U.S. and Europe.
Boston Scientific Corporation:

Founded in 1979 and headquartered at Marlborough, MA, U.S., Boston Scientific Corporation, is engaged in the development and marketing of medical devices for use in various interventional medical specialties. The company operates through three business segments- Cardiovascular, Rhythm Management, and MedSurg. The Cardiovascular segment offers a wide range of products for interventional cardiology and peripheral interventions. The Rhythm Management segment of the company offers various products pertaining cardiac rhythm management and electrophysiology. The MedSurg segment of the company offers various devices to be used in endoscopy, urology and pelvic health and neuromodulation.

Recent Developments:

In July 2016, Boston Scientific Corporation., acquired Cosman Medical, Inc., for manufacturing of radiofrequency ablation (RFA) systems. This acquisition would help the company to enhance its product portfolio.

In May 2016, Boston Scientific Corporation received U.S. Food and Drug Administration (FDA) approval for two abalation catheters that could be used with the Rhythmia Mapping System. These were the first magnetically-tracked catheters to be launched in U.S.

In October 2012, Boston Scientific Corporation acquired Rhythmia Medical, Inc., for development of cardiac catheter ablatorstobe used in electrophysiology procedures, including atrial fibrillation and atrial flutter.

Abbott:

Founded in 1888 and headquartered at Chicago, Illinois, U.S., Abbott, is engaged in the development and distribution of diagnostics products, medical devices, nutrition and branded generic pharmaceuticals. The company operates in four business segments- pharmaceuticals, molecular diagnostics, diabetes care nutritionals, and vascular. Vascular care segment offers minimally invasive treatments through ablation catheters for coronary artery, peripheral artery, and atrial fibrillation.

Recent Developments:

In May 2017, Abbott received CE Mark approval for TactiCath Contact Force Ablation Catheter, Sensor Enabled for advance the treatment of atrial fibrillation.

In January 2017, Abbott launched a new product the New EnSite Precision Cardiac Mapping System and Advisor FL Circular Mapping Catheter, Sensor Enabled to map cardiac arrhythmias during ablation treatments.

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Drivers: Global Tumor Ablation Market

The major factors contributing to the growth of the market includes incidences of cancer patients, increase in the number of hospitals, ablation and surgical centers, technological advancement in ablation devices. These factors increase the demand for devices such as tumor ablation systems and image guidance products.

INCREASING PREVALENCE OF CANCER PATIENTS

Tumor ablation market is growing due to increasing prevalence of cancer patients. Cancer is caused due to the alteration of normal cells into tumor cells which occurs in a multistage process that usually develops from a pre-cancerous abrasion to a malignant tumor. According to American Cancer Society, in 2017, approximately 1,688,780 new cancer cases were diagnosed and 600,920 cancer deaths were reported in the US. Cancer is caused due to numerous reasons including consumption of use of alcohol and tobacco, unhealthy diet, and physical inactivity. Tumor ablation treatment is done in patients with a few small tumors and when surgery is not a good option. Since tumor ablations is a highly efficient treatment for cancer with minimal risk of side-effects, its popularity has increased among doctors a as well as patients, which, as a result, has been driving the market growth.

TECHNOLOGICAL ADVANCEMENTS IN ABLATION DEVICES

With the increase in the cancer prevalence and incidence, it has become vital for companies to manufacture smart and advanced technologies, which offer accurate and proper care to cancer patients and their health. A majority of companies operating in this market are involved in the research and development to manufacture and launch new products that can effectively cater to the needs of patients and enable effective treatment. This is anticipated to generate growth opportunities for tumor ablation companies in the market. In July 2017, EDAP TMS received CMS approval of new reimbursement code for HIFU ablation of the prostate tissue. This approval is significant for the company making a huge success in usage of this ablation technology. In May 2017, Abbott received CE Mark approval for TactiCath Contact Force Ablation Catheter, Sensor Enabled for advance the treatment of atrial fibrillation.

RISING NUMBER OF HOSPITALS, SURGICAL, AND ABLATION CENTERS

Another major factor contributing to the growth of the tumor ablation market includes rising number of hospitals, surgical, and ablation centers that are required for the improving cancer patient's facilities. Furthermore, government support in the form of funding also drives the growth of this market.For instance, Cancer Treatment Centers of America (CTCA) is committed to altering a combination of cancer treatments to the needs of each individual patient. The treatment in the center includes lung, breast, prostate, ovarian, colorectal, throat, melanoma, cervical, pancreatic, lymphomas and others. According to National Cancer Institute, there are presently 69 NCI-Designated Cancer Centers, which is located in 35 states and the District of Columbia that is used for learning and controlling cancer.

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