Albany, NY -- (SBWIRE) -- 05/02/2018 -- The global Tumor Ablation Market features intense competition and fragmentation due to the presence of several large companies, observes Transparency Market Research (TMR) in a new report. That being said, immense growth opportunities in the market to attract new vendors is likely to escalate competition. Among the key vendors currently operating in the tumor ablation market, Medtronic plc. is a prominent one. The prominence of the company is mainly because of a diverse product portfolio and continual efforts to expand product portfolio as well as advancement of successful ones. Extensive geographical outreach has also helped Medtronic gain ground over its competitors.
Some other key names to mention in the tumor ablation market are Integra LifeSciences Holding Corporation, BTG International Ltd., Boston Scientific Corporation, AngioDynamics Inc., Sonacare Medical LLC, BVM Medical Limited, and St. Jude Medical Inc.
As per estimates of a market intelligence study by TMR, the global tumor ablation market is likely to expand at a CAGR of 12.2% in terms of revenue between 2017 and 2024. Expanding at this rate, the market is likely to be worth US$1949.5 mn by the end of 2024. Based on technology, radiofrequency ablation is a lucrative segment driven by global aging population. Among disease indication segments, liver cancer held prominence in the overall market due to increasing incidence of liver diseases.
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Rising Incidence of Cancer Globally Fuels Growth
Primarily driving the tumor ablation market is higher efficacy of tumor ablation over traditional therapies.. Radiation, chemotherapy, and surgery are traditional line of treatment for cancer. Tumor ablation involves minimally invasive procedures to treat solid cancers. Radiofrequency waves, laser, microwaves, or ultrasound are used to burn or freeze cancer cells, which are later removed using minimally invasive surgery.
Worldwide, rising incidence of cancer is a significant factor fuelling the tumor ablation market. According to World Health Organization (WHO), cancer is the second-leading cause of death globally accounting for 8.3 million deaths each year. Asia, Africa, and Central and South America collectively account for more than 60% new cancer cases.
In addition, increasing preference for minimally invasive procedures is propelling the tumor ablation market. Radiofrequency ablation, cryoablation, laser interstitial thermal ablation, microwave ablation, high-intensity focused ultrasound are some commonly used minimally invasive ablation techniques for cancer.
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Furthermore, increasing discretionary funding for cancer research is acting in favor of tumor ablation market. Several governments especially in developed countries actively raise funds for cancer research to develop novel diagnosis techniques and line of treatment for cancer. For example, in April 2016, the U.S. government allocated US$5.2 bn for the National Cancer Institute (NCI) to boost cancer research and training.
The rising acceptance of innovative technologies is a key trend that has come to the fore for medical treatments. Adoption of tumor ablation practices and advancements in corresponding devices show exciting prospects for tumor treatment in the future. Initiatives undertaken by governments for cancer awareness programs and patient support programs are benefitting the tumor ablation market. For instance, Public Health England under the Department of Health in the U.K introduced ‘Be Clear on Cancer’ public awareness program for cancer.
Lastly, increasing global geriatric population which is more susceptible to lethal diseases is driving the growth of this market.
High Cost of Treatment Limits Adoption
However, on the flip side, lack of awareness of tumor ablation techniques and limited reimbursement for tumor ablation is challenging the adoption of tumor ablation. Moreover, high research and development costs and staggering high prices of next-generation effective cancer treatment is holding back the tumor ablation market.
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