Albany, NY -- (SBWIRE) -- 02/24/2018 -- A recent study by Transparency Market Research (TMR) has detected that the competition in the global tumor ablation market is intense, in a fragmented scenario with the presence of a number of participants. That being said, there are plenty of growth opportunities too in the market for tumor ablation, which will continue to attract pharmaceutical companies and further intensify the competition. The TMR report projects the global tumor ablation market to witness a healthy growth rate of 12.20% during the forecast period of 2016 to 2024, reaching an estimated valuation of US$1.9 bn by 2024, considerably up from its evaluated worth of US$702.9 mn in 2015.
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Among the key vendors currently operating in the global tumor ablation market, is Medtronic plc. The company has a diverse product portfolio and continues to add new products as well as enhances the successful ones. Geographical expansion has also helped Medtronic to gain ground over its competitors. In the near future, some of the other prominent companies, such as Ethicon, Boston Scientific, and AngioDynamics, are expected to depend on product innovation to stay afloat in the fragmented and competitive landscape.
Technology-wise, this report segments the global tumor ablation market into microwave ablation, laser interstitial thermal ablation, high-intensity focused ultrasound, and radiofrequency ablation, which currently is the most profitable segment. The demand for radiofrequency segment is projected for a CAGR of 10.90% during the forecast period of 2016 to 2024, significantly exceeding the overall growth rate of the market for tumor ablation. This substantial demand for tumor ablation is a reflection of several benefits offered by the procedure, which is efficient, causes nominal damage to the tissues, and offers high-density focused ultrasound.
Based on material, the report segments the global tumor ablation market into cancers of liver, lung, kidney, bone, breast, and prostate. Liver cancer is more common among men than women, and has significant demand, although lung cancer category is high profitable too, primarily as a result of changing lifestyle among the urban population.
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Out of five regions analyzed by the report: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, the former accounted for nearly a third (30%) of the global demand in the tumor ablation market. In the near future, North America will continue to be the most lucrative region, gaining traction from factors such as high adoption rate of new technology, robust healthcare infrastructure, escalating geriatric population percentage, and high prevalence of cancer. Europe is another profitable region, although vastly populated Asia Pacific will turn into a highly profitable region as the technology goes cheaper and reaches widespread unmet demands.
A number of factors are ensuring the prosperity of the global tumor ablation market in the near future, such as growing geriatric population across the world, technological advancements in ablation devices, increasing population base of cancer patients, which is a chronic disease, mushrooming number of hospitals, ablation centers, and surgical facilities across the globe, changing lifestyle, and government benefits for the companies indulging the in the research and development in this field. On the other hand, while cost constraints continue to hinder the proper progress of the market for tumor ablation, ongoing healthcare reforms is not supporting the current inflow of the demand.
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