The global Tumor Ablation market was valued at USD 973.4 million in 2018 and is expected to reach USD 2.30 billion by year 2026, at a CAGR of 11.2 %. The study covers Tumor Ablation therapy uses some form of energy like radiofrequency, heat, electricity or cold to destroy and remove a tumor. Tumor ablation has primarily been used for the treatment of esophageal squamous cell dysplasia, gastric antral vascular ectasia, radiation proctopathy, cholangiocarcinoma, and pancreatic neoplasia. Ablation is preferred over other methods of treatment such as conventional surgery due to multiple advantages like no skin incision minimal risk to patient, little to no pain inflicted and a short duration of hospital stay. The increasing economic impact of cancer which shows increased prevalence of cancer among the population which increases the demand for the cancer treatment. In the year 2016 US the annual cost for cancer was USD 80.2 billion of which 38% cost was estimated due to inpatient hospital stays which can be reduced to quite good extent as the tumor ablation demands short duration of hospital stay.
Rising prevalence of target diseases such as lung and liver cancer due to various reasons such as unhealthy living styles and hereditary factor, unmet needs of patients demanding drug developments, increased focus of pharmaceutical companies on development of easier methods of testing and monitoring, entry of various players, private investment and governmental funding, and favorable regulatory scenario, increasing demand for less to no pain treatments are some of the key factors driving the market growth in the industry. New technological innovation of surgical technology taking place such as development in existing radio frequency ablation system now with multi electrode radio frequency system which produces radiofrequency using multi channels. However, the Tumor Ablation market is hampered by slow rate of commercialization, high costs involved in research and development, reluctance toward the adoption of new treatment practices and government regulations that require long certification and approval cycles.
Top Companies Profiled in the Report Include:
Galil Medical, Inc.; Misonix, Inc.; HealthTronics; Boston Scientific Corporation; Medtronic Plc; SonaCare Medical; EDAP TMS S.A.; and Neuwave Medical, Inc.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Tumor Ablation market in these key regions.