Global Tumor Ablation Devices Market - Trends and Forecast to 2025
With the robust development of imaging devices and modalities during past two decades, image guided techniques like tumor ablation has become a powerful tool for definitive treatment of certain benign and malignant tumors of the lungs, liver, kidneys, bone, and soft tissues and for pain palliation. Tumor ablation is one of the minimally invasive procedure used to destroy cancer cells in the chest, lung and liver and other areas of patients’ body. The change in lifestyle and unhealthy eating habits, along with increasing consumption of tobacco and alcohol is the leading cause for growth in number of cancer cases. As per stats released by National Cancer Institute (NCI), around 1,685,210 new cases of cancer were diagnosed in the U.S. in 2016.
The global tumor ablation devices market is valued at US$ 464.18 million in 2017 and is expected to witness a CAGR of 10.2% over the forecast period (2017 – 2025).
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New product launches by manufacturers is a prominent factor fueling market growth
Increasing prevalence of various cancer globally rising the demand of treatment through ablation procedure due to its lesser/minimal side effect rates over other procedures intended to boost the tumor ablation devices market. According to the World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality across the world, with approximately 14 million new cases reported worldwide in 2012.
Tumor Ablation devices market is focused towards the benign tumors and early forms of malignant tumors treatment that can be removed with the help of minimally invasive surgical methods. According to the World Health Organization (WHO) data 2012, 30-50% deaths caused due to cancer can be prevented by adequate treatment in early stages and can drastically reduce risk factors. Companies in tumor ablation devices market are focusing towards enhancing its strength through new product launches within shorter product approval time than required, merger & acquisition to enhance their product portfolio and increase the visibility of the market over the forecast period.
For instance, in 2016, Ethicon (A Johnson & Johnson (J&J) company) acquired NeuWave Medical Inc., a medical device company, which manufactures and markets minimally invasive soft tissue microwave ablation systems. These acquisition will help J&J to expand its product portfolio in the ablation devices market. On the contrary, the high costs associated with the devices mainly cryoablation devices are usually unaffordable to middle class and low income population. This high cost incurred with these devices acts as a hindrance for the global market growth. However, these devices has few advantages over open surgeries. Firstly, the cost incurred by these surgical procedures are relatively less than that open surgical procedures. Secondly, these devices are of great convenience when it comes to pain reduction, accuracy and efficiency.
Emerging economies to fuel the market growth
On the basis of regional segmentation, the global tumor ablation devices market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to account for the largest share followed by Europe and Asia Pacific. Tumor ablation devices market in North America is driven by factors, such as trend of replacing older technologies and introducing the new technologies, and increase in private and public funding to develop and commercialize the novel tumor ablation products. For instance, in 2016, EDAP TMS has made high-intensity focused ultrasound (HIFU) systems, robotic device that allows for the safe ablation of prostate tissue, available in the prestigious institutions such as USC in Los Angeles, University of Miami, Duke University, the Cleveland Clinic, thus building awareness, allowing global adoption of the technology with rapid U.S. market penetration.
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The market is also expected to gain significant traction in emerging economies of Asia Pacific, due to projected spurt in number of cancer cases detected in the region and the implementation of government initiatives to build healthcare infrastructure. For instance, the government of China in 2016 had spent around US$ 371 billion on healthcare reforms and US$ 100 billion in providing insurance to the citizens, improving the infrastructure of public hospitals and community healthcare facilities. The growing awareness of diagnostic procedures and treatment options for certain cancers has created tremendous opportunities for the growth of vendors in the market.
The key players operating in the global market of tumor ablation devices include Boston Scientific Corporation, Medtronic Plc, Intuitive Surgical, Inc., Johnson & Johnson, Smith & Nephew Plc., Angiodynamics, HealthTronics, Inc, SonaCare Medical, LLC., Galil Medical Inc., EDAP TMS S.A., Abbott Laboratories, NuVasive, Inc, Alpinion Medical Systems Co., Ltd.
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