The market accounted for USD 350 million in 2015 and is estimated to reach USD 406 million in 2016. The market is expected to reach USD 765 million by 2021 and is projected to grow at a CAGR of 13.5 % from 2016 to 2021.
The tumor ablation market is growing at a considerable rate owing to factors such as the increasing incidence of cancer, increasing awareness of ablation procedures, which are better than surgeries for tumors no longer than 3 cm, and increasing demand for minimally invasive cancer procedures. In addition, the rising geriatric population, increase in the number of hospitals, ablation and surgical centers, technological advancement in ablation devices, increase in awareness for personalized drugs, and increase in healthcare expenditure are other factors driving the market growth. However, the strict regulatory process is a restraint to the growth.
The key opportunities for the global tumor ablation market are increasing investment in R&D of novel therapies and considerable support from governments to develop the therapies. The massive untapped markets in the emerging countries are creating a lot of opportunities for the global tumor ablation market. However, the long approval time for product launches is the key challenge faced by the market.
Global Tumor Ablation Market segmentation
The global tumor ablation market is segmented by the type of technology into-
The market is segmented by the mode of treatment into-
The market is segmented by the type of application into-
The market is segmented by geography into North America, Europe, Asia-Pacific, and Rest of the World. Radiofrequency ablation holds a prominent share in its segment due to its high specificity and since it targets the tissue level without damaging the surrounding cells. Based on the mode of treatment, surgical ablation procedures have the largest share due to the increasing prevalence of liver and breast cancers, which require open surgical procedures. In the applications segment, liver cancer accounts for largest share due to the rising incidence of the bile duct and primary liver cancer.
North America Ablation market share – By Technology (2016-2022)
Some of the largest players in the tumor ablation market are: