The global tumor ablation market reached a value of US$ 538.7 Million in 2018. Tumor ablation refers to a minimally invasive (MI) technique that is conducted to treat tumors of the kidney, liver, bones and lungs. The ablation system consists of a generator and a needlelike device that delivers the heat directly to the target cells to cause acute cellular necrosis. The procedure destroys benign tumors by inserting a probe and heating it to 100-degree Celsius under Precise Computer Tomography, without extracting them from the body. It can be conducted through Microwave Ablation, Radiofrequency Ablation, Cryoablation, etc. It provides increased accuracy and covers a larger treatment area, along with minimal pain and risk to the patient upon repeated administrations.
The increasing prevalence of cancer is one of the key factors driving the growth of the market. Furthermore, owing to benefits such as the lesser amount of trauma, speedy recovery, reduced complications and shorter hospital stay, MI procedures are gaining widespread preference, which, in turn, is driving the market growth. Also, various technological advancements such as the introduction of thermal and laser ablation, irreversible electroporation and High-Intensity Focused Ultrasound (HIFU) have enhanced the acceptance of tumor ablation procedures. Moreover, the implementation of favorable government policies for cancer awareness and treatment methods is also creating a positive outlook for the market. Other factors driving the market include growing healthcare expenditures and rising geriatric population, along with the increasing number of ablation and surgical centers and awareness for ablation procedures that can be conducted over small tumors. Looking forward, IMARC Group expects the market to reach a value of US$ 1,080 Million by 2024, registering a CAGR of around 12% during 2019-2024.
The report has also analysed the competitive landscape of the market with some of the key players being Medtronic, AngioDynamics Inc., HealthTronics Inc., NeuWave Medical, INTIO Inc., Galil Medical Ltd., Boston Scientific, Sonacare Medical, EDAP TMS S.A., ERBE Elektromedizin GmbH, IceCure Medical Ltd., MISONIX Inc., Endocare Inc., CooperSurgical Inc., B V M Meditech Pvt., etc.
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