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.
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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.
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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