Chicago, June 14, 2024 (GLOBE NEWSWIRE) -- Discover the lucrative potential of the global tumor ablation market projected to soar from $0.8 billion in 2024 to an impressive $1.4 billion by 2029, boasting a robust CAGR of 10.0%. Delve into our comprehensive analysis packed with insights on emerging trends, meticulous pricing dynamics, patent scrutiny, and key industry events. This research showcases the pivotal role of tumor ablation in enhancing cancer treatment outcomes and driving advancements in minimally invasive therapeutic technologies. Uncover the driving forces behind this growth trajectory, including the rising incidence of cancer and advancements in probe/electrode technology, as well as the increasing demand for precise and minimally invasive ablation procedures. Navigate challenges posed by the high costs of ablation systems and the preference for refurbished systems in emerging markets. Despite these obstacles, capitalize on the rising healthcare expenditure in emerging economies, presenting lucrative opportunities for market expansion. Stay ahead in this dynamic landscape through strategic collaborations and innovative solutions ensuring sustained growth and advancement in tumor ablation technologies.
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Tumor Ablation Market Driven by Rising Cancer Incidence and Aging Population
The surge in the global cancer patient population propels the tumor ablation market forward, with tumor ablation technologies playing a crucial role in treating various cancers such as lung, liver, prostate, bone, and kidney cancer. According to WHO, cancer was the leading cause of death globally in 2020, accounting for approximately 10 million deaths. Emerging economies in Asia, Africa, and Oceania reported 55% of the 18.1 million cancer cases diagnosed. This continuous rise in cancer incidence is expected to significantly increase the demand for tumor ablation procedures during the forecast period.
High Costs and Economic Constraints as Market Restraints
The high cost of tumor ablation systems remains a significant barrier to market adoption, particularly in emerging economies. Premium product pricing hinders widespread use in smaller healthcare facilities, which rely heavily on third-party payers for reimbursement. The prohibitive costs of equipment make it challenging for many hospitals in these regions to invest in advanced tumor ablation technologies, leading to hesitation among smaller end-users.
Opportunity Arises with Increasing Healthcare Expenditure
Emerging economies such as China, India, Brazil, and Mexico present lucrative opportunities for the tumor ablation market. These regions, home to over 50% of the global cancer population, are experiencing a rise in healthcare expenditure and government initiatives aimed at providing advanced healthcare services. Improved reimbursement coverage and increasing public demand for affordable healthcare are expected to drive the adoption of tumor ablation systems in these developing countries.
Challenge: Rising Adoption of Refurbished Tumor Ablation Systems
The adoption of refurbished tumor ablation systems poses a challenge for market growth, especially in developing countries where cost-effective solutions are sought. Refurbished systems, available at a fraction of the cost of new equipment, offer similar functionality, leading to increased preference among small-scale end users. This trend impacts the sales of new equipment and presents a challenge for manufacturers.
Navigating the Tumor Ablation Market Ecosystem
The intricate tumor ablation market ecosystem encompasses diverse stakeholders, technologies, and processes. This includes technology providers, equipment manufacturers, software developers, regulatory bodies, ethical committees, funding agencies, and healthcare institutions.
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By Technology: Radiofrequency Ablation Leads
Based on technology, the market is segmented into radiofrequency ablation, microwave ablation, high-intensity focused ultrasound (HIFU), cryoablation, and other technologies. In 2023, the radiofrequency ablation segment accounted for the largest market share due to rising awareness of proactive health measures and the expansion of market players.
By Product Type: Generators Segment to Register Significant Growth
The market is segmented into generators, probes, and electrodes. The generators segment accounted for the largest market share in 2023, driven by the demand for minimally invasive procedures and favorable regulatory scenarios.
By Mode of Treatment: Laparoscopic Ablation to Witness Higher CAGR
The market is segmented into laparoscopic ablation, surgical ablation, and percutaneous ablation. Laparoscopic ablation is expected to register a higher CAGR due to its benefits such as reduced pain, greater visibility, quick recovery, and shorter hospital stays.
By Application: Liver Cancer Segment Dominates
The market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other applications. The liver cancer segment held the largest market share in 2023 and is expected to grow significantly from 2024 to 2029, driven by the adoption of image-guided therapies and funding for cancer research.
By End User: Hospitals and Clinic Centers Lead
The market is segmented by end users into hospitals and clinics, cancer care centers, and others. Hospitals and clinics held the largest market share, while cancer care centers are expected to grow at the highest CAGR due to the rise in cancer diagnostic procedures and the benefits of early-stage cancer treatment.
North America Dominates Tumor Ablation Market by Region
North America, particularly the US and Canada, is expected to lead the tumor ablation market by 2029, attributed to technological leadership, robust healthcare infrastructure, favorable insurance coverage, and strategic research collaborations.
Key Stakeholders Shaping the Tumor Ablation Market
Prominent players in the market include Johnson & Johnson MedTech (US), Medtronic Plc (Ireland), Stryker Corporation (US), Varian Medical Systems, Inc. (US), Olympus (Japan), AngioDynamics, Inc. (US), Boston Scientific Corporation (US), IceCure Medical Ltd. (Israel), and Bioventus Inc. (US). These companies are continually enhancing tumor ablation technologies to meet the evolving needs of healthcare providers and patients.
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