USD 1.15 billion
Report ID: SQSG35B2038 | Region: Global | Published Date: November, 2022 | Pages: 225 | Tables: 93 | Figures: 67
Oncology Ablation Market was valued at USD 1.15 billion in 2021, and it is expected to reach a value of USD 2.81 billion by 2028, at a CAGR of 13.6% over the forecast period (2022-2028).
Growing need for safer therapeutic choices and rising incidence of cancer are two key drivers of the market expansion. In low-income nations, the number of new cancer cases is anticipated to rise by more than 80%, compared to a rate of 41% in high-income nations. The market is anticipated to increase substantially in the forecast period due to the therapeutic choices that are currently available and the rising demand for minimally invasive and non-invasive treatments.
The demand for advanced tumour ablation techniques is anticipated to increase throughout the forecast period as surgeons and patients become more inclined toward minimally invasive procedures due to the advantages of quick recovery, patient comfort, and shorter recovery times. Comparing advanced tumour ablation procedures to conventional therapies, advanced tumour ablation operations are typically conducted on an outpatient basis and do not require any hospital admission, considerably lowering the overall cost of healthcare. The preferred treatment for tumours of lesser sizes is ablative surgery. As a result, the volume of its procedures is indirectly influenced by the yearly cancer screening rates.
US Oncology Ablation Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.15 billion
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Global Oncology Ablation Market is segmented based on the technology, treatment, application and region. Based on the technology, the Global Oncology Ablation Market is segmented into Radiofrequency Ablation, Microwave Ablation, Cryoablation, Irreversible Electroporation Ablation. Based on the treatment, the market has been segmented into Surgical Ablation, Laparoscopic Ablation, Percutaneous Ablation. Based on the application, the market has been segmented into Kidney Cancer, Liver Cancer, Breast Cancer, Lung Cancer, Prostate Cancer. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Oncology Ablation Market Analysis by Treatment
The surgical ablation segment is dominated the market and held the largest revenue share of over 35.2% in 2021. The reasons expected to drive the market growth include rising rates of breast and liver cancer as well as the lack of sophisticated tumour ablation treatments for these specific organs.
The percutaneous ablation segment is fastest growing segment and anticipated to increase during the forecast period. Faster healing, little scarring, and better safety are all benefits of these procedures. Additionally, it is projected that features such a short recovery period after surgery, patient comfort, and cost effectiveness would further increase segment demand. However, it is anticipated that the system’s increased complexities may restrain its expansion, particularly in institutions with a shortage of qualified personnel.
Oncology Ablation Market Analysis by Application
Liver cancer dominated the market with a revenue share of over 20.2% in 2021. This is attributed by the increasing prevalence of primary liver cancer and bile duct cancer. The increasing demand for cure liver cancer at earliest stage are influenced the market growth. Ablation method is recommended for small, localized liver tumors as it is recommended that the area treated with radiofrequency ablation should be 2 centimeters or less.
Renal or kidney cancer is fastest growing segment and lucrative growth of CAGR during the forecast period. Treatment for kidney tumours using radiofrequency and microwave ablation technology is effective. Patients with solitary kidneys, tumours smaller than 4 cm, and a delayed pace of post-operative recovery are candidates for kidney tumour ablation.
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North America dominated the global market with a revenue share of over 30.1% in 2021. Government support for high-quality healthcare, high purchasing power parity, the availability of reimbursements, and the rising incidence of cancer are some of the main drivers of this region’s growth. The Patient Protection and Affordable Care Act (PPACA), for instance, lowers the cost of healthcare for both individuals and the government in the United States by promoting the quality and accessibility of healthcare through health coverage policies. Another important growing component is the precision medicine project, which develops personalised solutions for particular illness characteristics. Therefore, it is projected that such government initiatives will enhance the healthcare system as a whole, thereby spurring market growth.
Asia Pacific is fastest growing region and expected to register the highest CAGR during the forecast period. Growth prospects are created by the rising number of patients and significant healthcare providers in quickly emerging nations like China and India. Throughout addition, healthcare utilisation in Asia and the Pacific is rising thanks to government support. For instance, the Health Minister Cancer Patient Fund (HMCPF) programme of the Indian government offers financial aid to underprivileged cancer patients. Over the projection period, this is expected to increase demand for tumour ablation devices in this area.
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Oncology Ablation Market Driver
The demand for advanced tumour ablation techniques is anticipated to increase throughout the forecast period as surgeons and patients become more inclined toward minimally invasive procedures due to the advantages of quick recovery, patient comfort, and shorter recovery times.
Oncology Ablation Market Restraint
For many solid organ cancers, tumour ablation therapy is becoming a more realistic treatment option. Complexities could increase along with the number of processes. Blood loss and wounds to the target organ are the most frequent side effects of ablation. These side effects are categorized as per their related threat. Side effects linked with these operations can hinder the market growth.
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Global Oncology Ablation Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Oncology Ablation Market Top Player's Company Profiles
Oncology Ablation Market Recent Developments
Market player are focusing on technological advancements to improve accuracy, portability, and cost-effectiveness. HIFU, cryoablation, and image-guided equipment are three prominent examples of these technological developments. One of the upcoming approaches that is projected to significantly contribute to market growth is the use of the cooled radiofrequency denervation technique with internally cooled radiofrequency probes to increase the size of the lesion. This procedure makes it possible to completely denervate the sacroiliac joint, which aids in the treatment of pain.
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According to our Global Oncology Ablation Market analysis, North America is expected to capture higher market share, the growth of the region is attributed to the availability of reimbursements, and the rising incidence of cancer. US has emerged as a significant contributor to market growth in North America. In terms of treatment, the surgical ablation segment dominates the marine hybrid propulsion market. This segment's leading position can be attributed to its rising rates of breast and liver cancer as well as the lack of sophisticated tumour ablation treatments for these specific organs. In terms of application, the liver cancer application led the market and is predicted to grow at the fastest rate.
|Market size value in 2021||USD 1.15 billion|
|Market size value in 2028||USD 2.81 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Oncology Ablation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Oncology Ablation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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