Global Tumor Ablation Market

Global Tumor Ablation Market Size, Share, Growth Analysis, By Technology(Radiofrequency Ablation, Microwave Ablation), By Treatment(Surgical Ablation, Laparoscopic Ablation), By Application(Kidney Cancer, Liver Cancer) - Industry Forecast 2024-2031

Report ID: SQMIG35A2494 | Region: Global | Published Date: March, 2024
Pages: 219 | Tables: 95 | Figures: 76

Global Tumor Ablation Market Regional Insights

North America led the global market, capturing more than 30.0% of total sales. Government support for great healthcare, high buying power parity, reimbursement availability, and the rising prevalence of cancer are all major reasons driving this region's rise. In the United States, for example, the Patient Protection and Affordable Care Act (PPACA) improves the quality and affordability of health care via health coverage laws that minimize healthcare costs for individuals and the government. Furthermore, the precision medicine effort is a crucial growth factor in developing personalized solutions for diseases with distinct characteristics. As a result, such government activities are expected to strengthen the whole healthcare system, hence stimulating market growth.

Asia Pacific is anticipated to grow at the fastest rate over the forecast duration. The growing presence of large healthcare providers in rapidly emerging countries like China and India opens up new commercial opportunities. Furthermore, with government assistance, healthcare utilization is expanding across Asia Pacific. For example, the Health Minister Cancer Patient Fund (HMCPF) scheme of the Indian government provides financial assistance to destitute cancer patients. Throughout the forecast period, this is projected to fuel demand for tumor removal devices.

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Global Tumor Ablation Market size was valued at USD 1.48 Billion in 2022 and is poised to grow from USD 1.68 Billion in 2023 to USD 4.63 Billion by 2031, by rising at a CAGR 13.5% during the forecast period (2024-2031).

Key companies are increasing their expenditure on R&D to produce minimally invasive and new tumor ablative therapies in order to gain a huge market share. For example, Boston Scientific Corporation got Health Canada certification in 2021 for its advanced freezing system, ICEfxTM. The device has a lower footprint, is portable, and offers a potent alternative to current cryoablation systems. 'Medtronic plc', 'Boston Scientific Corporation', 'Johnson & Johnson (Ethicon, Inc.)', 'AngioDynamics, Inc.', 'EDAP TMS S.A.', 'SonaCare Medical, LLC', 'Merit Medical Systems, Inc.', 'Misonix, Inc.', 'HealthTronics, Inc.', 'Galil Medical Ltd.', 'IceCure Medical Ltd.', 'Monteris Medical, Inc.', 'Perseon Corporation', 'NeuWave Medical (Johnson & Johnson)', 'MedWaves, Inc.', 'Hologic, Inc.', 'Sonacare Inc. (HIFU division)', 'Symple Surgical Inc.', 'BVM Medical Limited', 'Misonix, Inc.'

The rising prevalence of cancer globally, particularly in lung, liver, kidney, and breast cancers, is a major driver for the tumor ablation market. Tumor ablation techniques offer minimally invasive alternatives to surgery for the treatment of localized tumors, providing effective therapeutic options to patients who may not be suitable candidates for surgery.

Technological Advancements: The tumor ablation market is witnessing continuous technological advancements, leading to the development of more advanced and precise ablation techniques. These advancements include the integration of imaging modalities for real-time guidance, the use of robotic systems for improved accuracy, and the development of new energy sources for ablation. These technological advancements enhance the efficacy and safety of tumor ablation procedures.

North America led the global market, capturing more than 30.0% of total sales. Government support for great healthcare, high buying power parity, reimbursement availability, and the rising prevalence of cancer are all major reasons driving this region's rise. In the United States, for example, the Patient Protection and Affordable Care Act (PPACA) improves the quality and affordability of health care via health coverage laws that minimize healthcare costs for individuals and the government. Furthermore, the precision medicine effort is a crucial growth factor in developing personalized solutions for diseases with distinct characteristics. As a result, such government activities are expected to strengthen the whole healthcare system, hence stimulating market growth.

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