The global tumor ablation market size is anticipated to reach around USD 3.2 bn by 2026, with registered CAGR of 12.1% during the forecast period 2019 to 2026.
The market is driven by growing occurrence of cancer among patients is expected to drive tumor ablation market growth across the global.
Rising occurrence of cancer is the main parameter driving to market development. Based on data published on the (WHO) World Health Organization, around 13.0% of the global populace hurt from cancer. Also, a 70.0% increase is anticipated in the disease occurrence during the forthcoming years.
Consequently, more than 100 cancer types need tumor ablation, thus increasing market development. Technological progressions in the field of thermal ablation technologies is expected to drive the market development. Rising geriatric populace is also probable to improvement market development.
Growing cases of cancer across the world is the key development-boosting factor for this industry. Around 14.0% of the populace suffers from cancer each year, according to the statistics by the (WHO) World Health Organization.
Need for slightly invasive processes owing to the advantages, for instance, speedy recovery, less trauma, along with technical progressions in the field of thermal ablation is also expected to increase market development. Such are instance, usage of cooled radiofrequency denervation method - a process, which usages radiofrequency thermal energy to ablate sensory nerve fibers of the sacroiliac joint - with internally cooled radiofrequency probes to increase the lesion size.
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Market By Geography
North America captures the major market share in 2018 accounting for over 34.6% of its share and is projected to continue its dominance during the forthcoming. Main parameter contributing to development of this region comprise government support for high purchasing power parity, quality healthcare, availability of reimbursement, and growing occurrence of cancers in Canada and U.S.
Such as, in U.S., the (PPACA) Patient Protection and Affordable Care Act, also called as ObamaCare, encourages quality and affordability of health insurance and decreases the cost of healthcare for individuals and government. Government initiatives, for instance, Precision Medicine Initiative formulating tailored tactics on unique features of diseases, are aiding in improving the overall healthcare system, therefore increasing market development.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with the Misonix, Inc., Covidien PLC, Boston Scientific Corporation, Angiodynamics, HealthTronics, EDAP TMS S.A., SonaCare Medical, Galil Medical, Inc., Medtronic Plc., and Neuwave Medical, Inc.
The tumor ablation market growth is driven by growing occurrence of cancer among patients.
According to Acumen Research and Consulting, the tumor ablation market value is anticipated to be worth around US$ 3.2 billion in 2026.
The tumor ablation market is anticipated to grow over 12.1% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for tumor ablation market.
Which are the major players operating in the tumor ablation market?
What is the geographically segments of tumor ablation market?