The global Tumor Ablation Market size is estimated to reach USD 2.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.2% from 2021 to 2028. The increasing incidence of cancer and high demand for effective treatment options are the major factors driving the market growth. According to Cancer Research U.K., the incidence rate of cancer is expected to grow by 62.0% from 2018 to 2040. Lung, breast, bowel, and prostate are the most common sites reported with cancer in 2018.
Increasing inclination towards minimally invasive procedures owing to benefits such as speedy recovery, patient comfort, and shorter turnaround time are the factors expected to foster the demand for advanced tumor ablation techniques during the forecast period. Integration of tumor ablation devices with efficient interventional imaging modalities such as ultrasound, MRI, and CT is anticipated to revolutionize ablation procedures performed in outpatient settings. This is expected to significantly eliminate the cost to the patient including hospital stays.
Supportive government initiatives such as screening programs, awareness campaigns, and cancer schemes for various cancer types are expected to increase the number of diagnosed cases. For instance, in 2019, the National Health Scheme (NHS) started offering lung cancer screening programs in some areas of England. Such initiatives are anticipated to escalate the need for cancer management in the early cancer stages, thereby driving the market.
The rising demand for advanced medical technologies coupled with improving financing capabilities of healthcare facilities is expected to increase the demand for medical devices being used for the treatment of tumors, during the forecast period. For instance, Maimonides Medical Centre, New York announced the purchase of advanced High Intensity Focused Ultrasound (HIFU) ablation device (Focal One by EDAP TMS SA) in 2019, becoming the second hospital in the U.S. to be equipped with HIFU technology.
Related Press Release @ Tumor Ablation Market Report
Tumor Ablation Market Report Highlights
- Radiofrequency dominated the technology segment and accounted for the largest revenue share of 35.5% in 2020 owing to prominent application in solid tumor removal
- Percutaneous procedures are expected to witness lucrative growth over the forecast period due to rising demand for minimally invasive procedures offering faster recovery and higher safety
- The lung cancer segment is anticipated to witness the fastest growth over the forecast period
- A sedentary lifestyle, increasing incidences of smoking, and rising air pollution are the factors contributing to the growing prevalence of lung cancer
- North America dominated the market owing to factors such as the increasing prevalence of cancer, high purchasing power parity, government support for quality healthcare, and availability of reimbursement