The tumor ablation market size was valued at $1.3 billion in 2021, and is estimated to reach $4.7 billion by 2031, growing at a CAGR of 13.6% from 2022 to 2031.
North America accounted for a majority of the global tumor ablation market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to the rising prevalence of cancer, the strong presence of key players, an increase in awareness regarding cancer, and an increase in the geriatric population in the region.
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However, Asia-Pacific is anticipated to witness the fastest growth during the forecast period, owing to an increase in the prevalence of different types of cancers, a rise in the geriatric population, an increase in demand for minimally invasive treatment, and a rise in the number of hospitals & clinics.
The COVID-19 pandemic has resulted in a significant decline in demand for the tumor ablation system across the healthcare sector. During COVID-19 pandemic negligible surgeries have taken place due to transport and travel restrictions implemented by the government. This is the major factor for slowed market growth of tumor ablation. However, the market is expected to witness recovery in the forecast period, and show stable growth for the tumor ablation industry in the coming future.
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The global tumor ablation market is a growing market that is driven by several factors, including the rising incidence of cancer, increasing demand for minimally invasive procedures, and advancements in technology.
The global tumor ablation market is segmented by technology, treatment, application, and region. By technology, the market is classified into radiofrequency ablation, microwave ablation, cryo-ablation, irreversible electroporation ablation, and others.
By treatment, the market is classified into surgical ablation, laparoscopic ablation, and percutaneous ablation. By application, the market is classified into kidney cancer, liver cancer, breast cancer, lung cancer, and prostate cancer. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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On the basis of technology, the other segment was the major revenue contributor in 2021, owing to increased specificity while using laser ablation surgery compared to other traditional methods. This segment includes laser ablation technology and high-intensity focused ultrasound technology. The microwave ablation segment is expected to witness lucrative growth during the forecast period, owing to advancements in imaging technology and accuracy to spot specific target cells.
On the basis of application, the liver cancer segment was the highest revenue contributor in 2021, owing to an increase in liver cancer cases and lifestyle changes. However, the kidney cancer segment is expected to exhibit the fastest growth during the forecast period, owing to an increase in the number of kidney cancer cases, reduced physical activities, and excessive smoking and drinking.
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