Tumor Ablation Therapy Devices Global Market Report 2023

Rhea-AI Summary

The tumor ablation therapy devices market is projected to grow from $0.49 billion in 2021 to $0.97 billion by 2026, with a CAGR of 15%. Factors such as the increasing prevalence of cancer drive market growth, as cancer is responsible for 1 in 6 deaths globally. Major market players include EDAP TMS S.A., Medtronic, and Boston Scientific, focusing on technological advancements. However, product recalls due to safety concerns pose a challenge. North America leads the market, followed by Asia Pacific, indicating strong regional demand.

Positive

• Projected market growth from $0.49 billion in 2021 to $0.97 billion by 2026 at a CAGR of 15%
• Increasing prevalence of cancer supports market expansion
• Major companies are focusing on technological advancements to improve safety and efficacy

Negative

• Product recalls due to safety concerns impacting market growth

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- Major players in the tumor ablation therapy devices market are Galil Medical Inc, Misonix Inc, HealthTronics, Angiodynamics, Boston Scientific Corporation, Medtronic Plc, EDAP TMS S.A, Neuwave Medical Inc, BVM Medical Limited, and Erbe Elektromedizin GmbH.

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The global tumor ablation therapy devices market is expected to grow from $0.49 billion in 2021 to $0.56 billion in 2022 at a compound annual growth rate (CAGR) of 14.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The tumor ablation therapy devices market is expected to grow to $0.97 billion in 2026 at a CAGR of 15%.

The tumor ablation therapy devices market consists of sales of radiofrequency ablation, microwave ablation, cryoablation, irreversible electroporation ablation, and others that are used for tumor ablation therapies.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Tumor ablation therapy devices are minimally invasive devices used in the treatment of tumors, commonly of kidney, liver and lung.

North America was the largest region in the tumor ablation therapy devices market in 2022.Asia Pacific was the second largest region in the tumor ablation therapy devices market.

The regions covered in the tumor ablation therapy devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main technologies in the tumor ablation therapy devices are radiofrequency ablation, microwave ablation, cryoablation, irreversible electroporation ablation, and others.Irreversible electroporation (IRE) in tumor ablation therapy is a new tissue ablation method in which micro to millisecond electrical pulses are supplied to undesirable tissue to produce cell necrosis by irreversible cell membrane permeabilization.

The treatments included are surgical, laparoscopic, and percutaneous that are used in various applications such as kidney cancer, liver cancer, breast cancer, lung cancer, prostate cancer, and others. The various end-users of tumor ablation therapy devices are hospitals, oncology clinics, and others.

The increasing prevalence of cancer is a key factor driving the growth of the tumor ablation therapy devices market.Cancer is considered to be the second major cause of death, with around 1 in 6 deaths due to cancer worldwide.

Tumor ablation is a minimally invasive procedure widely used in the treatment of lung, liver, kidney, and bone tumors. For instance, in 2020, according to the American Institute of cancer research, there were an estimated 18.1 million cancer cases around the world. It was estimated that 9.3 million cases were in men and 8.8 million in women. Among them, lung and breast cancers are the most common cancers in the world, and about 12.5% and 12.2% of the new cases are diagnosed in 2020. The procedure is an effective method for patients who have failed chemotherapy or radiotherapy, thereby supporting the growth of the tumor ablation therapy devices market.

Product recalls of tumor ablation devices due to technical issues are expected to hinder the growth of the tumor ablation therapy devices market.The companies are retrieving their products from the market due to safety concerns.

For instance, COVIDien Emprint Long Percutaneous Antenna with Thermosphere Technology, a tumor ablation device from Medtronic had recalled its devices due to the disengagement of ceramic trocar tip of the Emprint ablation from the needle shaft post-ablation.Similarly, in June 2018, Accurian RF Ablation by Medtronic Sofamor Danek USA Inc was recalled due to the difficulty in insertion.

The product recalls caused a financial burden on the companies hindering the tumor ablation therapy devices market.

Major companies operating in the tumor ablation therapy devices are focusing on technology advancements for shorter procedures, increased safety, lower exposure to radiation, faster learning curves, and improved outcomes J&J medicals have released a microwave ablation system called NEUWAVE, which is the first minimally invasive device to put electrodes into cancer cells and thereby increase the temperature around them for burning the cancer cells. In June 2020, Boston Scientific has launched a technology called DirectSense technology, a tool used for monitoring the effect of radiofrequency (RF) now for cardiac procedures, which may be further employed for tumors.

In August 2022, Imagin Medical, a Canada-based urologic oncology company acquired enCAGE Coil™ Precision Ablation System for Prostate Cancer from TROD Medical NV for $2.5m. The acquisition would strengthen Imagin's position as a urologic oncology company and expand its portfolio in the field of prostate cancer. TROD Medical NV is a Belgium-based medical device company.

The countries covered in the tumor ablation therapy devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The tumor ablation therapy devices market research report is one of a series of new reports that provides tumor ablation therapy devices market statistics, including tumor ablation therapy devices industry global market size, regional shares, competitors with a tumor ablation therapy devices market share, detailed tumor ablation therapy devices market segments, market trends and opportunities, and any further data you may need to thrive in the tumor ablation therapy devices industry. This tumor ablation therapy devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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FAQ

What is the projected market size of tumor ablation therapy devices by 2026?

The tumor ablation therapy devices market is expected to reach $0.97 billion by 2026.

What factors are driving the growth of the tumor ablation therapy devices market?

The increasing prevalence of cancer and technological advancements in devices are key factors driving market growth.

Which company is listed with the stock symbol EDAP in the tumor ablation therapy market?

EDAP TMS S.A. is a major player in the tumor ablation therapy devices market.

What challenges does the tumor ablation therapy devices market face?

Product recalls due to safety concerns pose a significant challenge to the market's growth.

What region leads in the tumor ablation therapy devices market?

North America was the largest region in the tumor ablation therapy devices market in 2022.