What are the Historical Developments and Current Growth Metrics of the Oncology Ablation Market?
The oncology ablation market has seen considerable growth due to a variety of factors.
• The oncology ablation market has expanded rapidly in recent years. It is expected to grow from $1.3 billion in 2024 to $1.46 billion in 2025, with a compound annual growth rate (CAGR) of 12.9%.
The growth is attributed to the increasing prevalence of cancer, preference for minimally invasive techniques, rising healthcare spending, approval of new devices and technologies, enhanced cancer screening, and the growing geriatric population.
What is the Forecasted Market Size and CAGR for the Oncology Ablation Market?
The oncology ablation market is expected to maintain its strong growth trajectory in upcoming years.
• The oncology ablation market is forecasted to grow swiftly, reaching $2.35 billion by 2029 with a CAGR of 12.6%.
Factors contributing to this growth include technological advancements in ablation, wider adoption in emerging economies, increased focus on personalized medicine, greater government support for cancer research, the growing demand for outpatient procedures, and heightened public awareness. Key trends include AI integration, imaging technology advancements, robotic-assisted ablation, enhanced ablation devices, and the use of telemedicine for remote care.
What Key Factors and Trends Are Driving The Growth Oncology Ablation Market?
The growth of the oncology ablation market is set to be driven by the surge in cancer diagnoses. Cancer diagnosis involves detection and confirmation of cancer through procedures such as medical testing, imaging, and tissue sample pathological analysis. The escalation in cancer diagnoses can be attributed to various reasons like aging populations, enhanced screening programs, earlier detection due to increased awareness, and various environmental aspects. Oncology ablation, a technique used for treating tumors identified through cancer diagnoses, offers less invasive methods to obliterate tumors, thus improving patient outcomes. For instance, as reported by the National Cancer Institute in May 2024, the leading agency for cancer research and training under the Federal Government of the US, around 2,001,140 new cancer cases are anticipated in the US in 2024, with prostate, lung, and colorectal cancers accounting for nearly 48% of all diagnoses in males. A predicted increase in the annual new cancer cases to 29.9 million by 2040 underlines an impending significant rise in the incidence of cancer. Additionally, the American Cancer Society, a non-profit cancer awareness organization based in the US, reported around 1.9 million new cancer cases were identified in the US in 2022. Thus, the surge in cancer diagnoses is expected to fuel the growth of the oncology ablation market.
What Are The Market Segments In The Oncology Ablation Market?
The oncology ablation market covered in this report is segmented –
1) By Technology: Radiofrequency Ablation, Microwave Ablation, Cryoablation, Irreversible Electroporation Ablation
2) By Treatment: Surgical Ablation, Laparoscopic Ablation, Percutaneous Ablation
3) By Application: Kidney Cancer, Liver Cancer, Breast Cancer, Lung Cancer, Prostate Cancer
Subsegments:
1) By Radiofrequency Ablation: Monopolar Radiofrequency Ablation, Bipolar Radiofrequency Ablation
2) By Microwave Ablation: Single-Probe Microwave Ablation, Multi-Probe Microwave Ablation
3) By Cryoablation: Cryo-Needle Ablation, Cryo-Generator System Ablation
4) By Irreversible Electroporation Ablation: Transurethral IRE, Transperineal IRE, Percutaneous IRE
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How Are Emerging Trends Reshaping The Dynamics Of The Oncology Ablation Market?
Leading firms in the oncology ablation market are paving the way forward by pioneering innovative offerings like advanced ablation systems offering improved precision. These systems incorporate integrated imaging technologies for real-time guidance and prioritise safety above all. These advanced ablation systems utilize cutting-edge technology to accurately target and destroy abnormal tissue, such as tumors, whilst ensuring minimum harm to the surrounding healthy tissues. For example, in March 2024, Medtronic Plc, a medical equipment manufacturer based in Ireland, received clearance from the US Food and Drug Administration for its OsteoCool 2.0 bone tumor ablation system. This system, specifically designed to treat painful bone metastases and benign tumors, such as osteoid osteoma, has been upgraded with major enhancements. This includes the ability to simultaneously use four internally cooled probes, enabling the ablation of two vertebral bodies at the same time or the creation of larger ablation zones in non-spinal applications.
Who Are the Key Players In The Oncology Ablation Market?
Major companies operating in the oncology ablation market are:
• Medtronic plc
• Siemens Healthineers AG
• Becton Dickinson and Company
• Koninklijke Philips N.V.
• Stryker Corporation
• GE HealthCare Technologies Inc.
• Boston Scientific Corporation
• Edwards Lifesciences Corporation
• Varian Medical Systems Inc
• PENTAX Medical
• Elekta AB
• Merit Medical Systems Inc
• AtriCure Inc
• AngioDynamics Inc.
• EDAP TMS S.A.
• Monteris Medical Inc.
• Misonix Inc.
• MedWaves Inc.
• BSD Medical Corporation
• Cardiva Medical Inc.
What Are The Regional Insights Into The Oncology Ablation Market?
North America was the largest region in the oncology ablation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the oncology ablation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
