North America tumor ablation market share, by technology, 2015-2022 (USD Million)
- Microwave ablation technology is expected to be the fastest growing segment over the forecast period at a CAGR of over 15.0%. Reduction in the procedure time and low cost for treatment are some of the attributes favoring growth.
- In terms of treatment, surgical ablation is predicted to form the largest market by 2022 with about 35.0% share. Liver and lung cancer ablation require surgical procedures, and since these form the largest and fastest growing segments, they concomitantly propel surgical ablation growth.
- Lung cancer forms the most lucrative market and is anticipated to be the fastest growing segment over the forecast period. By 2022, it is expected to contribute about 15.0% of the revenue share owing to its rising prevalence rate across the globe.
- According to market forecast for 2022, North America is expected to dominate the market and Asia Pacific is anticipated to witness the fastest growth. Augmenting growth in the cancer prevalence and rising healthcare expenditure in regions such as China, Korea, and India are factors responsible for this rapid growth.
- Major players of the market include HealthTronics, Galil Medical Inc., Angiodynamics, Medtronic Plc. (Covidien), Boston Scientific Corporation, SonaCare Medical, Misonix Inc., EDAP TMS S.A., and Neuwave Medical Inc. To retain market leadership, players such as Medtronic are working towards acquiring other companies and expanding their portfolio. For instance, in January 2016, Medtronic acquired the OsteoCool RF Ablation System from Baylis Medical.