Tumor ablation procedures have witnessed a significant rise in attention from the field of research in the past few years. The increased awareness regarding the use of ablation procedures as target therapies that remove and destroy only cancerous cells by either freezing or burning them as compared to conventional therapies that also destroy healthy cells during their course of action is key to the increased focus on the field of tumor ablation. The field is currently thriving with several successful trials, many of which have been approved by regulatory bodies such as the Food and Drug Administration (FDA).
The rapid pace of development of ablation technologies in the past few years has had a positive impact on the global demand for tumor ablation procedures. The demand for new treatment methods and technologies for better results and minimum side effects are also adding to the overall growth of the global tumor ablation market.
Companies in the market evolving according to the rising scope of applicability of the global tumor ablation market
The Tumor Ablation Market has witnessed a significant rise in the number of manufacturers in the past few years. The increased number of vendors in the market has significantly increased the level of competition, compelling companies to focus on the development of products with distinguished features and enhanced effectiveness. As a result, a vast rise in R&D funds has been observed of late. A recent instance would be St. Jude Medical, Inc. It is estimated that the company invested around US$676 mn in R&D activities in 2015, a nearly 12% of the company’s overall revenue that year.
Focus on developing and under developed economies, which represent vast untapped growth opportunities owing to the high rate of prevalence of a variety of cancers and a huge gap between demand and availability of effective cancer treatments, has also increased. Companies are focusing on establishing long-term relationship with the contract manufacturing companies across countries such as India, China, and Brazil and are striving to improve distribution channels to be able to directly distribute products to the hospitals, specialty clinics, and other healthcare providers in these countries.
The Regional market is presently the leader in terms of revenue contribution to global market and overall development
Owing to the presence of some of the world’s leading medical devices and technology companies, North America is currently the clear leader in the market for tumor ablation. The region accounted for a massive 34% of the global market in 2015 and is expected to lead to vast growth opportunities for the tumor ablation market in the next few years as well, retaining its top spot throughout the forecast period.
Two factors are chiefly attributed to the dominance of the region:
Easy availability of sophisticated technology and increasing government funding on cancer research.
The region is one of the first ones markets to innovate cancer treatment technologies and the necessary instruments and accessories required for them. The easy availability of necessary products to undertake complex surgeries is one of the key factors boosting the scope of adoption of novel treatment mechanisms on a larger scale. In the U.S., the government allocated funds of more than US$5 bn to the National Cancer Institute (NCI) in 2016, an increase of more than 5.3% as compared to the previous year.