Oncology Ablation Market Report 2024

The oncology ablation market size has grown rapidly in recent years. It will grow from $1.15 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth during the historic period can be attributed to the increasing prevalence of cancer, a rising preference for minimally invasive ablation techniques, higher healthcare spending, approvals of new ablation devices and technologies, enhanced cancer screening programs, and an expanding geriatric population.

The oncology ablation market size is expected to see rapid growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to ongoing advancements in ablation technology, increasing adoption of ablation techniques in emerging economies, growth in personalized and precision medicine, greater governmental support and funding for cancer research and treatment innovations, rising demand for outpatient procedures, and enhanced public and professional awareness. Major trends in the forecast period include the integration of artificial intelligence (AI), advancements in imaging technologies, robotic-assisted ablation, the introduction of advanced ablation devices with improved efficacy, safety, and user-friendliness, and the utilization of telemedicine for pre- and post-ablation care, enabling remote monitoring and follow-up.

The increasing number of cancer diagnoses is expected to drive the growth of the oncology ablation market. Cancer diagnosis involves identifying and confirming the presence of cancer through medical tests, imaging, and pathological analysis of tissue samples. Several factors contribute to the rising number of cancer diagnoses, including aging populations, improved screening programs, heightened awareness leading to earlier detection, and environmental influences. Oncology ablation treats tumors identified through cancer diagnoses, offering minimally invasive options to destroy tumors and improve patient outcomes. For instance, in May 2024, the National Cancer Institute, the US-based federal government's principal agency for cancer research and training, projected approximately 2,001,140 new cancer cases in the United States for 2024, with prostate, lung, and colorectal cancers comprising about 48% of all diagnoses in men. By 2040, the annual number of new cancer cases is expected to surge to 29.9 million, indicating a significant future increase in cancer incidence. Additionally, the American Cancer Society, a US-based non-profit cancer awareness organization, reported around 1.9 million new cancer cases in the USA in 2022. Therefore, the rising number of cancer diagnoses will propel the oncology ablation market.

Leading companies in the oncology ablation market are developing innovative products such as advanced ablation systems with improved precision, integrated imaging technologies for real-time guidance, and enhanced safety features. These advanced ablation systems use cutting-edge technology to precisely target and destroy abnormal tissue, such as tumors, while minimizing damage to surrounding healthy tissue. For example, in March 2024, Medtronic Plc, an Ireland-based medical equipment manufacturing company, received US Food and Drug Administration approval for the OsteoCool 2 bone tumor ablation system. This system is designed to treat painful bone metastases and benign tumors such as osteoid osteoma. The upgraded system includes significant enhancements, such as the ability to use four internally cooled probes simultaneously, enabling the ablation of two vertebral bodies at once or the creation of larger ablation zones in non-spinal applications.

In August 2022, Imagin Medical Inc., a Canada-based biotechnology company, acquired the enCAGE coil precision ablation system for prostate cancer from TROD Medical NV for $2.5 million. This acquisition supports Imagin's strategy to expand its portfolio in urologic oncology and enhance its capabilities in precision cancer treatment. TROD Medical NV is a Belgium-based medical device manufacturing company specializing in oncology ablation devices.

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.

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.

The countries covered in the oncology ablation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Oncology ablation is a minimally invasive procedure used to destroy cancerous tumors by applying extreme conditions directly to the tumor tissue. This technique aims to reduce or eliminate tumors while preserving surrounding healthy tissue.

The primary technologies in oncology ablation include radiofrequency ablation, microwave ablation, cryoablation, and irreversible electroporation ablation. Radiofrequency ablation is a medical procedure that uses radiofrequency energy to generate heat and destroy abnormal tissue or nerve pathways. Treatments include surgical ablation, laparoscopic ablation, and percutaneous ablation. This technology is used to treat cancers such as kidney cancer, liver cancer, breast cancer, lung cancer, and prostate cancer.

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

The oncology ablation market consists of revenues earned by entities by providing services such as tumor removal, reduction, and management of metastatic cancer lesions. The market value includes the value of related goods sold by the service provider or included within the service offering. The oncology ablation market also includes sales of high-intensity focused ultrasound (HIFU) devices, laser ablation devices, and electromagnetic ablation devices. 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.

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

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


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