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Kenneth Research, in its repository of market research reports, have recently added a report on Laparoscopic Tumor Ablation Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022 2031. The Laparoscopic Tumor Ablation Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Laparoscopic Tumor Ablation Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Laparoscopic Tumor Ablation Market: Introduction
Laparoscopic tumor ablation is a laparoscopic process of removing tumors in human organs such as liver, bone, kidney and lungs. This treatment is minimally invasive, and requires thermal energy to cool tissues as per the requirement during the surgeries. The ablation can be done by various treatment methods such as RF, chemical, microwave, etc.
Market Dynamics
Increasing cancer cases across the world is the key factor significantly contributing to the growth of laparoscopic tumor ablation market. According to the estimates by World Health Organization (WHO), around 13% of the entire global population have the chance to suffer from cancer every year. Moreover, there is a rise of over 70.0% in cancer cases in the next few years.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Moreover, there are more than 100 cancer types which require laparoscopic tumor ablation treatments. This factor is majorly anticipated to boost the laparoscopic tumor ablation market over the projected period.
Extensive adoption of minimally invasive technologies for the tumor removal treatments will further boost the market globally over the coming years. Increasing geriatric population is another factor which is acting as one of the other significant factors which helps the market to grow in the coming years. The market might be restrained by the stringent regulations regarding the treatment, and also about the need for treatment approvals.
By Technology Type
By technology type, the global laparoscopic tumor ablation market has been segmented into radiofrequency (RF) ablation, microwave ablation, cryotherapy, chemical ablation, and others which include HIFU, laser ablatio, etc. Among all types of technologies, the radiofrequency technology for laparoscopic tumor ablation is expected to hold a substantial market share over the projected period.
This technology is highly prominent in removing solid tumors in human organs such as orthopedic. The dominant market share can be further attributed towards the rising usage in solid tumor excision technologies. Additionally, high efficiency and specificity of radiofrequency laparoscopic tumor ablation technology is further anticipated to grow over the projected period.
By Application
By application, the laparoscopic tumor ablation market has been segmented into liver, lung, orthopedic, and others, which include kidney, ENT, etc. Laparoscopic tumor ablation market for liver application is predicted to account for the prime market share over the forecast period. This is majorly attributed by the increasing prevalence of liver cancer cases among males over females.
Laparoscopic tumor ablation market for lung application is anticipated to grow at the highest CAGR over the forecast period. Increasing lung cancer incidences is predicted to propel the market over the upcoming years. Lung cancer treatment prominently requires radiofrequency laparoscopic tumor ablation, for the destruction of tumor cells by the generation of heat. In 2018, 234,030 new cases of lung cancer are identified, out of which 154,050 deaths are registered, according to American Cancer Society.
By Region
North America laparoscopic tumor ablation market is predicted to emerge as the dominating region with a prime market share over the forecast period. Increasing government support for the development of quality healthcare facilities, coupled with flexible healthcare reimbursement policies, and increasing cancer cases in this region will primarily drive the regional market.
For instance, some U.S. state governments such as Massachusetts mandated the purchase of health insurance policies, and also provided subsidized health insurance schemes for people in the low-income levels.
The prime market share is majorly attributed by the U.S. region, as the Patient Protection and Affordable Care Act (PPACA), is significantly promoting quality and also making the health insurances affordable to all people, which helps to reduce the healthcare costs.
Asia Pacific laparoscopic tumor ablation market is expected to witness a rewarding growth over the projected period majorly due to the rising prevalence of several cancer types, along with increasing geriatric population in this region. Moreover, rising demand of minimally invasive surgeries, and favorable steps taken by various governing bodies of China, Japan, India, South Korea, and Australia for modernizing the healthcare infrastructure will significantly favor the regional market growth over the projected period.
Competitive Landscape
Some of the prominent players in the global laparoscopic tumor ablation market include Angiodynamics, Inc., Boston Scientific Corporation, Galil Medical, Inc., EDAP TMS S.A., Healthtronics, Inc., Medtronic, Plc, Mermaid Medical, Inc., Mesonix, Inc., Neuwave Medical, Inc. and Sonacare Medical, LLC among several others.
Many key players in this market are focusing more on launching new product, and also working towards the enhancement of product efficiency. To meet the growing requirements and expectations, these players are adopting various strategies to improve their respective positions in the global laparoscopic tumor ablation market.
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For instance, in October 2015, Galil Medical Inc. launched a new variant of cryoablation needles, IceFORCE 2.1CX and IcePearl 2.1 CX, which further helped the company to expand its product portfolio.
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