The size of the tumor ablation market in Europe was worth USD 0.16 billion in 2022 and is estimated to be growing at a CAGR of 11.6% and worth USD 0.27 billion by 2027.
The demand for tumor ablation is significantly growing in the European region. It is majorly driven by the growing aging population, a significant rise in cancer cases, and government measures to encourage ablation therapy treatment of cancer. In addition, increasing demand for minimally invasive procedures for treating cancer and accelerating awareness of the benefits provided by ablation procedures over traditional surgical procedures are amongst the other factors promoting the market’s growth rate.
Growing investments for research and cancer treatment for new innovative and emerging techniques such as intensity-modulated radiotherapy, photon beam therapy, and clinical trials are expected to favor the European tumor ablation market and provide lucrative growth opportunities globally market for tumor ablation during the forecast period. Besides, the gradually decreasing prices of devices in emerging economies in the region and growing supportive scenario of reimbursement in mature markets are expected to provide renewed growth opportunities to the key market players of the area. Many of the top manufacturers and new market entrants invest heavily in Research & Development activities to create new tumor ablation devices and broaden their current tumor ablation products ' clinical application profile.
However, the lack of medication available, strict regulatory approvals, and high treatment costs are the key factors that impede the growth of the European tumor ablation market. Besides, the ongoing reforms related to healthcare and lack of skilled workers or limited knowledge are other primary factors challenging the tumor ablation market in Europe. On the other hand, ablation treatment-related side effects may impede market growth.
This research report on the European tumor ablation market has been segmented and sub-segmented into the following categories:
Regionally, due to the increasing prevalence of cancer, Europe is the second-largest market for tumor ablation devices globally. The European market was the second largest regional market globally in 2019. The increasing aging population drove a growing number of cancer cases, where 70% of the cancer cases occurred in people aged between 50 years and above. Increasing awareness of the advantages of ablation procedures over traditional surgical procedures boosts the market growth in this region. The second-largest area in Europe leading the Tumour Ablation market is Germany, followed by France and Italy. It is due to the presence of major key players in these regions investing in the market studied.
In Europe, the UK tumor ablation market accounted for a significant share and is predicted to grow at a promising rate during the forecast period. The UK market is predicted to be fuelled by the growing investments towards research and development and the treatment of cancer for new techniques that boost the increase in the European region. In addition, continuously advanced technologies, increasing awareness in the healthcare industry across the globe, accelerate growth over the analysis period.
Followed by the UK, the German tumor ablation market is estimated to register a healthy growth rate during the forecast period owing to the increasing elder people population, integrated with government support to control cancer and the European Cancer Observatory has targeted to create an awareness regarding cancer, early diagnostic techniques and upgraded minimally invasive therapeutic options. The European nations have invested 16.2% of their total expenditure on healthcare during the analysis period. Moreover, increasing demand for advancements in technologies,
Other countries such as France, Italy, and Sweden are expected to have healthy CAGR in the forthcoming years due to early diagnostic techniques, and advanced minimally invasive surgeries; growing healthcare expenditure, and the growing tendency of surgeons and patients, which owes to advantages like speedy recovery, patient recovery is likely to fuel the growth in the European region.
KEY MARKET PLAYERS:
Medtronic Plc., Boston Scientific Corporation, Angiodynamics, Mermaid Medical, HealthTronics, Galil Medical Inc., EDAP TMS S.A., SonaCare Medical, Misonix, Inc., and Neuwave Medical, Inc. are some of the dominating companies in the European tumor ablation market profiled in this report.
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