The size of the Latin American tumor ablation market is estimated to be worth USD 0.08 billion by 2027 from USD 0.05 Billion in 2022, growing at a CAGR of 12.9% from 2022 to 2027.
The growing cancer patient population in Latin America drives the growth of the Latin American tumor ablation market. The Latin America region reports nearly 1.5 million new cancer cases annually. Cancer is caused by the growth of abnormal cells that form tumors, some of which may spread to other parts of the body and damage normal tissues. Changes in genes, lifestyle habits, alcohol and tobacco consumption, and exposure to harmful gases contribute to tumor occurrence. Various cancer treatments are available, with ablation and surgery being the most commonly used in the region.
The rising adoption of minimal invasion techniques propels the growth of the tumor ablation market in the Latin American region. Tumour ablation is a minimally invasive surgery and is widely used for treating liver, kidney, bone, and lung tumors. The ablation can be performed using radiofrequency, microwave, laser, ultrasound, and cryoablation methods. A generator and a needle-like device are used to deliver energy directly to the targeted tissue, killing abnormal cells. Thermal energy is applied during the ablation process to heat or cool tissue to cytotoxic levels, resulting in the shrinkage or destruction of the tumor. Tumour ablation is primarily utilized for treating solid tumors.
Technological advancements in tumor ablation procedures, high cancer mortality rate emphasizes the need for improved treatment options like tumor ablation and rising awareness among patients and healthcare providers supports the market's growth in the Latin American region. Favorable government initiatives and investments in healthcare infrastructure, the focus of the global key market players, increasing investments from private and public healthcare organizations and growing demand for minimally invasive treatments fuels the tumor ablation market growth in Latin America.
The side effects associated with the tumor ablation techniques such as infection at the injection site, organ damage, bleeding and tumor implantation hamper the Latin American market growth. The shortage of skilled professionals in the region hinders market growth. Factors such as lack of awareness about the treatment, strict government regulations, inadequate reimbursement policies, and prolonged approval timelines for novel techniques in Latin America further impede the Latin American market growth.
This research report on the Latin American tumor ablation market has been segmented and sub-segmented into the following categories:
The Latin America accounted for a moderate share of the worldwide market in 2022. However, the regional market is anticipated to register a healthy growth rate in the coming years owing to the increasing healthcare expenditure by the population and a growing geriatric population.
Brazil led the market in Latin America in 2022 and is estimated to showcase a healthy growth rate in the coming years. The growing number of awareness campaigns about tumor ablation techniques and their benefits among cancer patients and their families, increasing demand for quality treatment, increased investment in healthcare infrastructure facilities and growing partnerships further support the Brazilian market growth. The presence of specialized cancer hospitals and cancer funding centers contributes to the growth of the Brazilian tumor ablation market.
The Mexican tumor ablation market is anticipated to account for a considerable share of the Latin American market during the forecast period.
KEY MARKET PLAYERS:
A few of the noteworthy companies in the Latin American tumor ablation market profiled in this report are Medtronic Plc., Boston Scientific Corporation, Angiodynamics, Mermaid Medical, HealthTronics, Galil Medical Inc., EDAP TMS S.A., SonaCare Medical, Misonix, Inc. and Neuwave Medical, Inc.
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