The size of the North American tumor ablation market is estimated to grow at a CAGR of 11.2% from 2022 to 2027.
Tumors are the group of abnormal cells that accumulate together and form lumps. Tumor ablation is a minimally invasive procedure that destroys cancer cells in the chest, lung, and liver.
The rising prevalence of cancer is proportional to the growth of the tumor ablation market. As per data published by the American Cancer Society, cancer incidence in the United States is 300.2 per 100,000 annually. Similarly, in Canada, the number is somewhere around 236.6 cases.
North America Tumor ablation market is driven by critical factors such as the growing geriatric population, the increasing number of people affected with cancer, and technological advancements in ablation. In addition, increasing demand for minimally invasive cancer treatment procedures and favorable reimbursement structures coupled with rising disposable income are other major factors fuelling the market's growth.
However, ablation procedures and stringent regulatory guidelines delaying product launches are restraining the market growth.
This research report on the North American tumor ablation market has been segmented and sub-segmented into the following categories:
Regionally, North America is the largest market for tumor ablation globally, with over 33% share owing to its advanced healthcare infrastructure, Y-O-Y growth in the incidence of various types of cancers, growing inclinations of the patients towards cancer treatment, and rising government funds for cancer research. Within North America, the U.S. tumor ablation market is predicted to occupy most of the share due to favorable reimbursement policies, high government support, and a high success rate of tumor ablation. The tumor ablation procedure has been used to treat liver cancer, prostate cancer, and more.
At the same time, the Canadian tumor ablation market is estimated to register a healthy CAGR during the forecast period due to the increasing incidence. Rising research and development funds, concentration on the development of the products with new features supports the market growth in Canada. The rising burden of cancer, the growing cancer occurrence rate, is 296.6 cases per 100,000 people every year. Every one in six deaths has been occurred because of cancer globally.
KEY MARKET PLAYERS:
A few notable players operating in the North 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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