According to the current analysis of Reports and Data, the global Microwave Ablation Market was valued at USD 973.4 million in 2018 and is expected to reach USD 2.30 billion by year 2026, at a CAGR of 11.2 %. The study covers Microwave Ablation therapy uses some form of energy like radiofrequency, heat, electricity or cold to destroy and remove a tumor. Microwave Ablation has primarily been used for the treatment of esophageal squamous cell dysplasia, gastric antral vascular ectasia, radiation proctopathy, cholangiocarcinoma, and pancreatic neoplasia. Ablation is preferred over other methods of treatment such as conventional surgery due to multiple advantages like no skin incision minimal risk to patient, little to no pain inflicted and a short duration of hospital stay. The increasing economic impact of cancer which shows increased prevalence of cancer among the population which increases the demand for the cancer treatment. In the year 2016 US the annual cost for cancer was USD 80.2 billion of which 38% cost was estimated due to inpatient hospital stays which can be reduced to quite good extent as the Microwave Ablation demands short duration of hospital stay.
Target diseases like lung and liver cancer are becoming more prevalent due to a variety of factors, including unhealthy lifestyles and hereditary factors, unmet patient needs that are driving drug development, increased focus by pharmaceutical companies on the creation of simpler testing and monitoring techniques, the entry of new players, private investment and governmental funding, a favourable regulatory environment, and rising demand for treatments that cause little to no pain, to name a few. Novel developments in surgical technology are occurring, such as the multi-electrode radio frequency system that has been added to the existing radio frequency ablation system that produces radiofrequency using several channels. However, the Microwave Ablation market is hampered by slow rate of commercialization, high costs involved in research and development, reluctance toward the adoption of new treatment practices and government regulations that require long certification and approval cycles.
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Further key findings from the report suggest
- Microwave Ablation market is growing at a CAGR of 12% in Asia Pacific followed by North America and Europe, with 0% and 10.9% CAGR, respectively. High cancer prevalence across the globe is the major factor driving the market during the forecast period across all regions.
- The Radiofrequency Ablation segment dominates the market with a 25% market share. It is also estimated to grow at a CAGR of 10.3% as it is more preferably used for localized Microwave Ablation surgery especially for malignant liver cancer as it do not require longer period of hospital stay for the pre surgery observations
- The microwave ablation segment is forecasted to be the fastest growing market segment, estimated to hold a 12.1% CAGR. Microwave ablation expects less risk and shorter duration of the hospital stay. Microwave ablation can perform for the treatment of multiple tumors simultaneously
- Based on end use, the liver cancer segment dominates the market holding a 23.0% market share and is estimated to grow at a 12.1% CAGR. For the year 2018 American Cancer Society forecasted the liver cancer cases in the US might be approximately 42,220 and is expected to keep on increasing. It is the only cancer in the US which is continuously increasing
- Asia Pacific is expected to account for the 26.6% of the global Microwave Ablation market. Developing nations such China, and India are likely to witness high growth due to uncontrolled population growth, more aged population, adherence to unhealthy habits and diet and infinite pollution growth
- Slow rate of commercialization, high costs involved in research and development, reluctance toward the adoption of new treatment practices and government regulations that require long certification and approval cycles are likely to hamper growth of the market
- One of the major manufacturer of medical device Boston Scientific acquired BTG PLC in November of the year 2018 which will expand Boston Scientific’s product line as well as it will improve the geographical reach of the company which will boost the company’s total sales along with the US regional sales. Boston Scientific also will be increasing cancer indication regarding the product of BTG, TheraSphere radiotherapy product and ICEfx cryoablation technology.
Key Players covered in this report are
Galil Medical, Inc.; Misonix, Inc.; HealthTronics; Boston Scientific Corporation; Medtronic Plc; SonaCare Medical; EDAP TMS S.A.; and Neuwave Medical, Inc.
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Treatment Type Outlook (Revenue, USD Million; 2016-2026)
- Surgical Ablation
- Laparoscopic Ablation
- Percutaneous Ablation
Technology Type Outlook (Revenue, USD Million; 2016-2026)
- Radiofrequency Ablation
- Cryoablation
- Microwave Ablation
- Irreversible Electroporation
- Other Ablation Technologies
Application Type Outlook (Revenue, USD Million; 2016-2026)
- Liver Cancer
- Lung Cancer
- Breast cancer
- Prostate Cancer
- Other Cancer
Geographic Segment Covered in the Report:
The Microwave Ablation report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
Major Points covered in this report are as below:
• The Microwave Ablation industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
• The Microwave Ablation Market report provides key statistics on the market status of the Microwave Ablation manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa
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