The global microwave ablation devices market is expected to witness gradual growth over the course of forthcoming years. Through the end of 2029, the global demand for microwave ablation devices is likely to account for revenues exceeding US$ 300 Mn, according to a recent study conducted on the global market scenario of microwave ablation devices. The report states that the revenue growth is primarily driven by the increasing incidence of cancers, expanding caseload, improving cancer research funds, and evolving nature of clinical needs.
Adoption by Hospitals Will Remain Key Booster
Owing to continuous research and development, microwave ablation has been among the promising techniques that can potentially treat a wide range of cancers such as biliary tract cancer, lung tumors, liver metastases, breast cancers, as well as arterial tissues. Thermal ablation techniques, such as microwave ablation with image-guided devices for the treatment of tumors of lungs, kidney, liver, bones, and soft tissues, are witnessing increasing acceptance. Microwave ablation follows the same technique as that of radiofrequency; however, the latter remains more advantageous. However, the latter produces faster, larger, and high-temperature ablation zones when compared to radiofrequency, and thus continues to see sustained adoption.
Furthermore, increasing technological advancements have improved the survival rates of the cancer afflicted geriatric population, which is accounting for an overall disease improvement and is expected to increase the overall market for microwave ablation devices. Growing expenditure on hospitals for admitted patient services for early tumor removal and the increasing number of patients undergoing treatment is cited as an important factor fueling demand for microwave ablation devices. As indicated by the analysis, hospitals will remain the key end user of microwave ablation devices, accounting for a substantial revenue share in the global market.
Soaring Investments in Healthcare to Uplift Cancer Research Prospects
The increasing demand for minimally invasive surgeries, especially in the field of oncology, is creating a surge in the demand for ablation devices among medical practitioners. Advantages offered by minimally invasive surgeries, such as reduced hospital stay, low risk of acquiring hospital-acquired infections, cost-effectiveness, and short hospital stays have been gathering traction in the market, in recent years. High price point of devices and frequent recalls of probes and antennas will however remain key factors limiting their adoption in the near future.
Over the past few decades, investments in healthcare have increased significantly. The growth of the emerging markets and the increasing prevalence of various cancers in developed economies are among the top factors expected to boost healthcare spending, which is predicted to subsequently expand the microwave ablation devices market. Increasing healthcare spending is expected to improve the demand for microwave ablation devices, which is, in turn, projected to boost the growth opportunities for manufacturers in the microwave ablation devices market over the forecast period.
Developed Regions Leading the Way in Microwave Ablation Devices Industry
Microwave ablation devices market in North America and Europe holds a combined revenue share of over 60%, which is attributed to higher adoption of advanced technology and reduced reoccurrence rates of tumors that have been registered in these regions. On the other hand, emerging markets such as China, Brazil, and India will demonstrate lucrative growth potential for the microwave ablation devices market, banking on the rising demand for low-cost treatments for chronic, life-threatening diseases such as cancers. Increasing rate of strategic partnerships, device approvals, and growing cancer awareness levels will reportedly contribute heavily to the demand for microwave ablation devices within these economies.
Some of the key players operating in the microwave ablation devices market are AngioDynamics, Inc., Johnson & Johnson, Medtronic Plc., Perseon Corporation, Terumo Europe NV, Vison Medical USA., ECO Inc., MedWaves, Inc., and Urologix, LLC. Manufacturers such as Medwaves work in close coordination with the Taiwanese distributor-partners to distribute AveCure systems in key hospitals in Taiwan. Manufacturers also distribute their products in 15 other Asia Pacific countries. In addition, the Hong Kong University adopted the MedWaves AveCure system and published its successful treatment of tumours in the liver using the MedWaves AveCure microwave ablation system.