Market Trends of Tumor Ablation Industry
Lung Cancer Segment to is Expected to Witness Healthy Growth Over the Forecast Period
Lung cancers usually are grouped into two main types called small cell and non-small cell (non-small cell includes adenocarcinoma and squamous cell carcinoma). These types of lung cancer grow differently and are treated differently. Non-small cell lung cancer is more common than small cell lung cancer. Lung cancer is a type of cancer that starts when abnormal cells grow in an uncontrolled way in the lungs. It is a serious health issue that can cause severe harm and death.
The increasing cases of lung cancer, rising research works, and funding on cancer research are the major drivers for the market. For instance, according to the report published by the American Lung Association January 2022, there were 654,620 men and women in the United States with a history of lung cancer as of January 1, 2022. In addition, the same source also stated that around 80% of these individuals were 65 years of age or older, reflecting the advanced median age of diagnosis (71 years). Furthermore, more than half (55.0%) of lung cancer survivors were diagnosed within the past 5 years because of the low survival. The abovementioned same source also stated that an estimated 238,340 people (117,550 men and 120,790 women) were diagnosed with lung cancer, and 127,070 people died from the disease in 2023.
Furthermore, according to the increasing lung cancer research funding is also expected to drive the demand for the advanced treatment options such as tumor ablation. For instance, in December 2022, the Lung Cancer Research Foundation (LCRF) announced the grant of three new areas of funding in addition to its pilot grants, LCRF Research Grant on Early Detection and Pre-Neoplasia in Lung Cancer. LCRF Research Grants on Oncogenic Drivers in Lung Cancer in partnership with several patient-led oncogene groups, and the newly launched LCRF Minority Career Development Award (CDA) for Lung Cancer.
Similarly, in August 2023, the National Comprehensive Cancer Network (NCCN) Oncology Research Program (ORP) announced grants awarded to foster and enhance quality-of-care, guideline concordance, and innovations in care delivery for patients with limited-stage (LS) and extensive-stage (ES) small cell lung cancer (SCLC). The NCCN ORP will oversee the projects and the funding will be provided through support from AstraZeneca. Radiofrequency ablation (RFA) and microwave ablation are widely used for the treatment of lung cancer treatment. Radiofrequency ablation (RFA) uses high-energy radio waves to heat and destroy the lung tumor cells and Microwave ablation uses electromagnetic energy to heat and destroy the tumor cells.
Thus, owing to the increasing cases of cancer and funding on cancer research, considerable segment growth is expected over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
The North American region is expected to contribute significantly to the market growth during the study period owing to factors such as the growing cancer burden, increasing research and development procedures, and increasing product launches.
For instance, according to the American Cancer Society 2023 Cancer Statistics, the new cancer cases are estimted to be 1.9 million in the United States in 2023. This estimation includes 1.01 million cases of males and 0.94 million cases of females. Similarly, as per the Statistics Canada 2022 update, 30,000 Canadians were diagnosed with lung and bronchus cancer in 2022. The high burden of cancer is expected to augment the demand for tumor ablation devices, thereby boosting the market growth over the forecast period. Furthermore, the launch and approval of new products in the market are expected to impact the country's market growth positively. For instance, in March 2022, Quantum Surgical, a developer of ablation devices and other medical devices, received FDA approval for Epione, a new category of interventional oncology robotics dedicated to minimally invasive liver cancer treatment. The company's Epione system helps plan and perform minimally invasive ablation surgery as an outpatient procedure by deploying computer-guided needles through the skin to single out and destroy tumors.
The United States is expected to witness considerable growth in the North American region over the forecast period. The product launches and approvals by the key players are the major drivers for the country. For instance, in September 2022, Stryker received 510(k) clearance from the Food Drug Administration (FDA) for its OptaBlate bone tumor ablation system (OptaBlate). Similarly, in June 2022, Medtronic introduced a minimally invasive lung ablation procedure with the ILLUMISITE fluoroscopic navigation platform, which helps healthcare professionals to identify the distant areas of the lung accurately and can sample multi-directionally for a thorough biopsy.
Thus, due to the increase in cancer cases and the rise in product launches and approvals, the studied region is expected to hold a significant market share over the forecast period.
