The tumor ablation market is expected to grow significantly in the coming years due to the increasing incidence of cancer worldwide. Tumor ablation techniques such as radiofrequency ablation, microwave ablation, and cryoablation are becoming popular alternatives to surgical removal of tumors due to their minimally invasive nature and shorter recovery time. Additionally, advancements in technology have led to the development of more efficient and effective tumor ablation devices. However, high costs associated with the procedures and lack of reimbursement in some regions may hinder the growth of the market. The COVID-19 pandemic has also impacted the market due to the postponement of non-essential medical procedures and the diversion of resources towards the treatment of COVID-19 patients.
The global Tumor Ablation Market size was valued at USD 1,018.6 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 11.5% from 2022 to 2028.
Market Leaders in the Tumor Ablation Industry:
Medtronic
1. is a medical technology company that was founded in 1949 and is headquartered in Dublin, Ireland. It operates in more than 160 countries and has a wide range of products that include devices for cardiac rhythm management, neurology, diabetes, and spinal and orthopedic surgery. In October 2021, Medtronic launched the Emprint Ablation System, a minimally invasive tumor ablation technology that uses microwave energy to destroy tumors.
Johnson & Johnson Services Inc.
2. is a multinational corporation that was founded in 1886 and is headquartered in New Brunswick, New Jersey. It operates in more than 60 countries and is primarily engaged in the manufacture and sale of pharmaceuticals, medical devices, and consumer health products. In August, 2020 Johnson & Johnson’s Collaboration in India with Biological E to Expand Manufacturing Capabilities For its COVID-19 Vaccine Candidate. In December 2021, Johnson & Johnson announced the acquisition of Teneobio, a biotechnology company that is developing a novel platform for cancer treatment. The technology is based on a new class of biologics called Human Heavy-Chain Antibodies (UniAbs), which have the potential to target cancer cells more specifically than traditional monoclonal antibodies.