Microwave Ablation Market is expected to display a steady growth of 9.8% due to the Rise In Research & Development Activities Among Pharmaceutical Giants| UnivDatos Market Insights
NOIDA, India, Jan. 31, 2023 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Microwave Ablation Market was valued at more than USD 380.6 million in 2020 and is expected to grow at a CAGR of around 9.8% from 2022-2028. The analysis has been segmented into Component Type (Generator, Power Distribution Systems, and Accessories); Application (Oncology, Cardiology, Urology, Orthopedics, and Others); End Use (Hospitals, Research Laboratories, and Ambulatory Surgical Centers); and Region/Country.
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The microwave ablation market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the microwave ablation market. The microwave ablation market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the microwave ablation market at the global and regional levels.
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Microwave ablation utilizes the most technically advanced devices that give short ablation time, higher temperature for ablation, and large ablation zones. These devices are being used in the management of endometrial bleeding, uterine myomas, atrial fibrillation, and cancerous tumors within the liver, kidneys, pancreas, lungs, and breast.
The surge in the elderly population is one of the key factors boosting the market's growth during the forecast period. Other factors such as changing lifestyle and huge demand for minimal invasive surgeries are also driving the growth of the market. In addition to this, the investments for catheter-based microwave systems is one of the key factors that are creating opportunities for the market.
Some of the major players operating in the market include Emblation Ltd.; Medtronic PLC; Symple Surgical; AngioDynamics; Mermaid Medical; Johnson & Johnson Services Inc.; MedWaves Inc; Terumo Corporation; Neu Wave Medical; and Varian Medical Systems, Inc.
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The microwave ablation market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.
The global microwave ablation market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
- Based on component type, the market is segmented into generator, power distribution systems, and accessories. The power distribution systems is expected to grow with high CAGR during the forecast period as these are responsible for delivering power to the antennae. Since the device is used close to the patient, it must adhere to the highest safety standards in human medicine. Furthermore, key players are coming up with technological advancements and have produced AMICA Microwave and RF System Gen by Mermaid Medical. That is a programmable microwave (MW, 2450 MHz) and radiofrequency (RF, 450 kHz) generator. AMICA is the only system in the world that combines radiofrequency (RFA) and microwave (MWA), the two primary thermal ablation technologies, in the same hardware.
- On the basis of application, the market is categorized into oncology, cardiology, urology, orthopedics, and others. The oncology segment is expected to hold a significant share in the market in 2020 owing to surge in the incidences of cancer and increasing demand for minimally invasive surgeries. Apart from this, governments have been raising investments in oncology-related research and development. For instance, the National Cancer Institute's budget was approved by the American Congress as part of the annual federal budgeting process in 2022. The total amount was USD 6.9 billion, an increase of USD 353 million from 2021. The market is expected to rise because of companies making more investments in cancer research.
- Based on the end use, the microwave ablation market is segmented into hospitals, research laboratories, and ambulatory surgical centers. The research laboratories segment is expected to expand at high CAGR during the forecast period due to expanding clinical research on cancer and ablation therapies. For instance, Ethicon Inc. (a subsidiary of Johnson and Johnson) initiated a research study in December 2021 to evaluate the efficacy and security of the new wave-certus microwave ablation system in Chinese patients with primary or secondary lung cancers. It is anticipated that the study will be completed by December 2024.
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Microwave Ablation Market Geographical Segmentation Includes:
- North America (United States, Canada, and Rest of North America)
- Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
- Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
- Rest of the World
North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as wide range of applications of microwave ablation technology in primary care settings, enhanced accessibility, and high healthcare costs with favorable reimbursement policies are driving the market's growth during the forecast period. Further, the increase in incidences of chronic diseases in the region is also having aa positive impact on the market's growth.
The major players targeting the market include
- Emblation Ltd.
- Medtronic PLC
- Symple Surgical
- Mermaid Medical
- Johnson & Johnson Services Inc.
- MedWaves Inc
- Terumo Corporation
- Neu Wave Medical
- Varian Medical Systems, Inc.
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Microwave Ablation market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
- What are the latest trends, new patterns, and technological advancements in the microwave ablation market?
- Which factors are influencing the microwave ablation market over the forecast period?
- What are the global challenges, threats, and risks in the microwave ablation market?
- Which factors are propelling and restraining the microwave ablation market?
- What are the demanding global regions of the microwave ablation market?
- What will be the global market size in the upcoming years?
- What are the crucial market acquisition strategies and policies applied by global companies?
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Microwave Ablation Market Report Coverage
Accelerate at a CAGR of over 9.8%
Market size 2020
USD 380.6 million
North America, Europe, APAC, Rest of World
Major contributing region
North America to Dominate the Global Microwave Ablation Market
Key countries covered
United States, Canada, Germany, United Kingdom, Spain, Italy, France, China, Japan, and India
Emblation Ltd.; Medtronic PLC; Symple Surgical; AngioDynamics; Mermaid Medical; Johnson & Johnson Services Inc.; MedWaves Inc; Terumo Corporation; Neu Wave Medical; and Varian Medical Systems, Inc.
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling
By Component Type; By Application; By End Use; Channel; By Region/Country
About UnivDatos Market Insights
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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