In a recent published report, Kenneth Research has updated the market report for Global Microwave Ablation Devices Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Microwave Ablation Devices Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2024. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2024.
Global Microwave Ablation Devices Market – Drivers, Opportunities, Trends, and Forecasts: 2017–2023
Overview: Microwave ablation refers to the surgical removal of a body tissue by transferring heat to the target tissue. The process is used to remove a tiny or large quantity of tissue. A specially equipped needle is inserted near the site with image-guided modalities such as computed tomography, ultrasonography, and magnetic resonance imaging. The needle is subjected to various form of electrical tests depending on the type of technology used. This is a form of thermal ablation with energy spectrum of 300 MHz to 300 GHz used to produce tissue-heating effects. The increasing demand for energy-based ablation devices has increased the demand for microwave ablation procedures across the globe. The market is driven by several factors that contribute to the business growth globally.
The rise in awareness about minimally invasive surgeries or procedures has created a high adoption as it is less painful, performed as an outpatient procedure, and unlike traditional open surgeries they are less expensive. Minimally invasive surgeries are emerging as potential replacements for conventional therapeutic cancer surgeries for the treatment of various tumors of the prostate gland, lungs, and liver. Further, robotic navigation technologies that perform microwave ablation procedures more accurately are being incorporated to increase the popularity of these surgeries. The cost of microwave tissue ablation treatment is directly proportional to the size of the tissue/tumor and the number of probes required for the surgery.
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The major products in the market include:
• Solero MTA System
• NEUWAVE Microwave Ablation System
• Evident MW Ablation System
• AveCure Microwave System
• MicroThermX Devices
The market is dominated by Medtronic, AngioDynamics, NeuWave Medical (now Johnson & Johnson), MedWaves, and Perseon which has more than 75% market share in the Global Microwave Ablation Devices market. Factors, such as the increased prevalence of chronic disorders, growing popularity about minimally invasive surgeries, focus on early prevention, and the increase in disposable income, are driving the market growth.
Market Analysis: The Global Microwave Ablation Devices Market is estimated to witness a CAGR of 14.8% during the forecast period 2017–2023. The market is analyzed based on three segments, namely product type, end-users, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). The Americas is set to be the leading region for the microwave ablation devices market growth followed by Europe. Asia Pacific and ROW are set to be the emerging regions. The emerging markets have a high potential to grow owing to an increase in the number of microwave ablation procedures due to the rise in disposable income, presence of a large pool of chronic patient population, and focus toward healthcare infrastructure. However, the high cost of devices and expensive procedural cost, lack of skilled electrophysiologist, lack of proper reimbursement policies, lack of awareness about advanced ablation devices in developing countries have a significant impact on the overall market growth.
Product Analysis: Consumables are the fastest growing segment and dominates the global ablation market with 65% of the total market. Cardiac arrhythmias are the most popular ablation treatment followed by cancer ablation methods in all the ablation types. The increase in the prevalence of chronic disorders and growing number of microwave ablation procedures are expected to drive the consumables market during the forecast period. The generator/electrosurgical unit segment is growing at a steady growth rate and is expected to see a significant growth in the emerging markets.
Key Players: Medtronic, Angio Dynamics, NeuWave Medical (now Johnson & Johnson), MedWaves, Perseon, and other predominate & niche players.
Competitive Analysis: The Global Microwave Ablation Devices market is growing faster and has immense growth opportunities for vendors, especially in the developed regions. The presence of large, small, and local vendors in the market possess high competition. The vendors have a strong focus on acquiring smaller companies and expanding their business operations by leveraging their products portfolio across the globe. The competitive environment in the market will intensify further with an increase in product/service extensions, product innovations, and M&A. They form strategic alliances for the marketing or manufacturing of microwave ablation devices.
Benefits: The report provides complete details about the usage and adoption rate of microwave ablation devices for the treatment of various chronic disorders. Thus, the key stakeholders can know about the major trends, drivers, investments, vertical player’s initiatives, and government initiatives toward the ablation devices adoption in the upcoming years along with details of the pureplay companies entering the market. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives complete details about the key business opportunities to key stakeholders in order to expand their business and capture the revenue in specific verticals to analyze before investing or expanding the business in this market.
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The market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
What aspects regarding the regional analysis of market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
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