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London, Hackney, United Kingdom, 2012/07/31 - Ablation devices set to grow at an encouraging rate, with radiation therapy set to dominate the market - CompaniesAndMarkets.com.
In 2011 the ablation devices market was valued at $7.5 billion and by 2016 the market is set to reach $12.4 billion, growing at a compound annual growth rate (CAGR) of 10.5%.
Growth within the ablation devices market is being fuelled by growing healthcare expenditure, favourable demographics and cost effectiveness over traditional surgical procedures.
Ablation therapy refers to a minimally invasive surgical procedure which involves either destruction or removal of diseased or unnecessary tissue to cure the disease.
The ablation market can be broken down into two forms, namely, thermal and non-thermal technologies. The thermal segment consists of technologies such as electrical, radiation, light, radiofrequency, ultrasound, microwave, and hydrothermal and the non-thermal segment includes cryoablation and hydromechanical.
The largest sector within the ablation devices market was represented by radiation therapy which accounted for a share of 41% of total ablation technologies in 2011.
The major driving factor being the success of the radiation therapy segment is the fact that it is applicable to any form of cancer ranging from soft tissue such as liver and lungs to bone metastases.
The US represents the largest region within the ablation devices market, followed by Europe. The fastest growing region is represented by a majority of Asian countries, an area which is being fuelled by factors such as a high patient pool, increased government investment, improving medical insurance and the geographical expansion of key market players.