Global Bone Tumor Ablation Devices Market, by Technology (Radiofrequency Ablation, Microwave Ablation, Cryoablation, and Others), by Indication (Osteosarcoma, Chondrosarcoma, Ewing’s Sarcoma, Metastatic Bone Cancer, and Others), by End user (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 56.2 million in 2020 and is expected to exhibit a CAGR of 10.2% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
Bone Tumor Ablation Devices Market - Impact of Coronavirus (COVID-19) Pandemic
The rapid spread of covid-19 infection has negatively impacted the bone tumor ablation devices market as many cancer surgeries are being delayed. According to the Centers for Disease Control and Prevention (CDC) data of March 2020, cancer patients may be at higher risk of developing severe COVID-19, including those receiving chemotherapy or who received chemotherapy ≤ 3 months, receiving extensive radiation therapy, and who received bone marrow or stem cell transplantation ≤ 6 months or still getting treated with immunosuppressive drugs. Therefore, majority of hospitals have developed new strategies and protocols to reduce the spread of coronavirus infection within the cancer patients.
According to the European Society for Medical Oncology (a Swiss-registered not-for-profit organization for cancer), all the cancer patients are categorized into four different priority states:
- High Priority
- High/Medium Priority
- Medium Priority
- Low Priority
This priority list is applicable for outpatient visits, diagnostics and imaging, surgical oncology, radiation oncology, and medical oncology of primary tumor & metastatic tumors.
The increasing number of products approvals, product launches, and collaborations and partnerships strategies adopted by key players are the major factors, which are expected to drive growth of the bone tumor ablation devices market during the forecast period.
The bone tumor ablation devices market is expected to witness significant growth during the forecast period, owing to product launches by key players and approvals from regulatory authorities. For instance, in 2017, Medtronic Plc. received the U.S. Food and Drug Administration (FDA) clearance for an expanded indication for the OsteoCool radiofrequency ablation system to be used as palliative treatment for metastases in all bone anatomy such as ribs, sacrum, extremities, and hips, in patients who have failed or are not candidates for standard therapy. The device was originally cleared by the U.S.FDA for use in the spine. Medtronic describes the OsteoCool System as a cooled radiofrequency (RF) ablation technology with simultaneous, dual-probe capabilities that provide procedural flexibility, predictable, and customized treatment.
Key players in the global bone tumor ablation devices market are focused on entering potential untapped markets in various regions by expanding their manufacturing facilities. For instance, in February 2020, Mermaid Medical A/S announced the signing of a 3-year exclusive contract with CANYON Medical in Spain, U.K., and The Netherlands. This exclusive contract will be focused on the development of the modified microwave ablation system. The Canyon Medical is a China-based company specialized in microwave ablation for about 20 years with over 200,000 accumulated cases done successfully with their system in China.
Browse 35 Market Data Tables and 35 Figures spread through 183 Pages and in-depth TOC on Global Bone Tumor Ablation Devices Market, by Technology (Radiofrequency Ablation, Microwave Ablation, Cryoablation, and Others), by Indication (Osteosarcoma, Chondrosarcoma, Ewing’s Sarcoma, Metastatic Bone Cancer, and Others), by End user (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Forecast to 2027"
To know the latest trends and insights related to bone tumor ablation devices market, click the link below:
https://www.coherentmarketinsights.com/market-insight/bone-tumor-ablation-devices-market-4319
The rising adoption of inorganic growth strategies such as merger and acquisitions by major companies is expected to drive growth of the bone tumor ablation devices market. For instance, in August 2019, Boston Scientific Corporation acquired BTG Plc. BTG develops and commercializes instruments that are used in minimally-invasive surgical procedures such as cryoablation devices targeting various cancers and vascular diseases. In addition to the interventional medicine product lines, the BTG portfolio also include a specialty pharmaceutical business comprised of acute care antidotes to treat overexposure to certain medications and toxins, and a licensing business that receives royalties related to BTG intellectual property and product license agreements.
Key Takeaways of the Bone Tumor Ablation Devices Market:
- The bone tumor ablation devices market is expected to exhibit a CAGR of 10.2% during the forecast period (2020-2027), owing to the increasing number of product approvals and launches by key players.
- Among technology, radiofrequency ablation segment is expected to hold major revenue share in 2027, owing to the increasing product approval of bone tumor ablation devices for human use. For instance, in January 2016, Medtronic’s OsteoCool RF Ablation System received the U.S. Food and Drug Administration (FDA) 510(k) clearance and the device was being launched in the U.S. OsteoCool RF Ablation System is cooled radiofrequency (RF) ablation technology. It offers simultaneous, dual-probe capabilities for treating painful bone tumors.
- Major players operating in the bone tumor ablation devices market include Medtronic Plc., Merit Medical Systems Inc., MedWaves Inc., AngioDynamics Inc., Olympus Corporation, Varian Medical Systems, Inc., Mermaid Medical A/S, RF Medical Co., Ltd., and Misomix Inc.
