The global tumor ablation market is distinguished by the presence of numerous global, regional, and local players catering to the increasing prevalence of cancer across the globe. Furthermore, rising market demand for minimally invasive tumor ablation techniques and the number of public-private initiatives and funding to support ongoing research activities related to tumor ablation are further expected to drive the growth of the global tumor ablation market during the forecast period. However, the side effects and complications associated with tumor ablation may hamper the growth of the global tumor ablation market. The major players have adopted a strategy of obtaining regulatory approval from government agencies for their drugs and devices and signing contracts and agreements to broaden their reach and reduce operational costs. For instance, in July 2020, Sonablate received regulatory approval from the National Medical Products Administration (NMPA), formerly known as the Chinese FDA, for the Sonablate HIFU device for use in the treatment of prostate cancer and benign prostatic hypertrophy (BPH). Tumor ablation device manufacturers are also focusing majorly on product launches.
The global tumor ablation market is extremely competitive, with players competing, partnering, and investing heavily in R&D to gain a significant market share. The market is moderately fragmented with rising competition, product launches, increasing collaborative partnerships, and other strategic decisions to achieve operational efficiency.
The business model developed by manufacturers in the global tumor ablation market includes manufacturing advanced tumor ablation systems. Mergers and collaborations were also observed to expand the company's product portfolio, as well as the introduction of new products. The growth of prominent industry players is dependent on various factors, such as market conditions, government support, and industry development. Key manufacturers of the tumor ablation market are also focusing on investing in R&D activities. This will boost the market growth in the upcoming future.
With respect to the current scope of the report, Johnson & Johnson (US) is the top player in the global tumor ablation market due to its strong product offering and high preference for its products by customers. Medtronic plc (Ireland) is the second major player, followed by Boston Scientific Corporation (US), Misonix, Inc.(US), and AngioDynamics (US). Other key players contributing to the market growth include Sonablate (US), EDAP TMS (France), HealthTronics, Inc. (US), HistoSonics, Inc.(US), and Biotronik (Germany).
Threat of New Entrants
The threat of new entrants is moderate in the global tumor ablation market. Any player trying to enter the market is required to comply with the mandatory regulatory standards. Moreover, the R&D of products is capital intensive. To remain competitive, market players need to introduce innovative products for various therapeutic applications, which requires significant investments and time. However, the presence of lucrative growth opportunities in the market has increased the threat of new entrants.
Bargaining Power of Suppliers
The suppliers in the global tumor ablation market are raw material providers. The raw materials required in tumor ablation product manufacturing include metals, polymers, ceramics, electronic components, and other materials. There are various suppliers present in the market. The switching costs are low due to intense competition, and suppliers are likely to enter into long-term partnerships with product manufacturers. The increasing R&D related to cancer treatment has led to the entry of several suppliers into the market.
However, the quality of raw materials plays an important role as the tumor ablation products are used in several advanced treatments. Low-quality raw materials are likely to damage the quality of the final product. Hence, market players are selective about suppliers. Due to these factors, the bargaining power of suppliers in the global tumor ablation market is low.
Bargaining Power of Buyers
The bargaining power of buyers is moderate in the global tumor ablation market. The market has a moderate number of buyers, and only a few medical device companies cater to the needs of tumor ablation products. However, the tumor ablation products are specialized. The buyers are moderately inclined toward quality products manufactured by trusted companies; hence, they are likely to enter into long-term agreements with product manufacturers for uninterrupted supply. They can also exert pressure on the manufacturers due to moderate switching costs and intense rivalry in the market. Currently, several FDA-approved tumor ablation products are available in the market, and several other products are in clinical trials, which are expected to be commercialized during the forecast period. Introduction of new products in the market can influence positively on bargaining power of buyers by providing more products to choose from.
Threat of Substitutes
The threat of substitutes in the global tumor ablation market is moderate-to-high. Several options are available in the market to cater to the needs of the buyers. Several approaches for treating tumors include surgery, therapies using medication including targeted therapies, immunotherapy, chemotherapy, radiotherapy, and more. However, increasing R&D and the rising demand for safer tumor ablation products are likely to result in the introduction of substitutes during the forecast period.
Intensity of Rivalry
The rivalry in the global tumor ablation market is moderate-to-high. The moderate degree of product differentiation and a moderate number of buyers increase the intensity of rivalry in the market. The market is growing and is projected to register a high growth rate during the review period, which offers opportunities to the key players to expand their regional presence and market share, especially in emerging markets. This, along with a focus on the end-to-end development of products, helps market players reduce manufacturing and logistics costs, thereby increasing profitability and maintaining a high level of competition.
