Ablation Technology Market - Emerging Trends to Boost the Global Industry Revenue

Posted November 10, 2020 by mmvaidya

The global ablation technology market is estimated to grow at a CAGR of 10.9% between 2016 and 2021.
Emerging Market Dynamics:

Emergence of next-generation ablation products and significant adoption of minimally invasive procedures coupled with increasing number of ablation procedures are the key factors driving the growth of the global Ablation Mechanism Market. Furthermore, the rapidly increasing aging population with higher risk of target diseases and increasing number of hospitals, surgical, and ablation centers are also fueling the market growth.

However, ongoing healthcare reforms in the U.S. and cost-containment measures adopted by various governments are the key factors limiting the growth of this market. In addition, products recalls as well as therapeutic challenges related to efficacy of ablation products are the key challenges faced by industry players in the global ablation technologies market.

Driver: Increasing number of ablation procedures

Minimally invasive alternatives involve less pain, less scarring, and offer a quicker recovery for patients. Moreover, these procedures are more economical as compared to traditional surgical procedures. Globally, the acceptance of minimally invasive surgeries is increasing as these procedures are safer and have lower mortality as well as complication rates as compared to open surgeries (Source: Stanford University Medical Center Research).

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The number of minimally invasive cosmetic procedures in the U.S. increased from ~13.9 million procedures in 2014 to 14.2 million in 2015 (Source: American Society for Aesthetic Plastic Surgery). Ablation is one of the most frequently used minimally-invasive techniques for the treatment of various tumor, AF, and uterine fibroids. Thus, the increasing demand for minimally invasive surgical procedures support the ablation procedures to increase worldwide and is driving the growth of the Ablation Technology Market.

Expected Revenue Growth:

The global ablation technology market is estimated to be valued at USD 2.82 billion in 2016 and is expected to reach USD 4.73 billion by 2021, growing at a CAGR of 10.9% between 2016 and 2021.

North America will continue to dominate the ablation technologies market in 2021

The Ablation Mechanism Market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2016, North America dominated the global market, followed by Europe. Factors including the drastically growing geriatric population, increasing prevalence of target diseases such as CVD and cancer, and the increasing demand for minimally invasive procedures are driving the market for ablation technologies in North America.

Global Leaders:

The global ablation technology market was dominated by Medtronic (Ireland), Biosense Webster Inc. (U.S.), Boston Scientific Corporation (U.S.), and St. Jude Medical (U.S.), in 2016. These companies together accounted for a share of ~60% of the market in 2015. In 2015, Medtronic accounted for the largest share of the market due to the acquisition of Covidien.

In the market, leading players are adopting the strategies of product development, product launches, geographic expansions, agreements, acquisitions, and joint ventures to expand their presence. Market players adopted these strategies to access new technologies, develop novel products, expand their product portfolio, enter into growing markets, and increase their market share. In addition to the top market players, companies such as St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), AngioDynamics, Inc. (U.S.), and AtriCure, Inc. (U.S.) are primarily focused on launching new ablation devices and acquisitions to widen their product offerings in the market.

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Major strategic developments are taking place in the field of radiofrequency ablation technology, which exhibits high growth potential in the near future. Dominant market players such as Medtronic, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), and CONMED Corporation (U.S.), have introduced several advanced radiofrequency ablation devices during 2013 to 2016 to keep pace with the industry trends.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags ablation mechanism , ablation mechanism market , global ablation mechanism market
Last Updated November 10, 2020