Newark, NJ, Oct. 12, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ablation devices market is expected to grow from USD 14.39 billion in 2019 and to reach USD 32.45 billion by 2027, growing at a CAGR of 10.7% during the forecast period 2020-2027.
The global ablation devices market is witnessing significant growth from the recent years. This growth is attributed to the rising prevalence of chronic pain disorders like osteoporosis, arthritis, improving healthcare infrastructure, growing geriatric population, and rising life expectancy. The minimally invasive procedure is less painful than conventional surgical procedures and will propel the market growth. Technological advancements, short duration and high efficacy of the procedures are the other major factors influencing the market growth.
Ablation is defined as the destruction of material from an object by chipping, vaporization, or other erosive processes. The process uses radiofrequency energy to destroy a small heart tissue area that is causing irregular and rapid heartbeats. The ablation devices offer a minimally invasive alternative to traditional surgical treatment of prostate, liver, kidney, and lung cancer. It is a less painful procedure than conventional surgical operations.
The global ablation devices market is expected to witness significant growth, owing to the increasing adoption of minimally invasive procedures, increasing cases of cancer and cardiovascular disorders, and growing pain management and cosmetic surgery cases. The factors restraining the market growth are the high cost incurred with these devices, lack of advanced and innovative technologies to treat cancer, and risk associated with ablation procedures. Untapped markets in developing economies and rising awareness will provide market growth opportunities.
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The key players operating in the global ablation device market are Abbott Laboratories, Atricure, Boston Scientific, Medtronic Plc, Biosense Webster, Alcon Laboratories, Johnson and Johnson, CONMED, Varian, Angiodynamics, and Elekta AB. To gain a significant market share in the global ablation devices market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Abbott Laboratories and Medtronic Plc are some of the key manufacturers operating in ablation devices.
- For instance, in November 2016, HAT500 radiofrequency ablation system in Europe was launched by OSYPKA AG. This radiofrequency ablation system is used for the treatment of ventricular tachycardias.
- In July 2017, Cosman Medical Inc., a manufacturer of RF ablation systems, was acquired by Boston Scientific Corporation. This acquisition will help in expanding Boston Scientific’s portfolio with systems like Deep Brain Stimulation Systems and Spinal Cord Stimulator.
Radiofrequency ablation technology segment dominated the market and held the largest market share of 20.35% in the year 2019
On the basis of technology, the global ablation devices market is segmented into electrical, radiation, radiofrequency, light, ultrasound, cryotherapy, thermal, microwave, and hydromechanical. The electrical technology is segmented into electrical ablators, argon plasma/ beam coagulator, irreversible electroporation, and electronic brachytherapy. The radiation technology is segmented into brachytherapy, high-dose-rate brachytherapy, pulsed-dose-rate brachytherapy, stereotactic radiotherapy and radiosurgery, image-guided radiation therapy, intensity-molded radiation therapy, stereotactic body radiation therapy, and proton beam therapy. The light technology is segmented into cold laser and excimer laser. The ultrasound technology is segmented into high-intensity focused ultrasound, magnetic resonance imaging-guided focus ultrasound (MRI-FUS), ultrasound surgical systems, and shock wave lithotripsy. The cryotherapy technology segment is segmented into tissue contact probe, cryogen spray probe, and epidermal and subcutaneous cryoablation devices. Radiofrequency Ablation Technology segment dominated the market and held the largest market share of 20.35% in the year 2019. This growth was attributed to the increased demand for radiofrequency ablation devices and rise in the geriatric population.
Disposable product segment dominated the market and held the largest market share of 38.2% in the year 2019
On the basis of product, the global ablation devices market is segmented into disposable, capital, and reusable. Disposable product segment dominated the market and held the largest market share of 38.2% in the year 2019. This growth was attributed to the low cost and increasing demand from end-users for ablation procedures. The reusable segment is anticipated to witness significant growth due to lower costs and a reduction in medical waste associated with reusable ablation devices.
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Pain management segment dominated the market and held the largest share of 21.8% in the year 2019
On the basis of application, the global ablation devices market is segmented into oncology, cardiology, ophthalmology, pain management, gynecology, urology, orthopedic treatment, and cosmetic surgery. The pain management segment dominated the market and held the largest share of 21.8% in the year 2019. This growth was because it is a minimally invasive procedure, where the nerve fibers carrying signals to the brain are destroyed to stop the pain. Oncology segment is anticipated to witness significant growth, owing to the better potential benefits of oncology ablation devices compared to other medical treatments of chronic disorders like cancer.
Hospitals segment dominated the market and held the largest share of 37.6% in the year 2019
On the basis of end-user, the global ablation devices market is segmented into hospitals, ambulatory surgical centers, and others. Hospitals segment dominated the market and held the largest share of 37.6% in the year 2019. This growth was attributed to the greater budget and a large number of ablation procedures that take place in these settings. The ambulatory surgical centers are anticipated to witness significant growth, owing to patients' rising preferences towards ambulatory surgical centers.
Regional Segment of Ablation Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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On the basis of geography, the global ablation devices market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 26.19% in the year 2019. This growth was attributed to the increasing launches of ablation devices. In the region, the U.S. holds the largest share, owing to the rising prevalence of cancer, the growing influence of minimally invasive medical devices, high disposable income and various reimbursement policies. The Asia-Pacific region market is projected to witness significant growth, owing to the increasing prevalence of cancer in the region.
About the report:
The global ablation devices market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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