Ablation Devices Market size is set to surpass USD 16 billion by 2028, according to a new research report by Global Market Insights Inc.
Increased awareness regarding the availability of advanced treatment procedures is expected to boost the product adoption. Favorable initiatives by the government and non-governmental organizations to increase treatment accessibility and educate people about disease treatments will contribute to the market expansion. For instance, the Arrhythmia Alliance organizes the World Health Rhythm Week in the month June every year to promote and generate awareness regarding heart rhythm disorders, that will have a positive impact on rate of ablation procedures.
Furthermore, rising government funding to broaden healthcare services across the rural areas will expand the availability of ablation devices. Additionally, collaborative efforts by the market players and other non-profit organizations to offer cost-effective treatment will lead to high procedural volume. Hence, with increase in the number of ablation procedures, the industry will foresee escalating product demand in future.
Growing number of geriatric population base will positively impact ablation devices market growth. As elderly people are prone to arrhythmias including atrial fibrillation, the demand for ablation devices will expand in the upcoming years. According to the report published by the United Nations, number of individuals aged 65 years and over is projected to increase from 703 million in 2019 to 1.5 billion by 2050. Ablation procedures with the use of thermal ablation devices, microwave ablation devices or other devices have been proven as highly effective treatment options for such conditions. Hence, expanding geriatric population will in turn increase the demand for ablation devices, thereby driving the market statistics.
The COVID-19 pandemic has negatively impacted the ablation devices market growth in 2020. However, with continuous increase in the number of patients requiring ablation treatment, declining number of COVID-19 cases and precautionary guidelines by the government, the ablation devices business experienced gradual growth in 2021. Thus, with increase in number of ablation procedures, the market players also experienced significant product demand.
Efficiency of ultrasound devices in tumor ablation will strengthen the market growth potential
Ablation devices market is segmented based on technology into radiofrequency devices, laser/light ablation, ultrasound devices, cryoablation devices, and others. Ultrasound devices market is anticipated to grow at 9.9% CAGR during the analysis timeframe. Ultrasound devices are widely used to treat solid tumors in difficult locations owing to its safety and effective results. Thus, increasing number of cancer patients requiring ablation will benefit the segment expansion.
Browse key industry insights spread across 150 pages with 171 market data tables & 14 figures & charts from the report, “Ablation Devices Market Statistics, By Technology (Radiofrequency Devices, Laser/Light Ablation, Ultrasound Devices, Cryoablation Devices), Application (Cardiology, Oncology, Ophthalmology, Gynecology, Urology, Cosmetic Surgery), End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028”” in detail along with the table of contents:
Reduced risk of mortality among patients with cardiac conditions will influence the market forecasts
Ablation devices market is segmented based on application into cardiology, oncology, ophthalmology, gynecology, urology, cosmetic surgery, and others. Cardiology segment held over 40% revenue share in 2021. Growing patient population suffering from severe heart related disorders such as atrial fibrillation and tachycardia among others will enhance the segment growth potential with procedural demand. For instance, according to the Centers for Disease Prevention and Control, around 6.5 million people die due to cardiac conditions every year in the U.S. Thus, increasing risk of mortality associated with heart-related diseases will create demand for treatment procedures, thereby augmenting the sales of ablation devices.
Well-equipped infrastructure in ambulatory surgical centers to cater need of advanced ablation treatments will accelerate the overall market size
Ablation devices market by end-use is segmented into hospitals, ambulatory surgical centers, and others. The ambulatory surgical centers segment is projected to grow at 11.1% CAGR during the forecast period. The segment growth is highly attributable to increasing preference for outpatient facilities. Availability of innovative technologies, adoption of advanced devices and well-equipped facilities providing treatment for range of chronic diseases will drive the segment growth. Moreover, expanding network of ambulatory surgical centers to cater large patient pool in the developing countries will accelerate the segmental demand.
New product launches to cater growing disease burden will influence the business expansion in Europe
Europe ablation devices market surpassed USD 2 billion in 2021 and is forecast to progress at significant CAGR during the projection period. Increasing prevalence of cardiovascular diseases has contributed to the number of treatment procedures in the region. As per the data published by the European Heart Network in 2020, the cardiovascular diseases are responsible for approximately 3.9 million deaths each year across the region. Hence, to reduce disease burden the market players are continuously focusing on research and development activities to introduce advanced products. Thus, new product launches by market players in future to cater rising need of treatment procedures will fuel the regional market expansion
Expansion of product portfolio by the leading industry players will strengthen their market footprint
Some of the notable market players operating in the ablation devices industry are Abbott Laboratories, Alcon Laboratories, AngioDynamics, AtriCure, Inc, Bausch & Lomb Incorporated, Biotronik SE & Co. KG, Boston Scientific Corporation, CONMED Corporation, Elekta AB, Olympus Corporation, Varian, Medtronic plc, and Ethicon, Inc (Johnson & Johnson) among various others.
These companies are highly engaged in adoption of various growth strategies such as acquisitions, partnerships, merger, and expansion of product offerings to strengthen their business footprint. For instance, in January 2022, Medtronic announced agreement to acquire medical technology company, Affera. This acquisition will help the company to expand its portfolio of advanced cardiac ablation products, thereby helping them to establish strong market position.