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(Health-NewsWire.Net, August 04, 2020 ) 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 devices 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.
Key questions addressed in the report:
# What are the growth opportunities related to ablation devices market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of ablation technologies products. Will this scenario continue in the next five years?
# What are the various ablation technologies product segments and their market share in the overall market?
# What are the new trends and advancements in the ablation technologies market?
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Cardiovascular diseases form the largest and fastest-growing application segment of the ablation technologies market
By application, the ablation technology market is segmented into cardiovascular disease, pain management, cancer, ophthalmology, cosmetic surgery, gynecology, urology, orthopedics, and other applications. Cardiovascular diseases accounted for the largest share of the ablation technologies market in 2016 and are anticipated to witness the highest growth during the forecast period. The high incidences of CVDs across the globe and technological advancements in cardiac ablation devices are supporting the growth of the ablation technologies market for this application segment.
The radiofrequency ablation segment will continue to dominate the ablation technologies market, by type, during the forecast period
Based on type, the ablation technology market is categorized into laser/light, radiofrequency, ultrasound, electrical, cryoablation, microwave, and hydrothermal ablation technologies. The radiofrequency ablation segment accounted for the largest share of the ablation technologies market in 2016. This is majorly due to the lower cost of radiofrequency ablation procedures as compared to the other ablation techniques. Also, radiofrequency ablation is preferred due to its safety, efficacy, and ease of use.
North America will continue to dominate the ablation technologies market in 2021
The ablation technologies 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.
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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