Ablation Devices Market– Insights
Ablation has gained immense popularity all over the world as it offers minimally invasive solutions for the removal of tissues or tumors with bearable pain, and a lesser recovery period compared to open surgical procedures. Demand for ablation devices is expected to increase owing to increasing incidence of chronic diseases, mainly tumorigenic cancer and other cardiovascular disorders, across the globe. Chronic diseases are the major cause of mortality which resulted in over 38 million deaths worldwide in 2015, according to the World Health Organization (WHO).
Moreover, according to the WHO, in 2015, cancer was one of the leading causes of death, accounting for up to 8.8 million deaths. According to the Centers of Disease Control and Prevention (CDC), in 2016, an estimated 2.7 to 6.1 million people in the U.S. suffered from atrial fibrillation. Moreover, the same fact sheet states that around 2% of people younger than the age of 65 years are affected with atrial fibrillation. High prevalence of such diseases is expected to boost the growth of global ablation devices market.
As Ablation are performed in the removal of certain biological substances from internal parts of the body with the help of ablation devices through various techniques such as vaporization, laser, thermal treatments, cryo-treatments, and radiation procedures among others. In the medical sector, ablation is performed usually through surgical methods for removal of biological substances such as small tumors. Other techniques adopted for the removal of infected biological tissues include chemical ablation and radiofrequency ablation.
The global ablation devices market was valued at US$ 4,290.8 million in 2019, and is expected to witness a CAGR of 10.9% over the forecast period (2019 – 2027).
Global Ablation Devices Market Share (%) Analysis, By Technology Type, 2019
Source: Coherent Market Insights Analysis (2019)
Increasing number of product launches is expected to drive growth of the global ablation devices market
Various companies are focusing on launching innovative and technologically advanced products to meet consumer demand, which is expected to drive the ablation devices market growth over the forecast period. For instance, in 2016, Medtronic Plc, launched the new Barrx 360 Express radiofrequency ablation (RFA) balloon catheter for treatment of Barrett's esophagus.
Global Ablation Devices Market - Restraints
Growth of the ablation devices market is expected to be hampered over the forecast period owing to increasing FDA recalls. For instance, in November 2018, the food and drug administration (USFDA) recalled the Cardiac Ablation Percutaneous Catheter under Class 3 Device Recall developed by Boston Scientific Corporation, as the supplier had changed its resin sub-suppliers three (3) times without notifying Boston Scientific Corporation.
Global Ablation Devices Market - Regional Insights
On the basis of region, the global ablation devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds a dominant position in the global ablation devices market owing to increasing launches of ablation systems. For instance, in 2016, Medtronic Plc. launched the OsteoCool radiofrequency ablation system in the US. OsteoCool RF Ablation system is a cooled radiofrequency (RF) ablation technology. It offers simultaneous, dual-probe capabilities for treating painful bone tumors.
Asia Pacific is the fastest growing region in the global ablation devices market owing to increasing prevalence of cancer in the region. For instance, according to cancer statics, 2018, around 2.25 million people are living with cancer in India.
Global Ablation Devices Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Ablation Devices Market Competitive Landscape
Key players operating in the global ablation devices market include Arthrex, Boston Scientific Corporation, Medtronic Plc., Intuitive Surgical, Inc., Johnson & Johnson, Inc., Halyard Health, Abbott Laboratories, EDAP TMS S.A., AtriCure, Inc., and Smith & Nephew.
Ablation is a form of minimally invasive surgery or laparoscopic surgery that is performed with the help of thin scopes and instruments referred to as ablation devices. These devices are used to make thin incisions in the skin for the removal of malfunctioning tissues of small tumors within the body. The ablation technique is an advancement to the conventional form of surgery known as open surgery, wherein a midline incision is made at the affected area. The ablation technique is beneficial in many ways as it causes least possible damage to the biological structures, and at the same time achieves the same efficiency, success, and performance as that of open surgical procedures. Thus, the demand for ablation devices for various tumor removal procedures is expected to witness exponential growth over the forecast period.
Rising incidence of cardiovascular disease is expected to drive the ablation devices market growth over the forecast period. For instance, according to the World Health Organization 2017 estimates, 17.9 million people died from CVDs in 2016, in which 85% death occurred due to heart attack and stroke, which represent 31% of all global deaths.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.