According to a new research study by Global Insight Services (GIS), the ablation technology market is expected to grow rapidly over the next 10 years to reach a value of more than the US$10.8 billion by 2031.
Ablation therapies can be used for the treatment of various diseases across several medical fields such as ophthalmology, cancer, gynecology, and cardiovascular. It is less painful than conventional surgical operations, and it is a minimally invasive procedure, leading to a shorter recovery time. Adding to that, it causes very little damage to the surrounding tissues. Even though it lowers the side effects, it also has some disadvantages. For example, large and bulky tissues cannot be treated with ablation, such as bone and neck nodules. Also, the availability of ablation treatment in remote locations is quite restricted.
Ablation Technology Market: Key Drivers
Growing demand for minimally invasive/non-invasive procedures
In current times, the demand for minimally invasive procedures has witnessed a significant raised owing to the advantages offered by these procedures over traditional treatment procedures—fewer operative complications, shorter hospitalization, less pain, smaller & more cosmetic incisions, lower risk of infection, reduced post-operative care, and rapid recovery. Minimally invasive procedures make use of advanced technologies to diagnose and manage various diseases, comprising cancer. These procedures are used to remove cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy and accurate staging studies.
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Growth capabilities of emerging economies
Emerging economies, such as India, China, Mexico, and Brazil, offer significant growth opportunities in the ablation technology market, due to factors such as initiatives undertaken by stakeholders across these countries, low regulatory barriers for trade, continuous improvements in the healthcare infrastructure, growing patient population, the relatively low procedural cost for disease treatment (compared to developed countries), less stringent regulatory policies, low competition, and rising healthcare expenditure. Additionally, these regions have reported growth in the incidence and prevalence of lifestyle diseases such as cardiac diseases and cancer, which is also likely to boost the growth of the market.
The radiofrequency devices segment is likely to dominate the market and continue its growth with a CAGR of XX% during the projection period.
The key factors such as rising adoption of RF ablation technology to cure various conditions like cancer, cardiac diseases, and ophthalmic diseases.
The cancer treatment segment is estimated to dominate the market with a growth rate of XX% during the forecast period.
The key factors such as the rising prevalence of cancer and technological advancements in the healthcare industry are propelling the growth of the segment.
The hospital segment is likely to dominate the market at a constant rate of XX% during the projection period.
The key factors such as the growing incidence of cancer, sports injuries, and cardiac conditions are boosting the growth of the segment.
The key players in the global ablation technology market are Medtronic, plc., Johnson & Johnson, Abbott, Boston Scientific Corporation, CONMED Corporation, AngioDynamics, Inc., AtriCure, Inc., Smith & Nephew plc, Olympus Corporation, Varian Medical Systems, Stryker, Dornier MedTech, Cynosure, and InMode among others.