The global Ablation Technology market gathered revenue around USD 4.9 Billion in 2020 and market is set to grow USD 11.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 13.9% during the prediction period 2021 to 2027.
Overview of Ablation Technology Market Study
Ablation Technology market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The growing elderly population has also driven the incidence of target conditions and contributed to the demand for effective treatment. However, the reuse and reprocessing of devices in developed countries and unfavorable regulatory scenario are key factors limiting the growth of this market. Product recalls and therapeutic challenges related to the efficacy of ablation products are key challenges faced by industry players in the global ablation technology market.
Ablation Technology Market Dynamics
Driver: increasing demand for minimally invasive/non-invasive procedures
In recent years, the demand for minimally invasive procedures has witnessed a significant increase 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 quicker recovery. Minimally invasive procedures make use of advanced technologies to diagnose and treat various diseases, including 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. This helps surgeons make appropriate and exact cancer treatment plans.
The adoption of minimally invasive techniques also results in significant cost savings. A news article published on March 25, 2015, in JAMA (Journal of the American Medical Association) stated that research conducted by investigators at John Hopkins Medicine, a division of the John Hopkins University (US), showed that American hospitals could collectively save between USD 280 million and USD 340 million a year by performing MIS procedures instead of traditional surgeries. Since ablation is one of the most frequently used minimally invasive techniques for treating tumors, AF, and uterine fibroids, the increasing demand for minimally invasive surgical procedures will increase procedural volumes and contribute to market growth.
Restraint: Strong market positioning of alternative therapies
The availability of effective conventional first-level therapies for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic conditions is a key restraint to market growth. For instance, therapies such as surgery, chemotherapy, and radiation therapy are preferred in cancer treatment due to the high awareness among individuals about traditional cancer treatments, the low adoption of advanced treatment options (especially in developing countries), and the reluctance among oncologists to shift from conventional treatment options.
Opportunity: Growth potential in emerging economies
Emerging markets, including India, China, Mexico, and Brazil, offer significant growth opportunities in the ablation technology market, owing 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. Moreover, these regions have reported growth in the incidence and prevalence of lifestyle diseases such as cardiac diseases and cancer
Challenge: Reuse and reprocessing of devices
As per the FDA and EU guidelines, ablation catheters are labeled as single-use devices (SUDs). However, the high per-unit cost and limited reimbursement have led to reprocessing and reuse in hospitals with budget constraints. The cost incurred by a hospital/surgical center for reprocessing and reuse is less than 10% compared to the cost of a new ablation device, reducing the overall procedural cost by around 50%. Germany is among the key European countries that allow the reuse of SUDs (including ablation catheters), provided the devices are reprocessed as per regulatory guidelines. Furthermore, the US has also looked favorably on reprocessing SUDs—according to current FDA clearances, fully leveraging single-use device reprocessing can save US healthcare more than USD 700 million (Source: MPO Summit, 2021)
In terms Application, the cardiovascular treatment segment is expected to account for the largest share of the ablation technology market in 2020.
Based on application, the ablation technology market is classified into major segments—cardiovascular disease treatment, cancer treatment, ophthalmological treatment, pain management, gynecological treatment, urological treatment, orthopedic treatment, cosmetic/aesthetic surgery, and other applications. Rising disease prevalence and technological advancement in this field will boost market growth.
In terms of product segment, radiofrequency ablators segment is expected to account for the largest share during the forecast period.
Based on product, the global ablation technology market is classified into light/laser ablators, radiofrequency ablators, ultrasound ablators, electrical ablators, cryoablation devices, microwave ablators, and hydrothermal ablators/hydromechanical ablators. Each product class is further segmented based on its applications or source of energy.
The large share of radiofrequency ablators segment is attributed to the introduction of novel products by major market players and the increasing adoption of RF ablation technology to treat various conditions, such as cancer, cardiac diseases, and ophthalmic diseases.
In terms of type segment, radiofrequency ablation segment is expected to account for the largest share during the forecast period.
Based on the type of energy source, the global ablation technology market is classified into light/laser, radiofrequency (RF), electrical, ultrasound, microwave, cryotherapy, and hydrothermal / hydromechanical ablation technologies. The lower cost of radiofrequency ablation, its ease of use, and the rising geriatric population fuel the growth of the radiofrequency ablation market.
The hospitals, surgical centers, and ablation centers segment is expected to register the highest CAGR during the forecast period
The ablation technology market, by end user, is segmented into hospitals, surgical centers, and ablation centers, ambulatory surgical centers (ASCs), medical spas & aesthetic centers, and other end users. The increasing incidence of cancer, sports injuries, and cardiac conditions is driving the growth of the ablation technology market for hospitals, surgical centers, and ablation centers segment.
Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The ablation technology market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region offered significant opportunities for the growth of the ablation technology market. The market growth in Asia Pacific can be attributed rising incidence and prevalence of cancer and cardiac conditions, technological advancement in ablation product and technology, increasing awareness of minimally invasive techniques and growth opportunities in the emerging markets.
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COVID-19 Impact on Ablation Technology Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Ablation Technology market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Ablation Technology market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Ablation Technology market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Ablation Technology market include:
Medtronic, plc., Johnson & Johnson, Abbott, and Boston Scientific Corporation and CONMED Corporation, AngioDynamics, Inc., AtriCure, Inc., Smith & Nephew plc, Olympus Corporation, Varian Medical Systems, Stryker, Dornier MedTech, Cynosure and InMode.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global ablation technology market, by Application
- Cardiovascular Disease Treatment
- Cancer Treatment
- Ophthalmologic Treatment
- Pain Management
- Gynecological Treatment
- Urological Treatment
- Orthopedic Treatment
- Cosmetic/ Aesthetic Surgery
- Other Treatments
Global ablation technology market, by Product
- Radiofrequency Ablators
- Laser/Light Ablators
- Ultrasound Ablators
- Electrical Ablators
- Cryoablation Devices
- Microwave Ablators
- Hydrothermal/Hydromechanical Ablators
Global ablation technology market, by Type
- Radiofrequency Ablation
- Laser/Light Ablation
- Ultrasound Ablation
- Electrical Ablation
- Microwave Ablation
- Hydrothermal/Hydromechanical Ablation
Global ablation technology market, by End User
- Hospitals, surgical centers, and ablation centers
- Ambulatory Surgical Centers
- Medical Spas & Aesthetic clinics
- Other End Users
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The purpose of Nova one advisor’s Ablation Technology market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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