Cardiac Ablation Technologies Global Market Expected to Reach USD 8,184.6 Mn by 2026 Says Study
The global cardiac ablation technologies market size is anticipated to value USD 8,184.6 million by 2026, this market is anticipated to grow with 11.4% CAGR during the forecast time period. Rise in elderly population in developed countries is expected to drive the growth of the global cardiac ablation technologies market.
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There are several factors such as growing elderly population that is combined with the rise in cardiovascular disease patients, technological advancements in the field of ablation devices, and rising awareness about several benefits of cardiac ablation procedures over conventional procedures which are fuelling the growth of the global cardiac ablation technologies market. But strict measures taken by several governments and constant healthcare reforms in the U.S. are major factors that can have an adverse effect on the growth of the cardiac ablation technologies market. Developing countries such as China, Mexico and India are the untapped growth opportunities for players that involved in engaged in manufacturing and distribution of cardiac ablation products. A number of factors such as increasing adoption of ablation in disease treatment, and rising market penetration of product manufacturers across various developing countries are offering growth opportunities for the key participants in the cardiac ablation technologies market.
The increase in awareness of least invasive procedures leads to increase in adoption as there is less pain and scars and it is also low-cost as compared to the traditional surgeries. There are various ablation techniques that are used in tissue removal. Negligibly aggressive surgeries are evolving as the possible substitute for the conventional therapeutic surgeries in treatment of numerous tumours of prostate, lungs and liver. Moreover, the introduction of advanced robotic technologies that is used in cardiac ablation process are safer and more accurate. Therefore, the rise in technological advancement in ablation devices is expected to create growth opportunities for cardiac ablation technologies market in the coming years.
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The global cardiac ablation technologies market is segmented into technology type, application and region. On the basis of technology type, the global cardiac ablation technologies market is segmented into radiofrequency, cryoablation, laser, ultrasound, microwave, and others. On the basis of application, the global cardiac ablation technologies market is segmented into atrial fibrillation, ventricular tachycardia, and others. On the basis of region, the global cardiac ablation technologies market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East amp; Africa.
North America and Europe region accounted for major share in the global cardiac ablation technologies market followed by Asia Pacific and Latin America region. High occurrence of several hearth rhythm conditions such as atrial fibrillation (AF), tachycardia, and atrial flutter, and the presence of a large geriatric population fuelled the demand for cardiac ablation technologies in these regions. The cardiac ablation technologies market in Asia Pacific region is expected to expand at a higher CAGR during the forecast period. The rise in health awareness and increase in health care expenditure are estimated to fuel the market in the region in the upcoming years. Moreover, the low-cost manufacturing in developing countries in creating growth opportunities in Asia Pacific region.
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The key players catering to the global cardiac ablation technologies market are Medtronic Plc, St. Jude Medical, Inc. (Abbott), Olympus Corporation, Stryker Corporation, Alcon Laboratories Inc., MicroPort Scientific Corporation, Boston Scientific Corporation, CardioFocus Inc., and Biosense Webster, Inc. (Johnson amp; Johnson), Advanced Cardiac Therapeutics, and CONMED Corporation etc. These companies have established their prominent position in the global market and has huge customer base. They have diverse product offerings and an extensive distribution system of cardiac ablation products across the world. Moreover, the entrance of small companies, particularly in the developing markets of Asia Pacific, is being observed. However, strict government regulations and high-quality standards that set by market leaders are predicted to restrain the growth of new players in the global cardiac ablation technologies market. Important strategic initiatives undertaken by global companies include partnerships, new product launch, acquisitions, and mergers. Increasing investments on research and development activities coupled with technological advancements to commercialize highly efficient ablation products are estimated to offer lucrative growth opportunities for industry participants in the global cardiac ablation technologies market.
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