Coronavirus Pandemic to Restrain Ablation Devices Market Expansion in Initial Phase
The healthcare sector has been aggressively inclining towards patient-centric models, where minimal invasion, reduced hospitalization rate, greater clinical efficacy, and low cost are major concerns. Among these step-change transformations, the worldwide ablation devices market would exceed US$ 8 Billion during 2029, increasing at a double-digit CAGR. Since the healthcare industry is answering to the COVID-19 pandemic together with patients’ ever-evolving behaviors, market participants are piloting future-proof schemes to address the economic and human challenges ahead.
Key Takeaways of Market Study
- Advanced ablation catheters have come out as the biggest category by product type, reflecting 68% of total market revenue of the ablation devices in 2018. This is accredited to being a practical substitute management strategy and their recurrent usage in the paroxysmal atrial fibrillation clinical management. Moreover, better clinical results by new ablation technologies to treat the majority arrhythmias and definite types of structural heart disease are accountable for their remarkable market share.
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- Hospitals hold a prominent revenue share of 52%, due to the accessibility of ablation devices along with skilled personnel for improved clinical management of several diseases all over various medical domains.
- Radiofrequency gained a foremost value share in the technology category, due to its lesser side effects and possible risk, lesser recovery period, and its efficient application on patients aching from numerous tumors.
- Based on functionality, robotic or automated ablation devices are projected to expand at an impressive pace; these hold close to one-third of the worldwide market for ablation devices in 2018.
- Cumulatively, Europe and North America account for a foremost market share, with the former accounting for a remarkable share, and is likely to foresee growth at a higher CAGR amid the projected period.
- Growing prevalence of chronic ailments, technology advancements, higher purchasing power, and government support for quality healthcare is adding to the domination of the North America market, in value terms.
“Remarkable morbidity reduction, rapid hospital discharge, minimally-invasive options to conventional surgical treatment, and lesser risks related to procedures are foremost aspects determining healthcare service providers to transfer to ablation devices”.
Ablation Devices Makers to Concentrate on Novel Product Launches
Product launches and ceaseless upgradation in the ablation devices market are prodding extreme competition amid market participants. A few organizations are concentrating on novel product endorsements for ablation devices. For instance, in February 2017, Hologic, Inc. propelled a cutting edge NovaSure ADVANCED GEA system (global endometrial ablation) in the U.S. This system has been endorsed by the FDA. Local and regional players are additionally actualizing these separating systems to support their competitiveness.
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Radiofrequency ablation (RFA) systems provide benefits of the decreased danger of symptoms and lesser recovery periods and are viewed as appropriate for patients with numerous tumors. FMI finds that the utilization of the RFA strategy would soar more than twice in the approaching years. Microwave ablation (MWA) devices additionally reflect clinical results indistinguishable from RFA, yet, the strategy displays shorter mean ablation against RFA. Whereas market players keep on procuring significant comes back from both these treatment modalities, MWA would see a prominent ascent in its application in the upcoming years.