Ablation Devices Market will reach at a CAGR of 11.3% from 2022 to 2029 | Future Market Insights
The ablation devices market is expected to reach US$ 3.9 billion in 2022. By 2029, the market is anticipated to grow at a strong 11.3% CAGR and reach US$ 8.3 billion. Here are a few elements that should help to continued growth within the given projection period.
Ablation devices are gathering momentum around the world, owing to their proven procedural efficacy, improved safety profiles, and awareness in current asymptomatic procedure-related events. Over the last decade, ablation devices market have undergone significant technical improvements. These devices offer the benefits of enhanced patient quality of life, patient safety, and clinician efficiency, and are used as a frontline therapy.
Decrement in long-term hospitalization and minimal invasion are critical factors that are expected to propel the growth of the ablation devices market over the coming years. Ablation devices have gained clinical significance on the basis of effective treatment across various medical applications, as well as due to shorter recovery time with affordable minimal invasive procedures.
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Moreover, rising prevalence of chronic diseases such as cardiovascular diseases and tumors are expected to provide impetus to market growth.
However, the coronavirus (COVID-19) pandemic has put forward a challenging situation for players in the ablation devices market. The pace at which the pandemic is spreading and the resultant humanitarian toll is making it difficult for market players to react accordingly. As the healthcare industry is addressing the pandemic along with patients’ ever-evolving expectations, market players are devising future-ready strategies to brace themselves for the humanitarian and economic concerns ahead.
The global ablation devices market was valued at US$ 2.7 Bn in 2021, and is anticipated to witness a CAGR of 11% during the forecast period (2022–2029).
Key Takeaways of Ablation Devices Market Study
- Advanced ablation catheters has emerged as the largest segment by product type, representing 68% of overall revenue of the ablation devices market in 2021. This is attributed to being a viable alternative management strategy and their frequent use in the clinical management of paroxysmal atrial fibrillation. Further, better clinical outcomes through new ablation technologies to treat most arrhythmias and certain types of structural heart disease are responsible for their significant market share.
- Hospitals accounted for a leading revenue share of 52%, owing to the availability of ablation devices and skilled personnel for better clinical management of various diseases across several medical domains.
- Radiofrequency captured a major value share in the technology segment, attributable to its lesser potential risk and side effects, lesser recovery time, and its effective application on patients suffering from multiple tumors.
- By functionality, automated or robotic ablation devices are expected to grow at an impressive rate; these accounted for around one-third of the global ablation devices market in 2021.
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- Cumulatively, North America and Europe hold a major share of the global ablation devices market, with the former holding a noteworthy share, and is expected to progress at a high CAGR during the forecast period.
- Increasing prevalence of chronic diseases, high purchasing power, technology advancements, and government support for quality healthcare are contributing to the hegemony of North America in the ablation devices market, in terms of value.
Ablation Devices Manufacturers to Focus on New Product Launches
Continuous upgradation and product launches in the ablation devices market are spurring intense competition among market players. Several companies are focusing on new product approvals for ablation devices. For example, in February 2020, Hologic, Inc. launched a next-generation NovaSure ADVANCED global endometrial ablation (GEA) system in the U.S. This system has been approved by the Food and Drug Administration (FDA). Regional and local players are also implementing these differentiating strategies to sustain their competitiveness.
Ablation Devices Market by Category
By Product Type:
- Bipolar Energy Ablation Devices
- Cryotherapy Ablation Devices
- Hydrothermal Ablation (HTA) Devices
- Thermal Balloon Ablation Devices
- Advanced Ablation Catheters
- Cryoablation Catheters
- Irrigated tip RF Ablation Catheters
- Laser Ablation Catheters
- Standard Ablation Catheters
- Conventional Radiofrequency Ablation Catheters
- MRI Guided Neurosurgical Ablation
- MRI Guided Laser Therapy Systems
- MRI Guided RF Ablation Systems
- MRI Guided Focused Ultrasound Systems
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- Automated Robotics
By End User:
- Ambulatory Surgical Centers
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