USD 7.93 billion
Report ID: SQSG35A2069 | Region: Global | Published Date: September, 2022 | Pages: 265 | Tables: 96 | Figures: 76
Global Ablation Devices Market size was valued at USD 7.93 billion in 2021 and is poised to grow from USD 8.6 billion in 2022 to USD 16.99 billion by 2030, growing at a CAGR of 8.5% in the forecast period (2023-2030).
Surgical techniques have seen significant global changes. The healthcare sector has seen major changes, from adopting technologically advanced screening, diagnostic, and treatment equipment to strategies that ensure little to no post-surgical stress. The introduction of minimally invasive surgery is one such development. Patients are looking for treatment choices that won't be too disruptive to their well-being due to the growing senior population and the complexity of chronic conditions. Less pain, shorter hospital stays, and quicker recovery are all attributable to minimally invasive surgery. A crucial component of minimally invasive surgery is ablation. Ablation is the technique of vaporising, freezing, using radiation, chipping, or other erosive processes to remove biological material from human organs. Ablation is typically carried out surgically in the medical field to remove biological material, typically a tiny tumour. Chemical ablation and radiofrequency ablation are further methods used to remove contaminated biological tissues.
Ablation has gained a lot of popularity recently because it is less intrusive than open surgical treatments and allows for the removal of tumours and tissues with tolerable pain. Due to the rising prevalence of chronic diseases, including tumorigenic cancer and other cardiovascular problems, ablation device demand is anticipated to rise.
US Ablation Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.93 billion
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The global Ablation Devices market is segmented based on technology, application, end use, and region. Based on technology, the Ablation Devices Market is segmented into Radiofrequency Devices, Laser/Light Ablation, Ultrasound Devices, Cryoablation Devices, Others. Based on application, the Ablation Devices Market is segmented into Cardiology, Oncology, Ophthalmology, Gynaecology, Urology, Cosmetic Surgery, Others. Based on end use, the Ablation Devices Market is segmented into Hospitals, Ambulatory Surgical Centers, Others. Based on region, the Ablation Devices Market is categorized into North America, Europe, Asia-Pacific, and MEA.
Ablation Devices Market Analysis by technology
The cryoablation devices segment was worth more over USD 600 million in 2021, owing to increased research and development initiatives for enhanced therapeutic techniques to treat chronic illnesses. Furthermore, various advantages associated with cryoablation devices, such as less intrusions compared to open surgery, fewer side effects, and less harm to adjacent tissues, are projected to drive segment demand in the future years.
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In 2021, the North American market accounted for more than 40% of the total revenue in the ablation devices industry. The rising frequency of cancer and other chronic illnesses, as well as the growing elderly population, are some of the primary drivers driving regional market expansion. According to the American Cancer Society, around 1.9 million new instances of cancer were recorded in the area in 2018, with roughly 693,000 deaths.
Furthermore, the elderly population is more susceptible to numerous chronic illnesses due to structural changes associated with age, resulting in an increase in demand for treatment procedures, which will favorably impact product acceptance in the North American market. Furthermore, enhanced healthcare infrastructure, as well as increased adoption of technologically advanced ablation devices, are expected to drive regional market trends.
In the next few years, it is projected that the Asia Pacific market will develop due to the increasing number of steps taken by the Indian government to lower the incidence of cancer and other related diseases. To raise awareness of the disease, the National Institute of Cancer Prevention and Research (NICPR) has started a programme named "India against Cancer." According to the NICPR, more than 11, 57,294 lakh new cases of cancer are reported each year in India, where an estimated 2.25 million people currently battle the condition. The nation experienced almost 7, 84,821 cancer-related deaths in 2018. These figures are expected to rise in the future, driving up demand for ablation equipment in India.
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Ablation Devices Market Driver
One of the major reasons contributing to the total market share is patient preference for minimally invasive procedures over open surgery. In recent years, there has been a significant growth in the popularity and acceptability of minimally invasive therapies due to shorter hospital stays, faster recovery, and less discomfort as compared to traditional procedures. Furthermore, the rising frequency of atrial fibrillation in the general population will increase the number of cardiac ablation surgeries. The minimally invasive ablation method for atrial fibrillation provides optimum effectiveness, low risk, and more patient convenience. As a result, the rising benefits of less invasive treatment techniques with ablation device adoption will boost the ablation devices market over the forecast period.
Ablation Devices Market Restraint
The lack of effective conventional first-line medicines for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic disorders is a significant market limitation. For example, therapies such as surgery, chemotherapy, and radiation therapy are preferred in cancer treatment due to high public awareness of traditional cancer treatments, low adoption of advanced treatment options (particularly in developing countries), and oncologists' reluctance to abandon traditional treatment options.
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The ablation devices market is expanding steadily as the prevalence of heart illnesses such as atrial fibrillation (AF), atrial flutter, and cardiac arrhythmias rises. As a result, various mid-to-large-sized companies have increased their R&D efforts in this industry. Furthermore, even smaller companies have altered their focus and increased their R&D operations, resulting in a rise in product development (approvals & launches), and thereby contributing to the expansion of the ablation devices sector. In April 2016, Medtronic introduced the new Barrx 360 Express radiofrequency ablation balloon catheter, which is a self-adjusting circumferential RFA catheter used to eliminate damaged tissues. This catheter is expected to help with the treatment of Barrett's esophagus.
Ablation Devices Market Top Player’s Company Profiles
Ablation Devices Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, the rising prevalence of numerous chronic diseases, such as cancer and cardiovascular disease, will drive market demand throughout the forecast period. In recent years, there has been a significant increase in cancer prevalence. Radiofrequency ablation is mostly used to treat cancer patients with tumours less than one and a half inches in diameter. As a result, an increase in the number of cases and the efficacy of ablation treatments will have a beneficial impact on business growth.
|Market size value in 2021||USD 7.93 billion|
|Market size value in 2030||USD 8.6 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Ablation Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ablation Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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