| Source: Growth Plus Reports Growth Plus Reports
Pune, Aug. 30, 2022 (GLOBE NEWSWIRE) — According to the latest report published by Growth Plus Reports, the global Ablation Technology Market is expected to clock US$ 18.09 billion by 2030 and to grow at a CAGR of 8.9% during the forecast period. Owing to the rising prevalence of cardiovascular diseases and the availability of technologically advanced products coupled with rising demand for minimally invasive procedures. This exclusive information is published by Growth Plus Reports in its report titled “Ablation Technology Market – Global Outlook & Forecast Period 2022-2030”
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The increasing prevalence of cancer & cardiovascular diseases (CVD), and the increasing geriatric population are the key growth factors of the global ablation market. Advantages such as quick recovery, lower risk of infections compared to traditional surgery, shorter hospital stays, decreased discomfort, and smaller incisions have enabled greater demand for minimally invasive or non-invasive procedures. The commercial introduction of new generation technologies is also paving way for market growth. For instance, in January 2021, Medtronic Inc. received FDA approval for DiamondTempTM Ablation Catheter, for the treatment of abnormal heart rhythm. This device has an improved imaging system, is more portable, and has better accuracy.
The global ablation technology market has been analyzed from four perspectives–Product, Application, End User, and Region.
Excerpts from ‘By Product Segmentation’
Based on product type, the global ablation technology market is categorized into:
The radiofrequency segment dominated the global market with the largest market share in 2021, followed by cryoablation. An increasing trend in the usage of radiofrequency ablation technology in the treatment of a vast number of conditions, such as cardiac diseases, cancer, chronic pain, and ophthalmic disease has been observed in past few years. Likewise, cryoablation is used to treat a variety of conditions, such as skin abnormalities atypical moles, warts, skin tags, actinic keratosis (precancerous skin growths), arrhythmia (abnormal heart rate and rhythm), and cancer tumors (such as of skin, liver, kidney, bone, lung, prostate, and breast).
Excerpts from ‘By Application Segmentation’
Based on application, the global ablation technology market is segmented into:
The cardiovascular segment dominated the market with the largest market share in 2021. Cancer treatment is another prominent application area for ablation technologies. According to the American Cancer Society in 2021 there will be ~ 1.9 million new cancer cases in U.S. and 608,57 deaths due to cancer. Several solid tumors are being increasingly treated with ablation procedures, with proven greater efficacy and safety. Thus, the demand for highly safe and efficient technology for cancer treatment and rising awareness about ablation procedures are expected to boost the growth of the segment.
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Excerpts from ‘By Region Segmentation’
Based on region, the global ablation technology market has been segmented into:
North America dominated the global ablation technology market in 2021, followed by Europe. The Asia Pacific market is anticipated to grow at the fastest CAGR during the forecast period. North America’s large share of the global ablation technology market can be attributed to high demand for non-invasive or minimally invasive procedures, as well as an increase in the prevalence of cancer and cardiovascular diseases. There is a high level of awareness in the region about ablation technology, as well as the presence of developed healthcare infrastructure, high healthcare expenditure, and rapid adoption of novel treatment methods. For instance, in 2019, the US FDA approved TactiCath Contact Force Ablation Catheter by Abbott Laboratories for the treatment of atrial fibrillation. Whereas the growth of Asia Pacific can be attributed to the rising prevalence of cardiovascular diseases and cancer, the government’s initiatives in the region are creating awareness regarding ablation techniques. The rise in the geriatric population in the region is also a key growth driver. According to the WHO, it is estimated that the proportion of people aged 60 and above was 9.8% in 2017 in southeast asia and is expected to rise by 13.7% in 2030 and reach 20.3% in 2050.
Excerpts from ‘Competitive Landscape’
Some of the prominent players operating in the global ablation technology market are
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| Source: Growth Plus Reports Growth Plus Reports