Leading innovators in the global ablation devices market must channel their resources towards research and development, and product launches in order to maintain their hegemony.
DUBAI, UAE / ACCESSWIRE / April 22, 2020 / Augmented demand for patient-centric models has been shaping the ablation devices market for many years. Moreover, aggressive shift towards minimal invasion, reduced hospitalization rate, greater clinical efficacy, and lower cost is supporting the market growth. Therefore, FMI projects the net revenue pool to exceed US$ 8 Bn by 2029 end.
“Highly sought-after attributes such as proven procedural efficacy, enhanced safety profiles, and greater awareness are fueling the demand for ablation devices in asymptomatic procedure-related events. Hence, the global ablation devices market will witness stellar growth at approximately 11% CAGR over the forecast period (2019-2029),” says the FMI analyst.
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Key Takeaways of Ablation Devices Market Study
- Advanced ablation catheters will continue to stay atop, accounting for 68% revenue in terms of product type.
- Radiofrequency technology remains highly preferred by manufacturers across the globe.
- In terms of function, conventional ablation devices will capture leading value proportion over the forecast period.
- Clinics and hospitals are prominent end users on account of trained medical staff and greater availability of ablation devices.
- Europe and North America collectively hold 70% share in the overall market stack.
Ablation Devices Market – Key Growth Factors
- Rising adoption of automated robotic ablation devices is stimulating the market growth.
- Rapid investments by governments in developed countries towards healthcare infrastructure are complementing the growth of ablation devices market.
- Advancements in state-of-the-art medical equipment will support the market growth over the projection period.
- Lesser recovery time and lesser potential risks of radiofrequency technology are boosting its wider adoption.
- Popularity of cryoablation catheters in treating arrhythmias will support the growth of this segment through 2029.
- Rising life expectancy combined with growing geriatric population are significant revenue contributors of global ablation devices market.
Ablation Devices Market – Key Restraints
Potential damage caused by the use ablation devices at the cellular level is limiting the growth of market. Market players require extensive R&D undertakings to develop new and safer ablation techniques and also address the unmet needs of the market.
Impact of COVID-19 on Ablation Devices Market
Greater prevalence of tumors and cardiovascular diseases has been driving the global ablation devices market. However, that growth was halted when the COVID-19 pandemic began to sweep the globe. Top players face new challenges and continue to devise new strategies to counter the aftereffects. The medical fraternity is giving preference to treat COVID-19 patients while other elective procedures are being postponed worldwide. Moreover, the pace at which SARS-CoV-2 outbreak is spreading around the world makes it even more challenging for industry leaders to respond accordingly. Addressing the economic concerns remains the top priority of niche players in the global ablation devices market.
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The global ablation devices market is highly competitive in nature. Some of the prominent players featured in this FMI study include, but are not limited to, AngioDynamics Inc., Hologic, Inc., Boston Scientific, and Medtronic. Product launches and continuous upgradation are major strategies followed by top players in order to gain an upper edge in the ablation devices market. For instance, Hologic, Inc., introduced NovaSure ADVANCED (2017), a next-generation Global Endometrial Ablation (GEA) system which received approval by The Food and Drug Administration (FDA). Such differentiating strategies are being adopted by local and regional players in the ablation devices as well. These growth-oriented steps are crucial for market players to sustain their leadership.
More about the Report
This Future Market Insights study of 300 pages provides all-inclusive insights on the global ablation devices market. The market analysis is based on product type (bipolar energy ablation devices, cryotherapy ablation devices, hydrothermal ablation devices, thermal balloon ablation devices, advanced ablation catheters, standard ablation catheters, MRI guided neurosurgical ablation), technology (laser, radiofrequency, microwave, ultrasound), application (cardiovascular, cancer, urological, ophthalmic), functional (automated robotics, conventional), end user ( hospitals, ambulatory surgical centers, clinics) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa).
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