Emergence of next-generation ablation products and technologies, rising incidence of cancer, growing prevalence of cardiovascular diseases and increasing number of ablation procedures are the major factors driving the growth of the ablation technologies market during the forecast period.
The global ablation technology market is estimated to be valued at USD 2.82 billion in 2016 and is expected to reach USD 4.73 billion by 2021, growing at a CAGR of 10.9% between 2016 and 2021.
Key questions addressed in the report:
# What are the growth opportunities related to ablation technologies market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of ablation technologies products. Will this scenario continue in the next five years?
# What are the various ablation technologies product segments and their market share in the overall market?
# What are the new trends and advancements in the ablation technologies market?
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Cardiovascular diseases form the largest and fastest-growing application segment of the ablation technologies market
By application, the ablation technologies market is segmented into cardiovascular disease, pain management, cancer, ophthalmology, cosmetic surgery, gynecology, urology, orthopedics, and other applications. Cardiovascular diseases accounted for the largest share of the ablation technologies market in 2016 and are anticipated to witness the highest growth during the forecast period. The high incidences of CVDs across the globe and technological advancements in cardiac ablation devices are supporting the growth of the ablation technologies market for this application segment.
Recent Developments:
# In August 2016, Biosense Webster, Inc. launched its THERMOCOOL SMARTTOUCH SF Catheter in the U.S. for the treatment of drug resistant paroxysmal atrial fibrillation. This helped the company to expand its product portfolio and increase its revenue base in the U.S.
# In May 2016, Galil Medical Inc. was acquired by the BTG plc group (a part of BTG International Ltd, U.K.); for a value of USD 110.0 million. BTG International is prominent manufacturer of cryoablation products and possesses strong product distribution network across Europe.
# In October 2016, Smith & Nephew established a new a sports medicine orthopedic devices manufacturing facility at Costa Rica with an investment of USD 55 million. This helped the company strengthen its product manufacturing capabilities and address the growing demand for ablation products in the ablation technologies market.
# In December 2015, Medtronic entered into a partnership with Baylis Medical (Canada) to increase patient access to its OsteoCool RF Ablation System and further innovation in the system. Medtronic had acquired the OsteoCool technology and related IP from Baylis Medical in December 2015.
# In April 2016, Abbott Laboratories and St. Jude Medical, Inc. entered into a merger agreement. As per the agreement Abbott will acquire St. Jude Medical by end of the 2016. This acquisition is expected to increase the global presence and capabilities of both the companies and diversify their product offerings in the medical devices industry.
The radiofrequency ablation segment will continue to dominate the ablation technologies market, by type, during the forecast period
Based on type, the ablation technologies market is categorized into laser/light, radiofrequency, ultrasound, electrical, cryoablation, microwave, and hydrothermal ablation technologies. The radiofrequency ablation segment accounted for the largest share of the ablation technologies market in 2016. This is majorly due to the lower cost of radiofrequency ablation procedures as compared to the other ablation techniques. Also, radiofrequency ablation is preferred due to its safety, efficacy, and ease of use.
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Dominant market players such as Medtronic, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), and CONMED Corporation (U.S.), have introduced several advanced radiofrequency ablation devices during 2013 to 2016 to keep pace with the industry trends.
Major strategic developments are taking place in the field of radiofrequency ablation technology, which exhibits high growth potential in the near future.
