Feb 14, 2020 (AmericaNewsHour) --
The global ablation technologies market was valued at US$ 4.73 Billion in 2017 and is expected to reach US$ 2.82 Billion by 2022 growing at a CAGR of 9.4% during the forecast period 2017-2022. Ablation involves the complete destruction or removal of abnormal tissue with the aim to cure the illness. Ablation technologies based surgeries are negligibly intrusive and are coming up as an alternative to primitive invasive surgical methods. These technologies have applications in various clinical areas such as cancer, cardiac, ophthalmology, urology, gynecology, and orthopedics.
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The market can be segmented into two categories which are thermal ablation and non-thermal ablation. The thermal ablation technology involves radiofrequency, microwave, ultrasound, hydrothermal, electrical and light or laser technologies whereas, non-thermal ablation category includes cryoablation technology. The main advantage of these procedures over surgery is a short recovery time, low risk of infection, minimum invasion, lesser blood loss, and shorter hospital stays.
The major factors driving the growth of this market are rising incidence of cancer and prevalence of cardiovascular diseases. Further adding to the growth prospects of this market are increasing the number of ablation procedures, hospitals, surgical, ablation centers and the emergence of next-generation ablation products and technologies. Apart from these, there has been a significant improvement in the patient quality of life.
On the contrary, the growth of this market is constrained by therapeutic challenges, healthcare cost-containment measures taken in a number of developed countries, lack of properly skilled labor and reprocessing and reuse of devices in developing countries. Even though this procedure lowers the side effects, it has some disadvantages for large and bulky tissues, like bone and neck nodules, which cannot be treated with ablation. Besides, the availability of ablation treatment in remote areas is quite restricted.
The market is segmented in terms of the type, application, product, and geography. On the basis of type, it is segmented into laser/light, ultrasound, radiofrequency, electrical, microwave, cryoablation, and hydrothermal ablation technology. By application type, it is segmented into cosmetic surgery, cardiovascular disease treatment, pain management, cancer treatment, ophthalmology, gynecology, urology, orthopedics, among others.
On the basis of products, the ablation technologies market is segmented into light/laser ablators, ultrasound ablators, radiofrequency ablators, electrical ablators, microwave ablators, cryoablation devices, and hydrothermal ablators. Geographically, the global ablation technologies market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World. In terms of application, the cardiovascular disease treatment segment is expected to command a major share in 2017. The other important segment is the microwave ablates segment, which is estimated to grow at the highest CAGR during 2017 to 2022.
The North America region accounts for the largest market share, followed by Europe in 2016. More than 55% of the market is based out of Canada and USA. However, Asia-Pacific is projected to have the highest growth rate during the forecast period owing to the growing focus of global market players, large population base, improving healthcare infrastructure facilities, and the rising prevalence of cancer. The rest of the World market is still at a nascent stage and is expected to grow considering the continuous rise in the prevalence rate of hypertension, cardiovascular and urological diseases.
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The market also throws up several opportunities for the need for more advanced and innovative ablation technologies to treat cancer. According to the WHO, the number of new cancer cases is expected to increase by 70% within the next two decades. In addition to this, there is a Shift towards minimal and non-invasive medical procedures and high demand for lasers. The increase in health care spending also adds to the development of this.
The market consists of a number of big, medium-sized, and small companies. Some of the major players in the market include Medtronic, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Biosense Webster, Inc. (U.S.), Boston Scientific Corporation (U.S.), AngioDynamics, Inc. (U.S.), CONMED Corporation (U.S.), AtriCure, Inc. (U.S.), Smith & Nephew PLC (U.K.), and Olympus Corporation (Japan).
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