Ablation Technologies Market Expected to Reach USD 10.6 Billion Globally in 2020: Transparency Market Research
ALBANY, New York, August 7, 2014 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Ablation Technologies Market (Applications: Cardiovascular, Gynecology, Pain Management, Oncology, Urology, Ophthalmology; Technologies: Radiofrequency, Light/Laser, Electrical, Ultrasound, Microwave, Cryotherapy) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global ablation technologies market was valued at USD 4,698 million in 2013 and is estimated to reach a market worth USD 10,611 million in 2020 at a CAGR of 12.1% from 2014 to 2020.
Browse the full Ablation Technologies Market Report at http://www.transparencymarketresearch.com/ablation-technologies-market.html
Ablation refers to a minimally invasive surgical procedure that involves destruction or removal of abnormal tissues which are responsible for life-threatening conditions such as atrial fibrillation, cancer and others. Ablation procedures are gaining lot of acceptance owing to low risk of acquiring infection, minimal blood loss, reduced hospital stay and ease of handling the devices. According to the World Health Organization, approximately 17 million people die each year because of cardiovascular diseases of which atrial fibrillation (AF) is the major heart rhythm disorder. The prevalence of atrial fibrillation increases with age affecting approximately 1 out of 20 people over 65 years of age. In addition, the World Health Organization (WHO) states that in 2012, more than 14 million people all over the world have newly developed different types of cancer; almost 32 million people are living with various cancers and moreover more than 8 million deaths are reported due to cancer across the world. With the consistent rise in cancer and cardiovascular patient demand for ablation devices is expected to grow significantly in forthcoming years.
The global market for ablation technologies has been studied by two perspectives namely application type and technologies type. The application segment is sub-segmented into major categories namely cardiovascular, gynecology, pain management, oncology, urology, ophthalmology among others. Whereas, the market by technologies is sub-categorized into radiofrequency, light/laser, electrical, ultrasound, microwave, cryotherapy and other similar techniques. Each of the ablation technology segments is further classified into catheters and generators. By 2020, radiofrequency ablation technology market is likely to lead the market in terms of revenue which is estimated to reach approximately 4.2 billion worldwide. Oncology segment is expected to be the fastest growing application market by 2020 with a CAGR of 13.1% by 2020.
Major drivers to the global ablation technologies market include rising demand for minimally invasive surgical techniques, rising base of baby boomers clubbed with chronic diseases such as cancer, cardiovascular disorders, gynecological, varicose veins and orthopedic problems are boosting the overall ablation technologies market. Increasing adoption of ablation technologies in cosmetological such as, psoriasis and ablation of adipose tissue for treating obesity is another emerging segment. However, the high cost involved in treatment, low healthcare penetration, economic slowdown and unstable reimbursement policies restrict the growth of this market to some extent.
Applications such as real time contact force sensing in catheter ablation technology and renal denervation are an upcoming trend in the global ablation technologies market. Technological innovations in ablation devices leading to an extensive series of product launches in past decade with better safety and efficacy has contributed effectively in adoption of ablation procedures by physicians across globe.
Some of the recent activities in the global ablation technologies market include acquisition of Switzerland based cardiac ablation catheter system manufacturer Endosense, SA by St. Jude Medical in August 2013. Apart from this, scientists at CBSET a not-for-profit preclinical research institute will present pre-clinical trial data of SYMPLICITY HTN-3, funded by Medtronic, Inc. at EuroPCR 2014 - an official congress of the European Association of Percutaneous Cardiovascular Interventions EAPCI. This data would bring forward efficacy of renal denervation devices over challenges associated with treatment protocol associated with renal denervation devices. Covidien in April 2014 received FDA approval for Emprint Ablation System with Thermosphere Technology for liver tumor ablation. Covidien is expected to launch this product in the European Union as well in the United States by the end of the second quarter or at the onset of third quarter of 2014.
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At the regional level, North America accounted for the largest market share in the year 2013 followed by Europe. This is mainly due to suitable reimbursement scenario and technological advancements which has led to the broader acceptance of the devices. Awareness and better healthcare infrastructure have also contributed towards growth of the market. During the forecasted period, the Asia-pacific market is expected to be the fasted growing market. Some of the prominent drivers for this market include increase in disposable income, government intervention to reform healthcare facilities and infrastructure developments. Growing trend for medical tourism in this region also uplifts the market for ablation technologies.
Some of the major players in the ablation technologies market include St. Jude Medical, Inc., Biosense Webster Inc., Medtronic, Inc., Covidien PLC, BSD Medical Corporation, Angiodynamics, Inc., and Boston Scientific Corp among other prominent players in the market.
The global ablation technologies market is segmented as follows:
- Ablation Technologies Market, by Application
- Ablation Technologies Market, by Technologies
- Ablation Technologies Market, by Geography
Rest of the World
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