Ablation Devices Market will achieve 10%+ CAGR from 2019 to 2025
The U.S. ablation devices market dominated the global industry in 2018 and is projected to expand at a CAGR of 10.5% over the forthcoming years. Favorable reimbursement policies, growing geriatric population base, high healthcare expenditure and increasing investments by ablation devices manufacturing firms should drive the U.S. market during the analysis period.
Germany ablation devices market dominated European region in 2018 and is anticipated to grow at 9.7% over the forecast period. High technological adoption, increasing number of baby boomers and rising incidence of cancer and cardiovascular disorders in the country will stimulate Germany market growth.
Based on technology, the ablation devices market is segmented into electrical, radiation, radiofrequency, light, ultrasound, cryotherapy, thermal, microwave and hydro mechanical. The radiofrequency segment accounted for more than 20% market share in 2018 and is anticipated to follow similar trend over the coming years owing to ease of use, high efficiency and high adoption rates.
Oncology ablation devices market accounted for over 30% market share in 2018 and is estimated to witness considerable growth during the forecast period. Oncology ablation devices are designed to treat cancerous tumors by burning or freezing it. Oncology ablation provides better potential benefits than other medical treatments of cancer and lower post procedure stay in hospital in comparison to open surgery. Aforementioned factors along with wide adoption of ablation devices will propel business growth over the forecast period.
Key players operating in the global ablation devices market include Medtronic Plc, Boston Scientific, Abbott Laboratories, Alcon Laboratories, Angiodynamics, Atricure, Biosense Webster, CONMED, Elekta AB, Varian, Johnson and Johnson. Aforementioned companies account majority market share due to better brand recognition and strong financial position.
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Worldwide Ablation Devices Market is set to surpass USD 25.2 billion by 2025; as per a new research report published by Global Market Insights, Inc. Increasing number of cardiovascular surgeries, rising healthcare awareness coupled with rising elderly population will augment the demand for ablation devices in coming future. Technological advancements have enhanced the reliability and efficiency of ablation devices as a part of many surgical procedures. Currently, several types of ablation devices are available for a range of medical conditions including cardiology, oncology, cosmetology, gynecology and pain management to achieve desired results.
Increasing R&D activities pertaining to development of ablation devices along with favorable initiatives by the federal government should positively impact industry expansion. However, stringent regulatory approvals for ablation devices, complications related to ablation procedures, reuse of ablation devices in developing economies and high cost associated with ablation procedures will hamper the ablation devices market growth over the coming years.