The Ablation Technology Market is projected to reach USD 8.1 Billion by 2026 from USD 5.2 Billion in 2021, at a CAGR of 9.3% during the forecast period.
Increasing demand for minimally invasive/non-invasive procedures;
In recent years, the demand for minimally invasive procedures has witnessed a significant increase owing to the advantages offered by these procedures over traditional treatment procedures-fewer operative complications, shorter hospitalization, less pain, smaller & more cosmetic incisions, lower risk of infection, reduced post-operative care, and quicker recovery. Minimally invasive procedures make use of advanced technologies to diagnose and treat various diseases, including cancer. These procedures are used to remove cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy and accurate staging studies. This helps surgeons make appropriate and exact cancer treatment plans.
The adoption of minimally invasive techniques also results in significant cost savings. A news article published on March 25, 2015, in JAMA (Journal of the American Medical Association) stated that research conducted by investigators at John Hopkins Medicine, a division of the John Hopkins University (US), showed that American hospitals could collectively save between USD 280 million and USD 340 million a year by performing MIS procedures instead of traditional surgeries. Since ablation is one of the most frequently used minimally invasive techniques for treating tumors, AF, and uterine fibroids, the increasing demand for minimally invasive surgical procedures will increase procedural volumes and contribute to market growth.
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The growing elderly population has also driven the incidence of target conditions and contributed to the demand for effective treatment. However, the reuse and reprocessing of devices in developed countries and unfavorable regulatory scenario are key factors limiting the growth of this market. Product recalls and therapeutic challenges related to the efficacy of ablation products are key challenges faced by industry players in the global market.
Based on application, the ablation technology market is classified into major segments-cardiovascular disease treatment, cancer treatment, ophthalmological treatment, pain management, gynecological treatment, urological treatment, orthopedic treatment, cosmetic/aesthetic surgery, and other applications. Rising disease prevalence and technological advancement in this field will boost market growth.
Based on product, the global ablation technology market is classified into light/laser ablators, radiofrequency ablators, ultrasound ablators, electrical ablators, cryoablation devices, microwave ablators, and hydrothermal ablators/hydromechanical ablators. Each product class is further segmented based on its applications or source of energy. The large share of radiofrequency ablators segment is attributed to the introduction of novel products by major market players and the increasing adoption of RF ablation technology to treat various conditions, such as cancer, cardiac diseases, and ophthalmic diseases.
Based on the type of energy source, the global ablation technology market is classified into light/laser, radiofrequency (RF), electrical, ultrasound, microwave, cryotherapy, and hydrothermal/hydromechanical ablation technologies. The lower cost of radiofrequency ablation, its ease of use, and the rising geriatric population fuel the growth of the radiofrequency ablation market.
The ablation technology market, by end user, is segmented into hospitals, surgical centers, and ablation centers, ambulatory surgical centers (ASCs), medical spas & aesthetic centers, and other end users. The increasing incidence of cancer, sports injuries, and cardiac conditions is driving the growth of the market for hospitals, surgical centers, and ablation centers segment.
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North America dominated the global ablation technology market in 2020
The North American market dominated the market. The market growth in North America can be attributed to early introduction of ablation technology in this region. A large number of ablation product manufacturers and the significant adoption of ablation treatment are key factors behind the increasing customer base in the region.
The prominent players in the ablation technology market include Medtronic, plc. (Ireland), Johnson & Johnson (US), Abbott (US), and Boston Scientific Corporation (US) and CONMED Corporation (US), AngioDynamics, Inc. (US), AtriCure, Inc. (US), Smith & Nephew plc (UK), Olympus Corporation (Japan), Varian Medical Systems (UK), Stryker (US), Dornier MedTech (Germany), Cynosure (US) and InMode (US), among others.
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