The medical treatment landscape depends heavily on the sales of ablation devices market size since these devices offer state-of-the-art solutions for a variety of therapeutic applications. Ablation techniques that are precise and minimally invasive are still being utilised more frequently to treat conditions including heart arrhythmias and some cancers. By 2023, it is projected that the global market for ablation devices would have grown to about US$ 4.4 billion. The market is expected to have expanded at a strong 11.1% CAGR by 2033, reaching US$ 12.6 billion.
Key Factors Aiding the Growth of the Ablation Devices Market Between 2023 and 2033:
•Wide adoption of minimally invasive surgical processes, owing to lesser patient trauma and recovery time
•Wide utility in oncology, as incidences of cancer rise globally
•Increasing consumer demand for radio-frequency-based ablation devices during the forecast period
•Recent technological innovations such as heat-based ablation devices are aiding in consumer base expansion as well as application
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Ablation Devices Offer Advantages Over Traditional Surgical Procedures
Ablation devices offer minimally invasive procedures, which are less painful than
traditional surgical procedures. Hence the recovery time is also shorter. The damage incurred to the surrounding tissues shall also be minimal. This has bolstered consumer preference for the product.
Expansion of Product Application Warrants Key Innovations
The application of ablation Devices for large and bulky tissues isn’t possible currently. This includes sensitive areas such as the bone and neck nodules. Ablation treatment is yet to garner wide availability in remote locations. Hence, many patients belonging to low-income groups could have restricted access to ablation treatments.
Hence, key players must consistently work on developing alternatives that are more efficient with diverse applications. By making these new variants more affordable and easily accessible, key players can attract a larger consumer base. The heavy investments being channeled by key players into research and development could be beneficial for overcoming such market restraints, in the foreseeable future.
Key Takeaways from the Report:
•Between 2017 and 2022, the market recorded a CAGR of 9.8%, attaining a valuation of US$ 4.9 billion in 2022.
•During the forecast period, the United States market is expected to grow at a CAGR of 11.0%, to reach a valuation of US$ 4.0 billion by 2033.
•The United Kingdom market is projected to grow at a CAGR of 12.6% between 2023 and 2033.
•The top segment by product type, the advanced ablation catheters, is expected to grow at a CAGR of 10.7%.
•By technology, the radiofrequency segment dominates the market and is anticipated to grow at a CAGR of 10.1%.
Key Market Developments:
•In February 2022, Ra Medical Systems secured the patent for its latest innovation: a support catheter. The product can easily be combined with any small flexible liquid core catheter, facilitating laser ablation.
•In November 2021, Hologic, Inc., launched the NovaSure V5 Global Endometrial Ablation (GEA). This latest innovation is crafted with EndoForm technology. The product can accommodate different types of anatomical variability and cervical canals.
•In August 2019, Boston Scientific Corporation launched its advanced cryoablation system which is known as ICEfx™. The specialty of this device is that it is a more compact, portable alternative to older versions.
Key Players:
•Boston Scientific Corporation
•Medtronic plc
•Abbott Laboratories
•Johnson and Johnson
•AngioDynamics Inc.
•Biotronik SE & Co. KG.
•Japan Lifeline Co.
•CathRx Ltd.
•AtriCure, Inc.
•Hologic, Inc.
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Key Segments :
By Product Type:
•Bipolar Energy Ablation Devices
•Cryotherapy Ablation Devices
•Hydrothermal Ablation (HTA) Devices
•Thermal Balloon Ablation Devices
•Advanced Ablation Catheters
oCryoablation Catheters
oIrrigated tip RF Ablation Catheters
oLaser Ablation Catheters
•Standard Ablation Catheters
oConventional Radiofrequency Ablation Catheters
•MRI Guided Neurosurgical Ablation
oMRI Guided Laser Therapy Systems
oMRI Guided RF Ablation Systems
oMRI Guided Focused Ultrasound Systems
oAccessories
By Technology:
•Laser
•Radiofrequency
•Microwave
•Ultrasound
•Others
By Application:
•Cardiovascular
•Cancer
•Urological
•Ophthalmic
•Others
By Functional:
•Automated Robotics
•Conventional
By End User:
•Hospitals
•Ambulatory Surgical Centers
•Clinics
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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