Global Ablation Devices Market - 2022-2029

Global Ablation Devices Market - 2022-2029:

Market Overview

Ablation Devices Market was valued at US$ 6,937.7 million in 2021 and is estimated to reach US$ 17,457.2 million by 2029, growing at a CAGR of 10.86% during the forecast period (2022-2029).

Ablation is removing a part of biological tissue, usually by surgery. Lasers carry out surface ablation of the skin, chemicals (chemoablation), freezing (cryoablation), or electricity (fulguration). Bone marrow ablation is a process by which human bone-marrow cells are removed in preparation for a bone marrow transplant. Ablation of brain tissue can be used in treating certain neurological disorders, predominantly Parkinson's disease and some psychiatric disorders.

Market Dynamics

The major driving forces are the rising prevalence of chronic disorders, increase in research and development, increasing healthcare expenditure, the surge in minimally invasive surgery demand and technological advancements expected to drive market growth.

The rising prevalence of chronic diseases is expected to drive the market growth

The global market for ablation devices is primarily driven by the rise in chronic disorders and the rise in the elderly population. The rising number of cardiac arrhythmias is expected to drive the market. For instance, according to the CDC 2020 report, more than 750,000 hospitalizations occur yearly because of atrial fibrillation. The condition also contributes to nearly 130,000 deaths each year. Thus, the increasing number of cardiac arrhythmia cases is driving the market.

The increasing geriatric population is expected to boost the market over the period forecast. Many nations are now facing challenges related to the ongoing and increasing demographic shift in age among their populations. As per the World Health Organization, the number of people 65 or older is expected to grow from 524 million in 2010 to 1.5 billion in 2050. Development of several chronic diseases, such as cardiovascular and neurodegenerative diseases, are often associated with and more common among the older age groups. Thus, the growing geriatric population is driving the market.

The surge in popularity and increasing awareness about minimally invasive (MI) procedures has encouraged the adoption of MI surgeries as they are less painful. Unlike traditional open surgeries, MI surgeries can be performed as an outpatient procedure, and the added benefit of lesser cost makes the market more attractive. Other factors like the increase in disposable income, technological advancements, the high demand for lasers in ablation techniques, and increasing healthcare spending are opportunities driving the global ablation devices market. Furthermore, robotic navigation technologies that can complete ablation procedures are more accurate and are being incorporated to increase the popularity of these surgeries.

The side effects associated with ablation procedures will hamper the market’s growth.

Major factors hindering the global ablation devices market are the risk associated with ablation procedures, the high cost of ablation procedures, the stringent regulatory approval process, and the lack of skilled electrophysiologists may hinder the market progress. The onset of side effects is expected to restrain the market. For instance, stroke, chemical allergies, esophageal injury, or in rare cases, death of the whole heart is seen in less percentage of the total population.

Segment Analysis

The radiofrequency ablation device segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Radiofrequency ablation devices share the most established market, but the growth of microwave and cryotherapy devices is expected to show the most market growth. The market progression of microwave ablation devices share due to their ability to form bigger ablation zone, and their heat sink resisting is superior to radiofrequency devices.

New technological advancements in radiofrequency ablation devices will drive the market’s growth. For instance, in Jan 2021, Medtronic announced that the DiamondTemp ablation system got approved by U.S.FDA for treating patients with recurrent paroxysmal atrial fibrillation. It is the first FDA-approved irrigated radiofrequency ablation system that is temperature controlled.

Geographical Analysis

North America holds the largest market share of the global ablation devices market.

The North American market accounted for the largest share of the ablation devices market. It is attributed to the increasing prevalence of patients with chronic illnesses along with the rapid adoption of minimal-invasive therapies. The growing research funding and technological advancements are other factors that help the market see profitable growth. Furthermore, the high spending GDP and established reimbursement policies in healthcare stimulate the market’s growth.

Most of the major key players are present in this region. They are launching novel products and improving their products with technological advancements, which is the key factor for driving the market's growth in this region and making it the largest market shareholder. For instance, in February 2022, Medtronic announced that the U.S. FDA approved Freezor and Freezor Xtra cardiac cryoablation focal catheters. These are the first ablation catheters approved by the FDA for treating pediatric atrioventricular nodal reentrant tachycardia.

Competitive Landscape

The ablation devices market is a highly competitive presence of local and global companies. Some key players contributing to the market’s growth are Abbott Laboratories, Boston Scientific Corporation, Medtronic, Intuitive Surgical, Inc., Johnson & Johnson, Inc., Olympus Corporation, AngioDynamics, AtriCure, Inc. and Smith & Nephew.

Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. For instance, in Oct 2021, Boston Scientific announced its acquisition of Baylis Medical Company. It will increase the electrophysiology and heart product portfolio of Boston Scientific. New product launches and increased focus on R&D are other ways the leading players improve their market presence. Also, in Nov 2020, Abbott launched its radiofrequency ablation device IonicRF Generator which is used for pain management in the nervous system.

Abbott Laboratories:

Overview:

Abbott is a multinational company that develops medical devices and healthcare products. It was founded in 1888 and is headquartered in Illinois, United States. Their products and services include medical devices, diagnostics, nutritional products and branded generic medicines.

Product Portfolio:

Ionic RF Generator: It is a radiofrequency ablation device that targets a particular nerve and then blocks the pain signals. It provides minimally invasive treatment for pain management in the nervous system.

Key Developments: In Apr 2022, Abbott announced results from the PERSIST-END study that reported that the TactiCath contact force, sensor-enabled ablation catheter device was used to treat patients with persistent atrial fibrillation. Almost 9 out of 10 patients showed no symptoms for 15 months after the procedure.

The global ablation devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.