PORTLAND, Oregon and PUNE, India, November 17, 2016 /PRNewswire/ --
Ablation Devices Market by Technology (Thermal Ablation, Electrical, Radiation, Radiofrequency, Ultrasound, Microwave, Hydrothermal, Non-Thermal Ablation, Cryoablation) would reach $6,658 million by 2022 from $3,047 million in 2015, growing at a CAGR of 11.7% during the forecast period. Thermal ablation devices segment is estimated to dominate the market throughout the analysis period. About two-thirds of the world ablation devices market share was captured by cardiovascular and cancer segment in 2015.
Summary of the Ablation Devices Market Report can be accessed on the website at: https://www.alliedmarketresearch.com/ablation-devices-market
Ablation is a minimally invasive procedure that treats various chronic diseases such as cancer and pulmonary conditions, as well as used for aesthetic procedures. The market is expected to grow at a significant rate due to various advantages of ablation procedures (short time duration, minimized blood loss and damage to healthy organs and tissues, operator friendly) over conventional methods such as chemotherapy, as it has high side-effects. The introduction of innovative and advanced ablation technologies and the increase in the prevalence of chronic diseases and awareness about the procedure would contribute towards the market growth. However, the market growth is hindered by unstable reimbursement policies, stringent government regulations, limited awareness, and high cost of the procedure.
According to Onkar Sumant, Research Analyst at Allied Market Research "Ophthalmology segment would be the most lucrative segment for investment in the ablation devices market for the new as well as existing players. This is because there are numerous players, products, and patents already available in the market for cancer and cardiology ablation devices, making the competitive rivalry intense. However, ophthalmology segment has untapped areas that could provide great opportunities for new entrants as well as existing players".
Thermal segment dominated the world ablation devices market in 2015 and is expected to continue with its dominance throughout the forecast period. This is attributed to the various applications of thermal ablation devices for cancer and cardiovascular surgeries. However, owing to the higher success rate and advantages, non-thermal technologies is estimated to be the fastest growing segment propelling at an estimated CAGR of 17.7%.
In the year 2015, cancer segment held the majority of the market share due to increase in the number of cancer patients and high precision of ablation techniques to destroy cancer cells. In addition, it is estimated to retain its market position throughout the forecast period, registering a CAGR of 11.4%. Cardiovascular is anticipated to be the fastest growing segment, as cardiac ablation provides site-specific treatment and prevents infection to the surrounding tissues.
With the robotic ablation devices, the procedure can be conducted with miniaturization, precision, and smaller incisions. Hence, it is expected to be the fastest growing function segment. However, this technique is relatively new and expensive as compared to the conventional methods. Therefore, currently conventional ablation devices is the dominant segment in the ablation device market.
By procedure, tumor ablation segment occupies the largest share in the ablation device market and is expected to maintain its lead throughout the analysis period. The number of cancer cases are increasing and it is one of the leading causes of morbidity and mortality in the world. For instance, in 2012, there were about 14 million new cases and 8.2 million cancer-related deaths.
Key findings of the Ablation Devices Market:
- Varicose veins segment is estimated to exhibit a CAGR of 15.6%, among procedure types.
- Cardiovascular is anticipated to be the fastest growing segment throughout the analysis period.
- Epidermal and subcutaneous cryoablation devices are the fastest growing sub-markets from cryoablation devices segment.
- Turkey ablation devices market is projected to grow at a CAGR of 10.8%.
- Automated/robotic ablation devices market is projected to grow at a CAGR of 14.3%.
Presently, North America and Europe have the highest growth potential due to established reimbursement policies, high buying power, rapid adoption of minimal-invasive therapies, rise in the count of aging population, and increasing prevalence of patients with chronic illnesses. However, the market would gain traction in the developing regions of Asia-Pacific and Latin America as well, due to the increase in urbanization & disposable income, large number of undiagnosed patients, and growing awareness about ablation devices.
The key players profiled in this report include Boston Scientific Corporation, AngioDynamics, Inc., AtriCure, Inc., St. Jude Medical, Inc., Medtronic plc, Conmed Corporation, Olympus Corporation, Johnson & Johnson, Smith & Nephew plc, and BTG plc.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/life-sciences/medical-devices-market-report
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SOURCE Allied Market Research