The global market for ablation devices is poised for exponential growth, with projections indicating a substantial rise from US$ 4.4 billion in 2023 to a staggering US$ 12.6 billion by 2033. This forecast suggests a promising Compound Annual Growth Rate (CAGR) of 11.1% over the next decade.
Ablation devices play a pivotal role in medical procedures, offering minimally invasive solutions for various conditions such as cancer, cardiac arrhythmias, and chronic pain. As advancements in technology continue to enhance the efficacy and safety of these devices, their demand is expected to surge globally.
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Factors contributing to this rapid market expansion include the increasing prevalence of chronic diseases, rising geriatric population, and growing adoption of minimally invasive procedures. Additionally, the ongoing development of innovative ablation techniques and devices is driving market momentum, enabling healthcare providers to deliver improved patient outcomes.
The anticipated growth of the ablation devices market signifies a significant opportunity for healthcare organizations, medical device manufacturers, and investors alike. By leveraging cutting-edge technologies and investing in research and development initiatives, stakeholders can capitalize on this burgeoning market and contribute to advancing patient care worldwide.
As the demand for minimally invasive treatment options continues to rise, the global ablation devices market is poised for substantial growth, offering immense potential for innovation and progress in the healthcare industry.
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
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.
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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.
Ablation Devices Market by Category
By Product Type:
- Bipolar Energy Ablation Devices
- Cryotherapy Ablation Devices
- Hydrothermal Ablation (HTA) Devices
- Thermal Balloon Ablation Devices
- Advanced Ablation Catheters
- Cryoablation Catheters
- Irrigated tip RF Ablation Catheters
- Laser Ablation Catheters
- Standard Ablation Catheters
- Conventional Radiofrequency Ablation Catheters
- MRI Guided Neurosurgical Ablation
- MRI Guided Laser Therapy Systems
- MRI Guided RF Ablation Systems
- MRI Guided Focused Ultrasound Systems
- Accessories
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
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