NEWARK, Del, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global ablation technology market size is estimated to be valued at US$ 6.2 billion in 2024. The demand for ablation technology is expected to witness a robust CAGR of 8.9% from 2024 to 2034. By 2034, sales of ablation technology are anticipated to reach a valuation of US$ 14.6 billion.
The rise in chronic illnesses is expected to boost the market expansion. Several research and development efforts focused on state-of-the-art ablation technologies are propelling the market's growth.
Emerging countries like South Korea, China, and India are making significant strides in medical technology. There has been an increase in cancer, heart disease, liver problems, and elderly individuals in these areas. This is a great chance for the ablation technology to continue. These nations have a sizable patient population, which presents opportunities for ablation technology market players.
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Other factors transforming the market share of ablation technology include minimal regulatory obstacles, infrastructure, and rising healthcare spending. Local and regional firms make major investments in research and development, enhancing the ablation technology industry.
One factor impeding market expansion is patients' and healthcare providers' ignorance of the advantages and adoption of ablation technologies. The upfront expenditures associated with ablation technology are substantial for patients and healthcare providers. The methods come at a cost that prevents wide adoption of ablation technologies, especially in areas with tight funding.
Regional Outlook
Growing investments in healthcare infrastructure are driving the ablation technology market in Asia Pacific, with developing nations like China and India exhibiting strong potential for growth.
Europe is at the forefront of the adoption of innovative ablation technologies due to its strong emphasis on research and development, which has created an environment where technological developments are constant.
As a center of global innovation for medical technology, North America supports a competitive environment with several research and development initiatives that accelerate the ongoing advancement of ablation technologies on the market.
“Due to the growing need for minimally invasive procedures in various medical specialties, the ablation technology market is expected to rise. The ablation technology vendors have opportunities in the shifting landscape due to technological improvements and growing awareness, which provide an optimistic outlook,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
Key Takeaways
- The radiofrequency ablators segment in the product category is anticipated to evolve at a CAGR of 8.6% from 2024 to 2034.
- In the application category, the cardiovascular disease treatment segment is expected to accelerate at a CAGR of 8.4% through 2034.
- Sales of ablation technology in the United States are anticipated to surge at a CAGR of 9.3% through 2034.
- The United Kingdom’s ablation technology market will likely develop at a CAGR of 9.8% through 2024.
- China’s ablation technology sales are expected to surge at a CAGR of 9.7% until 2034.
- South Korea’s ablation technology industry is anticipated to boost at a CAGR of 6.7% over the forecast period.
- Japan’s ablation technology market is anticipated to exhibit a CAGR of 10.6% through 2034.
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Competitive Landscape
The ablation technology market is characterized by intense competition fueled by the search for innovative solutions and technological improvements. Prominent ablation technology vendors are concentrating on research and development to improve their product offerings and keep a competitive edge.
Regional expansion, strategic alliances, and regulatory compliance are a few variables that impact market dynamics. A wide spectrum of ablation technology providers striving for dominance in the quickly changing ablation technology sector characterizes the competitive landscape.
Prominent Ablation Technology Manufacturers
- St. Jude Medical Inc.
- Medtronic plc
- Boston Scientific Corporation
- AngioDynamics, Inc.
- AtriCure, Inc.
- Conmed Corporation
- Olympus Corporation
- Smith and Nephew plc
- BTG plc
- Johnson and Johnson
- Accuray Incorporated
- C.R. Bard, Inc.
- Varian Medical Systems, Inc.
- Elekta AB
- Misonix, Inc.
Newest Advancements
- In October 2022, the C2 CryoBalloon Ablation System was introduced in Canada to treat Barrett's esophagus. PENTAX Medical, a manufacturer of endoscopic products for both therapeutic and diagnostic purposes, used it first.
- In March 2022, the United States Food and Drug Administration granted clearance to Quantum Surgical 510(k) for its Epione robot, capable of planning, delivering, and verifying tumor ablation as a cancer treatment.
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Key Segments
By Product:
- Radiofrequency Ablators
- Temperature-Controlled Radiofrequency Ablators
- Fluid-Cooled Radiofrequency Ablators
- Robotic Catheter Manipulation Systems
- Laser/Light Ablators
- Excimer Laser Ablators
- Cold Laser Ablators
- Ultrasound Ablators
- Ultrasonic Surgical Ablation Systems
- High-Intensity Focused Ultrasound Ablators
- Extracorporeal Shockwave Lithotripsy Systems
- Magnetic Resonance-Guided Focused Ultrasound Ablators
- Electrical Ablators
- Argon Plasma/Beam Coagulators
- Irreversible Electroporation Ablators
- Cryoablation Devices
- Tissue Contact Probes
- Tissue Spray Probe
- Epidermal and Subcutaneous Cryoablation Devices
- Microwave Ablators
- Hydrothermal/Hydromechanical Ablators
By Application:
- Cardiovascular Disease Treatment
- Cancer Treatment
- Liver Cancer
- Kidney Cancer
- Prostate Cancer
- Lung Cancer
- Bone Metastasis
- Breast Cancer
- Ophthalmological Treatment
- Pain Management
- Urological Treatment
- Orthopedic Treatment
- Cosmetic/Aesthetic Surgery
- Gynecological Treatment
- Others
By End Use:
- Hospitals
- Ambulatory Surgical Centers
- Ablation centers
- Others
By Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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