The ablation devices market growth will be driven by growing preference for minimally invasive procedures. The rising occurrence of cancer and cardiovascular disorders globally will further fuel this growth.
The ablation devices market growth will be driven by growing preference for minimally invasive procedures. The rising occurrence of cancer and cardiovascular disorders globally will further fuel this growth.
According to the National Cancer Institute, the national cancer care expenditure in the U.S. was nearly US$147.3 billion in 2017. These numbers are likely to further increase in the forthcoming years on account of a growing geriatric population and rising number of cancer cases.
As per a report by the Centers for Disease Control and Prevention (CDC), cardiovascular disorders, diabetes, and cancer are among the leading causes of death and disability in the U.S. These chronic diseases jointly contribute to an annual healthcare expenditure of US$3.5 trillion in the United States.
Reportedly, global ablation devices market size will surpass US$25.2 billion by 2025. Mentioned below are some key factors fueling the industry expansion.
Demand for ablation devices in complex medical procedures
Growing health consciousness, a large elderly population base, and the rising incidence of cardiovascular diseases will augment the demand for ablation devices. The incorporation of advanced technologies has amplified the efficiency and reliability of the devices, which play an integral role in many surgical procedures. Various types of ablation devices are utilized in different medical procedures such as gynecology, cosmetology, oncology, cariology, and pain management.
Strong demand for oncology ablation devices
Oncology ablation devices accounted for more than 30% revenue share of the industry in 2018 and their demand/the segment is projected to grow significantly through 2025. Designed to nurse cancerous tumors by burning or freezing, oncology ablation surgery provides better benefits as compared to other conventional treatments. Additionally, oncology ablation therapy minimizes post-procedure stay in hospitals in comparison to open surgery.
Growing use of radiofrequency ablation devices
The ablation devices market, based on technology, is categorized into hydro-mechanical, microwave, thermal, cryotherapy, ultrasound, light, radiofrequency, radiation, and electrical technologies. The radiofrequency segment accounted for a market share of over 20% in 2018 and is estimated to grow at a steady pace in the coming years. Factors such as high efficiency, ease of use, and the high adoption rate of these devices will boost overall industry expansion.
To access sample pages of this report titled, “Ablation Devices Market Size By Technology (Electrical {Electrical Ablators, Electrical Brachytherapy}, Radiation {Brachytherapy, Stereotactic Radiotherapy and Radiosurgery, Image Guided Radiation Therapy, Intensity Modulated Radiation Therapy, Stereotactic Body Radiation Therapy, Proton Beam Therapy} Radiofrequency, Light {Cold Laser, Excimer Laser}, Ultrasound {High Intensity Focused Ultrasound, Magnetic Resonance Imaging Guided Focused Ultrasound, Ultrasonic Surgical System, Shock Wave Lithotripsy}, Cryotherapy {Tissue Contact Probe, Cryogen Spray Probe, Epidermal and Subcutaneous Cryoablation Device}, Thermal, Microwave, Hydromechanical), By Product (Disposable, Capital, Reusable), By Application (Cardiology, Oncology, Ophthalmology, Pain Management, Gynaecology, Urology, Orthopaedic Treatment, Cosmetic Surgery), By End Use (Hospitals, Ambulatory Surgical Centers, Others), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/3419
High healthcare expenditure in the U.S.
The U.S. ablation devices market is estimated to grow significantly at a 10.5% CAGR up to 2025. The presence of favorable reimbursement policies and an expanding geriatric population base should fuel the demand for ablation devices in the country. Also, the rise in healthcare expenditure and extensive investments by ablation devices manufacturing companies will augment industry growth in the region.
Growing incidence of cancer in Germany
Germany ablation industry in 2018 had dominated the European region and is projected to expand substantially at a CAGR of about 9.7% up to 2025. An increasing prevalence of cancer and cardiovascular diseases, rising number of baby boomers, and the adoption of latest technologies in the healthcare sector are some key factors driving industry expansion in the region.
Leading companies which are part of global ablation devices market include Johnson and Johnson, Alcon Laboratories, Abbott Laboratories, Atricure, Angiodynamics, CONMED, Biosense Webster, Varian, Elekta AB, Boston Scientific, and Medtronic Plc. These firms dominate the market share on account of superior brand recognition and a strong foothold in terms of financial position.
Strict regulatory norms regarding product approvals and complexities associated with ablation procedure could impact the adoption rate of these devices. Also, the reuse of ablation devices in developing countries due to high cost will further affect the product demand. However, the presence of favorable government initiatives and increased R&D activities for the development of low-cost ablation devices will lead to substantial industry expansion.
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