Cardiac Ablation Technologies Market: Increase in geriatric population with rise in incidence of cardiac diseases drive market
Transparency Market Research (TMR) has published a new report titled, “Cardiac Ablation Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global cardiac ablation technologies market was valued at US$ 3,228.95.4 Mn in 2017. It is projected to expand at a CAGR of 11.1% during forecast period from 2018 to 2026. The global cardiac ablation technologies market is anticipated to be driven by technological advancements and increase in adoption of cardiac ablation technologies during the forecast period. The cardiac ablation technologies market in Asia Pacific is expected to expand at a high CAGR of 11.7% due to high prevalence of diseases, improvements in the health care sector, and increase in focus on research and development.
Increase in geriatric population with rise in incidence of cardiac diseases drive market
The global population is aging rapidly, especially in some developed countries such as the U.S., most countries of Western Europe, and Japan. Developed countries witness a high rate of aging as compared to their developing counterparts. This is attributed to improved health care infrastructure, favorable reimbursement policies, and advancements in health care facilities in these countries. Moreover, access to various diagnostic and treatment services has improved in recent years, especially in developed countries. This, in turn, has increased the life expectancy of the population. The geriatric population is a major end-user for cardiac ablation technologies due to higher risk of developing cardiac diseases. Increase in the geriatric population leads to high rate of ailments, which in turn is likely to propel the demand for and consumption of cardiac ablation technologies.
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Rising incidence of atrial fibrillation
It is estimated that around 33.5 million people worldwide are affected by atrial fibrillation, and the patient population is expected to rise substantially over the next several decades Rise in the prevalence rate of atrial fibrillation is creating a significant socioeconomic impact across the globe, which, in turn, propels the demand for ablation technologies.
Increase in patient preference for minimally invasive surgeries and technological advancement creates demand for cardiac ablation technologies
Cardiac ablation is minimal invasive procedure that destroys the affected heart tissue. These devices offer low complication rates and high technical success, leading to better quality of life for patients. Additionally, these devices are effective alternatives to invasive procedures. Minimally invasive procedures utilize advanced technology to reach the internal organs through small incisions, which cause less pain, low risk of infection, shorter hospital stays, quicker recovery time, less scarring, and reduced blood loss. These factors are likely to drive the global market in the near future. Furthermore, consistent involvement of key players in upgrade of the existing ablation products through research and development further boost the market.
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The global cardiac ablation technologies market has been segmented based on technology type, application, and region. In terms of technology type, the market has been divided into radiofrequency, cryoablation, laser, ultrasound, microwave, and other. The radiofrequency segment accounted for around 56.0% share of the market, in terms of revenue, in 2017. Radiofrequency ablation procedure is a well-established procedure with high safety and efficacy, which leads to its higher adoption. Furthermore, it is a minimal invasive procedure, has low risk profile, and it is technically simple to perform, which further contributes to share held by the segment of the global market. Based on application, the market has been classified into atrial fibrillation, ventricular tachycardia, and others. The atrial fibrillation segment held a significant share of the market in 2017. It is expected to expand at a notable CAGR during the forecast period due to increasing incidence and prevalence of atrial fibrillation and rising adoption of cardiac ablation technologies for the treatment of atrial fibrillation. According to the American Heart Association (AHA), in 2013, there were around 2.7 million patients suffering from atrial fibrillation (AF) in the U.S., and is predicted to affect 6 to 12 million people by 2050. In the U.S., about 75% of atrial fibrillation (AF) patients are of 65 years of age or more. This indicates that a rise in the geriatric population is anticipated to boost the incidence and prevalence of AF.
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Increase in prevalence of atrial fibrillation and other heart rhythm disorder in Asia Pacific to create opportunities in market
In terms of region, the global cardiac ablation technologies market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to hold a leading share of the global market during the forecast period, owing to high rate of adoption of cardiac ablation technologies and high health care expenditure. Europe is anticipated to account for a significant share of the global market between 2018 and 2026. Increase in incidence of atrial fibrillation and other heart diseases is expected to fuel the market in the region during the forecast period. The market in Asia Pacific is likely to expand considerably during the forecast period, due to a surge in health care expenditure. Moreover, increasing focus of key players on expansion in Asia Pacific, large untapped population, and rising awareness about health care boost the cardiac ablation technologies market in Asia Pacific. The cardiac ablation technologies market in Middle East & Africa is anticipated to expand at a steady pace between 2018 and 2026.
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Biosense Webster, Inc. (Johnson & Johnson), Medtronic, Inc., and St. Jude Medical, Inc. (Abbott) dominated the market in 2017
Key players operating in the global cardiac ablation technologies market include Medtronic Plc., Boston Scientific Corporation, Biosense Webster, Inc. (Johnson & Johnson), St. Jude Medical, Inc. (Abbott), CardioFocus Inc., and MicroPort Scientific Corporation. Companies operating in the global cardiac ablation technologies market focus on strategic collaborations to develop new products in emerging markets such as Asia Pacific and Latin America.
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