Cardiac Ablation Technologies Market: Technological Advancements and Innovations to Bolster Growth Opportunities for Market
Cardiac Ablation Technologies Market: Snapshot
The cardiac ablation technologies market is estimated to bring good growth prospects across the forecast period of 2018-2026. Cardiac ablation is a technique used for correcting heart rhythm problems. Ablation is also used for disconnecting the electrical pathway between the atria and ventricles of the heart. Ablation is preferentially used for treating high-risk patients. The growing number of high-risk patients may bring an increase in the growth rate of the cardiac ablation technologies market.
A surge in atrial fibrillation cases is proving to be a growth generator as cardiac ablation technology is prominently used for the treatment of atrial fibrillation. Based on technology type, the cardiac ablation technology market can be segmented into ultrasound, microwave, radiofrequency, laser, cryoablation, and others.
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The COVID-19 outbreak may impact the production of the cardiac ablation devices as manufacturing facilities were shut on the account of stay-at-home orders imposed by numerous countries. Nonetheless, the cardiac ablation technology market may steadily evolve in the post-lockdown era.
According to Transparency Market Research (TMR), the global cardiac ablation technology market was valued at US$ 3228.95 mn in 2017 and is predicted to expand at a CAGR of 11.1% across the forecast period of 2018-2026. The high prevalence of atrial fibrillation along with other heart disorders such as atrial flutter, Wolff-Parkinson-White syndrome, and tachycardia may prove as growth pillars for the cardiac ablation technology market.
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A Substantial Rise in Cases of Atrial Fibrillation to Largely Influence Growth of Cardiac Ablation Technology Market
Atrial fibrillation is a disorder that causes irregular heartbeats leading to problems like stroke, heart failure, blood clots, and other heart-related complications. According to the Centers for Disease Control and Prevention (CDC), an estimated population between 2.7 million and 6.1 million people in the U.S. are said to be affected by atrial fibrillation. The CDC also highlights that 166,793 death certificates in the U.S mentioned atrial fibrillation and 26,077 of these deaths occurred with atrial fibrillation as the underlying cause of death. These statistics shed light on the growing prevalence of atrial fibrillation and hint a good growth turnover for the cardiac ablation technology market
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According to the American Heart Association (AHA), in 2013, about 75 percent of atrial fibrillation patients are over 65 years of age. Therefore, these statistics also shed light on the rise of atrial fibrillation in geriatric population and the potential to boost the growth rate of the cardiac ablation technologies market. Considering all these factors, the atrial fibrillation segment is anticipated to record a notable CAGR across the forecast period.
Radiofrequency Segment to Acquire a Good Share in Terms Of Revenue
The global cardiac ablation technology market is expected to gain considerable momentum from the radiofrequency segment across the forecast period. According to the TMR analysts, the radiofrequency segment accounted for approximately 56 percent of share in terms of revenue in the year 2017. It is further expected to contribute the same to the cardiac ablation technology market due to the associated benefits. High safety and good efficacy are some of the benefits associated with radiofrequency cardiac ablation type. In addition, it is not risky and is a minimally invasive procedure, which is technically a tad simpler as compared to other types. The aforementioned factors will enable the radiofrequency segment to hold a prominent market share during the forecast period.
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Technological Advancements and Innovations to Bolster Growth Opportunities for Cardiac Ablation Technology Market
The introduction of novel technologies through frequent research and development activities in the cardiac ablation technology market add extra stars of growth. Advancements like balloon-mounted technologies, multi-electrode ablation catheters, and other similar developments are serving as a boon for the growth of the cardiac ablation technology market. The use of sensors to provide real-time information on the force of contact will enhance the efficiency of the cardiac ablation technology market greatly.
Varied Product Offerings and Well-Built Distribution Network to Have a Positive Effect on Growth of Cardiac Ablation Technology Market
Key players in the cardiac ablation technology market strive to expand their product portfolio and generate influence among the consumers through research and development, mergers, acquisitions, joint ventures, collaborations, and partnerships. This aspect assures promising growth avenues for the cardiac ablation technology market. New players are also entering to compete with well-established players, thus increasing the competition level.
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Some well-entrenched players in the cardiac ablation technology market are Boston Scientific Corporation, Biosense Webster Inc. (Johnson & Johnson), Medtronic Plc., MicroPort Scientific Corporation, CardioFocus Inc., St. Jude Medical, Inc. (Abbott), and Stryker Corporation.
North America and Europe to Serve as Significant Growth Contributors for Cardiac Ablation Technology Market
Geographically, the cardiac ablation technology market is segmented into North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific. Europe and North America accounted for the largest market share in 2017. These regions may continue generating good growth for the cardiac ablation technology market. The presence of a massive geriatric population coupled with substantial cases linked to diverse heart disorders are proving to be growth multipliers for the cardiac ablation technology market.
Asia Pacific is estimated to grow at a rapid pace across the forecast period with a high CAGR due to escalating cases of atrial fibrillation and a rise in health care expenditure across the region. Considerable investments from key players in the region owing to low-cost manufacturing in India and China will further help in accelerating the growth rate of the cardiac ablation technology market.
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