The global ablation devices market is expected to witness a CAGR of 10.4% during the forecast period. Certain factors that are driving the market growth include the rise in the prevalence of chronic diseases, technological advancements, and advantages associated with the device and procedure.
Ablation devices are minimally invasive and provide an alternative to the conventional surgical treatment of liver, kidney, prostate, and lung cancers, and the usage is growing rapidly owing to the increasing popularity of minimally invasive treatments as well as the rising incidence of various chronic diseases. Several companies are currently offering innovations in ablation technologies, which supports clinical efficacy, patient safety and procedural efficiency.
Key Market Trends
Cancer Treatment is Expected to Hold Significant Market Share in the Application Segment
Cancer has a major impact on societies across the world. The incidence of cancer has increased, worldwide, at a high rate in the recent decade. According to a 2018 report by the World Health Organization (WHO), the global cancer burden was estimated to have risen to 18.1 million new cases and 9.6 million deaths worldwide in 2018. One in five men and one in six women, worldwide, develop cancer during their lifetime, and one in eight men and one in eleven women die from the disease. The total number of people who are alive within five years of a cancer diagnosis is estimated to be 43.8 million. The increasing cancer burden was also attributed to several factors, including changing prevalence of certain causes of cancer linked to social and economic development. This is particularly true in rapidly growing economies, where a shift is observed from cancers related to poverty and infections to cancers associated with lifestyles more typical of industrialized countries. Hence, owing to the rising incidence of cancer, the demand for devices and technologies that treat cancer effectively and safely is bound to increase. This factor is expected to help the Ablation Devices market grow in the forecast period.
North America Dominates the Market over the Forecast Period
The investments, by many key players in this market, have grown significantly in the region, specifically in the United States. In addition, the focus on the development of products with innovative features and greater effectiveness has increased in recent times. As a result, there has been a growth in R&D funding.
The market growth in the region is also supported by the rising prevalence of cancer. Moreover, the number of people with higher risk for variety of cancers (aging population) is increasing in the region.
The global ablation device market is moderately competitive and consists of a few major players. Companies like Abbott, AngioDynamics, Inc., AtriCure, Inc., Boston Scientific Corporation, BTG plc, Conmed Corporation, Johnson and Johnson, Medtronic PLC, Olympus Corporation, Smith & Nephew PLC, among others, hold the substantial market share in the Ablation Devices market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support