The Asia-Pacific Ablation Devices Market is expected to register a CAGR of nearly 7.6% during the forecast period. Rising incidences of diseases such as cancer and cardiac ailments are expected to boost the demand for ablation procedures. The technological advancements to design high-end products and growing demand for treatment procedures, which are minimally invasive are also expected to boost the ablation technologies market. Furthermore, the rising number of the ageing population having a higher risk of target diseases is another vital factor driving the demand for ablation procedures.
Japan has the world’s fastest ageing population. According to the World Ageing 2019 report, estimates that the number of the population who are above 65 years of age in Japan was 35.524 million (28%) in 2019 which is projected to reach 37.278 million (30.9%) in 2030. As the number of geriatric population is expected to increase in coming years who are more prone to chronic diseases such as cancer, cardiovascular diseases, and urinary disorders which are expected to increase the ablation procedures in near future which shows a positive impact on the market.
Furthermore, as per World Health Organization (WHO) stated that there were approximately 361,400 deaths due to cancer in 2014. However, the 2018 statistics by the WHO indicate that the deaths due to cancer increased to nearly 409,400 in Japan.
Therefore, rising prevalence of cancer and other chronic diseases is expected to show significant growth over the forecast period. However, stringent regulatory framework leading to an increase in the gestation period for product launches is also a market challenge which is hindering the market growth.
Key Market Trends
Cancer Treatment Segment is Expected to Hold Significant Market Share in the Asia-Pacific Ablation Devices Market
Over the years, the prevalence rate of cancer has increased in India. As per the World Health Organization (WHO), there were 683,800 deaths due to cancer in India, in 2014. This number was reported to have increased to nearly 785,000 in 2018. The report also stated that cervix uteri cancer was the second leading cause of death among women and the third leading cause of death overall in India.
Furthermore, The Cancer Council of Australia states that cancer is the leading cause of deaths in Australia. As per the council, in 2019 there were almost 50,000 deaths from cancer in Australia.
Thus, owing to the increasing prevalence of cancer the segment is expected to witness a high growth rate over the forecast period.
The Asia-Pacific Ablation Devices market is moderately competitive and consists of a few major players. Companies like Abbott, AtriCure, Inc., Boston Scientific Corporation, Conmed Corporation, Johnson and Johnson, Medtronic PLC, Olympus Corporation, Smith & Nephew PLC, among others, hold the substantial market share in the Asia-Pacific Ablation Devices Market.
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