Rising incidences of diseases such as cancer and cardiac ailments are expected to boost the demand for ablation procedures. According to the 2020 report of European Heart Network, in collaboration with the WHO European Office for the Prevention and Control of Noncommunicable Diseases, around 3.9 million deaths in Europe and over 1.8 million deaths in the European Union occur due to cardiovascular diseases each year. It is expected that this number would increase further by 2030.The technological advancements to design high-end products and a growing demand for treatment procedures, which are minimally invasive are also expected to boost the ablation technologies market. Furthermore, the rising number of the aging population having a higher risk of target diseases is another vital factor driving the demand for ablation procedures.However, product recalls by companies are also hindering the growth of the market. Stringent regulatory framework leading to an increase in the gestation period for product launches is also a market challenge.
Key Market Trends
Application of Ablation Devices in Cancer Treatment is Expected to register a Significant Growth Ra
The increase in the number of cancer patients has driven market growth. Cancer Research UK suggests that the population suffering from cancer is expected to increase in the future. As per the report, if recent trends in the incidence of major cancers and population growth are consistent, it is predicted there will be 27.5 million new cancer cases worldwide each year by 2040. This is an increase of 61.7% from 2018.
Cancer ablation is a minimally invasive surgical method to treat solid cancers. Special probes are used to “burn” or “freeze” cancers without the usual surgery. Computed Tomography (CT), Ultrasound (US) or Magnetic Resonance Imaging (MRI) is used to guide and position the needle probe into the tumor. Therefore as the demand for minimally invasive surgeries is increasing, the demand for this alternative to cancer treatment is also increasing. Hence all these factors are expected to dominate the market.
Market leaders are increasing fundings for research & development and have retained their position in the market. The key market players operating in the Europe Ablation Technologies market include Boston Scientific Corporation, Conmed Corporation, Johnson & Johnson, Medtronic, Inc., Olympus Corporation, Smith & Nephew PLC amongst others.
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