This market is expected to register a CAGR of 10.9% from 2016 to 2021. The growth in this market is supported mainly by the increasing prevalence of chronic diseases (such as cancer and cardiovascular diseases), the growing number of ablation procedures performed, and the development of next-generation ablation products and technologies.
Also, the rapidly growing geriatric population, increasing number of hospitals & ablation centers, and rising awareness related to ablation procedures are further driving the ablation technologies market.
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Key questions addressed in the report:
# What are the growth opportunities related to ablation technologies market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of ablation technologies products. Will this scenario continue in the next five years?
# What are the various ablation technologies product segments and their market share in the overall market?
# What are the new trends and advancements in the ablation technologies market?
North America will continue to dominate the ablation technologies market in 2021
The ablation technologies market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World. In 2016, North America dominated the global market, followed by Europe. Factors including the drastically growing geriatric population, increasing prevalence of target diseases such as CVD and cancer, and the increasing demand for minimally invasive procedures are driving the market for ablation technologies in North America.
Recent Developments:
# In August 2016, Biosense Webster, Inc. launched its THERMOCOOL SMARTTOUCH SF Catheter in the U.S. for the treatment of drug resistant paroxysmal atrial fibrillation. This helped the company to expand its product portfolio and increase its revenue base in the U.S.
# In May 2016, Galil Medical Inc. was acquired by the BTG plc group (a part of BTG International Ltd, U.K.); for a value of USD 110.0 million. BTG International is prominent manufacturer of cryoablation products and possesses strong product distribution network across Europe. The acquisition helped Galil Medical to strengthen its technological capabilities and to expand its distribution network in global ablation market.
# In October 2016, Smith & Nephew established a new a sports medicine orthopedic devices manufacturing facility at Costa Rica with an investment of USD 55 million. This helped the company strengthen its product manufacturing capabilities and address the growing demand for ablation products in the ablation technologies market.
# In December 2015, Medtronic entered into a partnership with Baylis Medical (Canada) to increase patient access to its OsteoCool RF Ablation System and further innovation in the system. Medtronic had acquired the OsteoCool technology and related IP from Baylis Medical in December 2015. This helped Medtronic to achieve technological advancement in its spinal tumor ablation system.
# In April 2016, Abbott Laboratories and St. Jude Medical, Inc. entered into a merger agreement. As per the agreement Abbott will acquire St. Jude Medical by end of the 2016. This acquisition is expected to increase the global presence and capabilities of both the companies and diversify their product offerings in the medical devices industry. Additionally, the merger would create the industry-leading product pipeline and top position in the industry due to combined product portfolio.
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In the market, leading players are adopting the strategies of product development, product launches, geographic expansions, agreements, acquisitions, and joint ventures to expand their presence. Market players adopted these strategies to access new technologies, develop novel products, expand their product portfolio, enter into growing markets, and increase their market share. In addition to the top market players, companies such as St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), AngioDynamics, Inc. (U.S.), and AtriCure, Inc. (U.S.) are primarily focused on launching new ablation devices and acquisitions to widen their product offerings in the market.
Major strategic developments are taking place in the field of radiofrequency ablation technology, which exhibits high growth potential in the near future. Dominant market players such as Medtronic, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), and CONMED Corporation (U.S.), have introduced several advanced radiofrequency ablation devices during 2013 to 2016 to keep pace with the industry trends.
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