Global Growth Influencing Factors:
The growing elderly population has also driven the incidence of target conditions and contributed to the demand for effective treatment. However, the reuse and reprocessing of devices in developed countries and unfavorable regulatory scenario are key factors limiting the growth of this market. Product recalls and therapeutic challenges related to the efficacy of ablation products are key challenges faced by industry players in the global ablation technology market.
Projected Rise in Revenue Growth:
The ablation technology market is projected to reach USD 8.1 Billion by 2026 from USD 5.2 Billion in 2021, at a CAGR of 9.3% during the forecast period.
Data Triangulation:
After arriving at the overall size of the global ablation technology market through the above-mentioned methodology, this market was split into several segments and sub-segments. The data triangulation and market breakdown procedures were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact market value data for the key segments and sub-segments. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.
Opportunity: Growth potential in emerging economies
Emerging markets, including India, China, Mexico, and Brazil, offer significant growth opportunities in the ablation technology market, owing to factors such as initiatives undertaken by stakeholders across these countries, low regulatory barriers for trade, continuous improvements in the healthcare infrastructure, growing patient population, the relatively low procedural cost for disease treatment (compared to developed countries), less stringent regulatory policies, low competition, and rising healthcare expenditure. Moreover, these regions have reported growth in the incidence and prevalence of lifestyle diseases such as cardiac diseases and cancer
Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=791
Challenge: Reuse and reprocessing of devices
As per the FDA and EU guidelines, ablation catheters are labeled as single-use devices (SUDs). However, the high per-unit cost and limited reimbursement have led to reprocessing and reuse in hospitals with budget constraints. The cost incurred by a hospital/surgical center for reprocessing and reuse is less than 10% compared to the cost of a new ablation device, reducing the overall procedural cost by around 50%. Germany is among the key European countries that allow the reuse of SUDs (including ablation catheters), provided the devices are reprocessed as per regulatory guidelines. Furthermore, the US has also looked favorably on reprocessing SUDs—according to current FDA clearances, fully leveraging single-use device reprocessing can save US healthcare more than USD 700 million (Source: MPO Summit, 2021)
In terms Application, the cardiovascular treatment segment is expected to account for the largest share of the ablation technology market in 2020.
Based on application, the ablation technology market is classified into major segments—cardiovascular disease treatment, cancer treatment, ophthalmological treatment, pain management, gynecological treatment, urological treatment, orthopedic treatment, cosmetic/aesthetic surgery, and other applications. Rising disease prevalence and technological advancement in this field will boost market growth.
The hospitals, surgical centers, and ablation centers segment is expected to register the highest CAGR during the forecast period
The ablation technology market, by end user, is segmented into hospitals, surgical centers, and ablation centers, ambulatory surgical centers (ASCs), medical spas & aesthetic centers, and other end users. The increasing incidence of cancer, sports injuries, and cardiac conditions is driving the growth of the ablation technology market for hospitals, surgical centers, and ablation centers segment.
Asia Pacific market is expected to grow at the highest CAGR during the forecast period.
The ablation technology market covers five key geographies—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, Asia Pacific region offered significant opportunities for the growth of the ablation technology market. The market growth in Asia Pacific can be attributed rising incidence and prevalence of cancer and cardiac conditions, technological advancement in ablation product and technology, increasing awareness of minimally invasive techniques and growth opportunities in the emerging markets.
Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=791
No comments:
Post a Comment