This is How Leading Companies are Dominating Global Ablation Technology Market

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in ablation technology market.

Major Growth Driving 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.

Revenue Growth Expectations, Globally:

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.

Global Leading Companies:

In 2020, the ablation technology market was dominated by Medtronic, plc. (Ireland), Johnson & Johnson (US), Abbott (US), and Boston Scientific Corporation (US) and CONMED Corporation (US).

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Different Growth Strategies Adopted:

The key growth strategies adopted by the top players in the market include product launches and approvals, expansions, and acquisitions. Product launches and approvals were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.

More About Leading Players:

As of 2020, Medtronic plc. (Ireland) holds the leading position in the global ablation technology market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced ablation products. Medtronic focuses on organic growth through innovation and the launch of new and advanced products. It has a comprehensive product portfolio of ablation devices and technology.

The company leverages its research capabilities and innovative product portfolio to ensure its strong position in the ablation technology market. In June 2021, it secured US FDA expanded approval for the Arctic Front Family of Cardiac Cryoablation Catheters. It also entered into a definitive agreement to acquire EPIX Therapeutics, Inc. (EPIX), a private company that designs and manufactures a catheter-based, temperature-controlled cardiac ablation system for treating patients with cardiac arrhythmias (irregular heartbeats), including AF. These key strategic moves will help the company maintain its market leadership.

Johnson & Johnson has a strong brand value among ablation end users, strong R&D capabilities, and a strong portfolio. The company is constantly increasing its investments in R&D to accelerate product development. The company is constantly enhancing its product portfolio through innovation and product development. This has helped Johnson & Johnson to gain a competitive edge and efficiently address end-user requirements. The new products introduced by Johnson & Johnson within the last five years have contributed about 25% to the company’s sales. Johnson & Johnson focuses on regulatory compliance, end-user feedback, and advancing design and development to ensure the success of its products in the market.

Over the last three years, the company has focused less on inorganic growth strategies in the ablation technology market. The high dependence on third-party raw material suppliers has also been a major challenge for the company.

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Recent Developments:

# In June 2021, Boston Scientific announced the acquisition of the remaining shares of FARAPULSE. The acquisition complemented Boston Scientific's electrophysiology segment, bringing pulsed-field ablation technology to its portfolio.

# In April 2021, Olympus Corporation shifted the global headquarters of its Therapeutic Solutions Division from Tokyo to the US for better access to the medical industry and to generate greater growth through stronger business opportunities.

# In January 2021, AtriCure announced FDA approval for expanding labeling claims for cryo nerve block (cryoNB) therapy to include the treatment of adolescent patients (12-21 years of age).

# In January 2019, Medtronic entered into a definitive agreement to acquire EPIX Therapeutics, Inc. (EPIX), a private company that designs and manufactures a catheter-based, temperature-controlled cardiac ablation system to treat patients with cardiac arrhythmias (irregular heartbeats), including AF.