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.

Ablation Technology Market to Generate Revenue Worth $8.1 Billion by 2026

 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

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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.

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Ablation Technology Market - Emerging Trends & Global Future Forecasts

 Overview:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.

Projected Revenue Surge:

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.

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.

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Research Methodologies Followed for This Study:

Primary Research:

Primary research was conducted after acquiring extensive knowledge about the global ablation technology market scenario through secondary research. Primary interviews were conducted with market experts from both the demand-side (such as hospitals, research universities, academic institutions, and government institutions, among others) and supply-side respondents (such as presidents, CEOs, vice presidents, directors, general managers, heads of business units, and senior managers) across five major geographies, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East, and Africa.

Approximately 30% of the primary interviews were conducted with stakeholders from the demand side, while those from the supply side accounted for the remaining 70%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.

Secondary Research:

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the ablation technology market. A database of the key industry leaders was also prepared using secondary research.

Restraint: Strong market positioning of alternative therapies

The availability of effective conventional first-level therapies for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic conditions is a key restraint to market growth. For instance, therapies such as surgery, chemotherapy, and radiation therapy are preferred in cancer treatment due to the high awareness among individuals about traditional cancer treatments, the low adoption of advanced treatment options (especially in developing countries), and the reluctance among oncologists to shift from conventional treatment options.

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

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%. 

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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)

Ablation Technology Market - Growth Strategies Adopted by Key Players - Exclusive Report by MarketsandMarkets™

 According to the new market research report, "Ablation Technology Market by Product (Radiofrequency, Laser, Ultrasound (ESWL,HIFU), Microwave, Electrical), Application (Cardiovascular, Cancer, Gynecological, Cosmetic, Pain Management), End User (Hospitals, ASC, Medical spas) - Global Forecast to 2026" 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.

Browse and in-depth TOC on "Ablation Technology Market"
162 - Tables
42- Figures
228 - Pages

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Global Industry Growth Boosting 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.

Key Players - Different Growth Strategies Adopted

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. 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. 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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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.

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Ablation Technology Market worth $8.1 Billion by 2026

 Major 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.

Global Industry 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.

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COVID-19 Impact on the global Ablation Technology Market

The impact of the coronavirus pandemic and the lockdown it triggered is visible in various industries, including the ablation technology market. The overall growth of various sectors has been heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as China, the US, and several European countries (Russia, Italy, and Spain, among others). While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve the maximum number of patients and healthcare professionals.

The ablation technology market witnessed a loss of business, and the trend continued till late December 2020. Unfavorable changes in regulations and guidelines are hampering the growth of this industry. Major regulatory authorities across the globe (such as CDC, WHO, MHRA, TGA, and EMA) have identified that cancer patients are at greater risk of COVID-19 infection than healthy adults. Thus, screening, diagnostic exams, and surgical procedures are severely restricted or postponed at hospitals and cancer care centers. This is expected to cause disruptions in the ablation technology market.

Ablation Technology Market Dynamics

Driver: increasing demand for minimally invasive/non-invasive procedures

In recent years, the demand for minimally invasive procedures has witnessed a significant increase owing to the advantages offered by these procedures over traditional treatment procedures—fewer operative complications, shorter hospitalization, less pain, smaller & more cosmetic incisions, lower risk of infection, reduced post-operative care, and quicker recovery.

Minimally invasive procedures make use of advanced technologies to diagnose and treat various diseases, including cancer. These procedures are used to remove cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy and accurate staging studies. This helps surgeons make appropriate and exact cancer treatment plans.

The adoption of minimally invasive techniques also results in significant cost savings. A news article published on March 25, 2015, in JAMA (Journal of the American Medical Association) stated that research conducted by investigators at John Hopkins Medicine, a division of the John Hopkins University (US), showed that American hospitals could collectively save between USD 280 million and USD 340 million a year by performing MIS procedures instead of traditional surgeries.

Since ablation is one of the most frequently used minimally invasive techniques for treating tumors, AF, and uterine fibroids, the increasing demand for minimally invasive surgical procedures will increase procedural volumes and contribute to market growth.

Restraint: Strong market positioning of alternative therapies

The availability of effective conventional first-level therapies for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic conditions is a key restraint to market growth. For instance, therapies such as surgery, chemotherapy, and radiation therapy are preferred in cancer treatment due to the high awareness among individuals about traditional cancer treatments, the low adoption of advanced treatment options (especially in developing countries), and the reluctance among oncologists to shift from conventional treatment options.

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

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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)

Ablation Technology Market worth $8.1 Billion by 2026 - Exclusive Report by MarketsandMarkets™

 According to the new market research report, "Ablation Technology Market by Product (Radiofrequency, Laser, Ultrasound (ESWL,HIFU), Microwave, Electrical), Application (Cardiovascular, Cancer, Gynecological, Cosmetic, Pain Management), End User (Hospitals, ASC, Medical spas) - Global Forecast to 2026" 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.

Browse and in-depth TOC on "Ablation Technology Market
162 - Tables
42 - Figures
228 - Pages

Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=791

Global Industry Growth Boosting 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.

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.

Based on product, the global ablation technology market is classified into light/laser ablators, radiofrequency ablators, ultrasound ablators, electrical ablators, cryoablation devices, microwave ablators, and hydrothermal ablators/hydromechanical ablators. Each product class is further segmented based on its applications or source of energy. The large share of radiofrequency ablators segment is attributed to the introduction of novel products by major market players and the increasing adoption of RF ablation technology to treat various conditions, such as cancer, cardiac diseases, and ophthalmic diseases.

Based on the type of energy source, the global ablation technology market is classified into light/laser, radiofrequency (RF), electrical, ultrasound, microwave, cryotherapy, and hydrothermal/hydromechanical ablation technologies. The lower cost of radiofrequency ablation, its ease of use, and the rising geriatric population fuel the growth of the radiofrequency ablation market.

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End Users:

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.

North America dominated the global ablation technology market in 2020

The North American market dominated the ablation technology market. The market growth in North America can be attributed to early introduction of ablation technology in this region. A large number of ablation product manufacturers and the significant adoption of ablation treatment are key factors behind the increasing customer base in the region.

The prominent players in the ablation technology market include Medtronic, plc. (Ireland), Johnson & Johnson (US), Abbott (US), and Boston Scientific Corporation (US) and CONMED Corporation (US), AngioDynamics, Inc. (US), AtriCure, Inc. (US), Smith & Nephew plc (UK), Olympus Corporation (Japan), Varian Medical Systems (UK), Stryker (US), Dornier MedTech (Germany), Cynosure (US) and InMode (US), among others.

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