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Ablation Devices Market to witness major growth in coming years
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Ablation is a form of minimally invasive surgery or laparoscopic surgery that is performed with the help of thin scopes and instruments referred to as ablation devices. These devices are used to make thin incisions in the skin for the removal of malfunctioning tissues of small tumors within the body. The ablation technique is an advancement to the conventional form of surgery known as open surgery, wherein a midline incision is made at the affected area. The ablation technique is beneficial in many ways, as it produces least possible damages to the biological structures and at the same time achieves the same efficiency, success, and performance as that of open surgical procedures. Thus, the demand for ablation devices for various tumor removal procedures is expected to witness exponential growth over the forecast period.
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“The global ablation devices market was valued at US$ 3,330.0 million in 2016 and is expected to witness a CAGR of 10.9% during the forecast period (2017 – 2025).”
Growing incidence of tumorigenic cancers such as lymph node cancer, lung cancer, and breast cancer as well as small tissue mass formation in the renal and pancreatic areas serve as key factors fueling the growth of the global ablation devices market. Another major factor contributing to the growth of ablation devices market are rising cases of cardiovascular diseases. According to World Health Organization (WHO), over three quarters of deaths due to cardiovascular disorders occur in low and middle income countries. This suggests need for cost-effective and efficient treatment options for such diseases. As per the statistics by National Cancer Institute, there were around14,738,719 people living with cancer in the U.S. Rising awareness among people regarding the benefits of minimally invasive surgeries also fuel the market growth. Moreover, robotic navigation technologies provide more accuracy to ablation procedures, making them an ideal technique for tumor removal procedures. Additionally, low risk of infection, faster recovery time, affordable pricing, and increasing geriatric population are few other factors responsible to drive the growth of the global ablation devices market. However, the side effects of ablation treatment, implementation of stringent regulatory guidelines associated with the manufacturing process of these devices, and limited performance of these devices are obstructing the market growth.
Key players involved in the strategic implementation of various policies for technological advancements and innovation of ablation devices are,
- In 2016, Medtronic expanded its pain therapies portfolio with the launch of OsteoCool RF ablation system. The company expanded its minimally invasive therapy portfolio with the acquisition of the gynecology business from Smith & Nephew.
- In 2015, EDAP TMS announced a multinational strategic OEM partnership with Quanta System, which is a leading manufacturer of medical lasers for surgical applications. Through this partnership, Quanta manufactures customized urological stone lasers to be sold under EDAP brand.
- In 2015, AtricCure, Inc. acquired nContact, Inc., a privately-held developer of innovative cardiac ablation solutions to provide improved market access to ablation devices.
- In 2016, Boston Scientific Corporation acquired Cosman Medical to get its hands on the company’s Radiofrequency Ablation (RFA) system, in order to expand its neuromodulation portfolio.
- In 2013, Abbott Laboratories acquired IDEV Technologies, a privately-owned company focused on developing next-generation medical devices for use of ablation catheters in electrophysiology. The company also acquired two other catheter-based medical device companies, namely Advanced Cardiac Therapeutics, Inc. and Topera, Inc. to enter the electrophysiology ablation devices market.
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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