According to the deep-dive market assessment study conducted by Growth+ Reports, the global ablation technology market was pegged at ~US$ 8.4 billion in 2021. The market is expected to witness a CAGR of ~ 8.9% from 2022 to 2030.
The increasing prevalence of cancer & cardiovascular diseases (CVD), and the increasing geriatric population are the major factors leading to the growth of the global ablation technology market. The demand for non-invasive or minimally invasive procedures has increased significantly due to its benefits such as quick recovery, lower risk of complications as compared to standard surgery, shorter hospital stays, reduced discomfort, and smaller incisions. The introduction of new technologies, enhanced imaging systems, increased device portability, and boosted accuracy are the few other elements fueling the growth of the global ablation technology market. However, the current conventional procedures work well and are widely utilized. These conventional procedures are more favored owing to the lack of awareness about advanced treatments, particularly in developing nations. The ablation technique comes with high-risk complications, including bleeding, blood clots, infection, and pain. Additionally, stringent regulation for the approval of ablation devices is also seen as a barrier for the market.
According to the WHO, cardiovascular diseases (CVDs) account for approximately 17.9 million deaths annually, making them the leading cause of mortality worldwide. Ablation is commonly used for the treatment of conditions such as atrial fibrillation. According to the Heart Rhythm Society, ~75,000 atrial fibrillation ablation procedures are performed annually in the United States. Between 70% to 75% of patients with paroxysmal atrial fibrillation can be cured with a single ablation procedure. The total success rate is between 85% to 90% when the surgery is repeated in patients who still have atrial fibrillation after the initial procedure. Thus, owing to the rising prevalence of CVDs and the benefits of ablation procedures in atrial fibrillation patients are expected to boost the demand for ablation procedures.
The rising prevalence of cancer worldwide is also a critical factor driving the growth of the ablation technology market. According to the WHO, around 10 million deaths are caused due to cancer globally. Breast, lung, colon, rectum, and prostate cancers are the most prevalent types of cancer. Lung, liver, and kidney (renal) tumors are the most frequent cancers that are treated by the ablation method. If the tumors are reachable and of proper size, other cancers can also be treated with an ablation procedure.
The demand for non-invasive or minimally invasive procedures has increased significantly owing to its benefits such as offering quick recovery, lower risk of complications than standard surgery, shorter hospital stays, reduced discomfort, and smaller incisions. According to Johns Hopkins Medicine, more than 90% of patients are discharged from the hospitals the following day after the ablation procedure. These benefits are expected to increase the adoption of the technology, thereby fueling the growth of the ablation technology market.
However, there are some risks associated with ablation treatment. Risk of bleeding, pain, and infection at the catheter insertion site, and probable occurrence of blood clots which can cause strokes by traveling to the brain or lungs are some of the major complications. If done incorrectly, catheter insertion can also cause damage to other blood vessels. Damage to the heart's electrical system, which may need to be corrected with a pacemaker or implantable cardioverter-defibrillator (ICD), or damage to the heart's valves or other structures are also some risks associated with ablation procedures in the cardiovascular patient. Additionally, radiation exposure from the real-time, moving X-ray images used in fluoroscopy, which is used to guide the procedure, has a marginally greater risk of cancer.
The Asia Pacific is projected to be the fastest-growing regional market for ablation technology. The region's rapid expansion can be primarily due to factors such as rapidly expanding healthcare infrastructure, increasing R&D expenditures, and consistent product launches by major market players. For instance, in November 2021, Medtronic, plc. launched the Arctic Front Cardiac Cryoablation Catheter System. It is the first and only cryoballoon catheter approved by CDSCO for the treatment of atrial fibrillation (AF) in India. Furthermore, the swift adoption of advanced technologies and expanding access to qualified healthcare workers also facilitate market growth in the Asia Pacific region. Additionally, the local governments are also playing a key role in providing market players with synergistic opportunities and are taking initiative to create awareness regarding ablation procedures. Nations such as India, China, and Japan are expected to present considerable growth opportunities owing to the rising rates of cancer, cardiovascular diseases, and geriatric population.
Some of the prominent players operating in the global ablation technology market are Medtronic plc, AngioDynamics Inc., Abbott Laboratories, Boston Scientific Corporation, Johnson & Johnson (Ethicon Inc.), CONMED Corporation, Bausch & Lomb Incorporated, Biotronik SE & Co. KG, AtriCure Inc., Varian Medical Systems, Olympus Corporation, and Dornier MedTech among others.