Number of pages: 100 | Report Format: PDF | Published date: February 27, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global cardiac ablation devices market was valued at US$ 1.7 billion in 2021 and is expected to register a revenue CAGR of 11.4% to reach US$ 4.49 billion by 2030.
Cardiac Ablation Devices Market Fundamentals
Ablation is a therapeutic procedure widely utilized to treat irregular heartbeats. It employs a specific and specialized catheter to administer high-frequency (hot) or cryo-energy (freezing) to destroy the defective portions of cardiac tissue responsible for the arrhythmia. The purpose of ablation is to modify or eliminate aberrant electrical impulses, thus assisting the regular flow of the electrical impulse and hence, restoring the regular cardiac rhythm. Ablation is used less often during heart surgery. This type of procedure is often used for different cardiac diseases or disorders, such as supraventricular tachycardias, which are irregular heartbeats produced by electrical anomalies in the heart’s upper chambers. Different types of cardiac ablation technologies/products, such as radiofrequency ablation, cryoablation devices, and electrical ablation, are available in the market.
Cardiac Ablation Devices Market Dynamics
The rising prevalence of cardiological illnesses, such as atrial fibrillation, coronary artery disease, and cardiomyopathy, is the key market growth driver. A lack of suitable nutrition leads to numerous cardiological disorders. Moreover, an increase in the urbanization may be a major cause of the rise in cardiac ailments. Smoking cigarette, obesity, sedentary lifestyle, and diabetes are some important risk factors that can all lead to heart disease. According to the Centers for Disease Control and Prevention (CDC), around 697,000 fatalities in the United States were caused due to heart illness in 2020. These factors are responsible for the consistently rising cardiac ablation procedures; and thus, upsurging the global cardiac ablation devices needs in the global market. Additionally, a notable swift can also be noticed in the growth of the geriatric population across the globe, which further adds to the growing cardiovascular disease, or CVD, patient base, thereby increasing the frequency of cardiac ablation procedures.
The global market is also driven by advancing technologies in the field of ablation devices and rising awareness about the benefits of cardiac ablation procedures over conventional therapeutic and/or surgical procedures. Furthermore, the market can also have a positive influence due to the availability of reimbursement policies owing to helpful Medicare plans and improving CPT (Current Procedural Terminology) code, which is utilized to offer healthcare professionals a uniform language for coding medical services and procedures to streamline reporting.
However, there is a dearth of supporting data on the key outcomes of the usage of cardiac ablation devices, such as quality of life, mortality, side effects, and heart failure. Moreover, the increasing cost of cardiac ablation procedures and/or devices with stringent regulatory policies can prove to be major challenges in the overall market revenue growth.
Cardiac Ablation Devices Market Ecosystem
The global cardiac ablation devices market has been analyzed from five perspectives: type, function, application, end user, and region.
Cardiac Ablation Devices Market by Type
Based on the type, the global cardiac ablation devices market can be segmented into radiofrequency (RF) ablation, electrical ablation, ultrasound ablators, microwave ablators, and cryoablation devices.
The radiofrequency cardiac ablation segment accounted for the largest revenue share in 2021, majorly attributed to the rising demand for radiofrequency among healthcare professionals. Cardiac radiofrequency ablation is a non-surgical treatment in which energy is delivered to damaged heart tissue via a catheter in order to restore normal heart rhythms. Cardiac arrhythmias impact millions of people around the country. Radiofrequency cardiac ablation employs a low-voltage type of energy, which improves the technique’s safety and application. This study excludes sales of ablation devices that utilize alternative energy sources. The study excludes money produced by physicians, nurses, and consultants, as well as hospital stay payments during ablation therapy. High cardiovascular disease prevalence, technical breakthroughs, high purchasing power, and government support for great healthcare are all factors.
The slowly growing popularity of microwave ablation procedures among physicians due to the rising technical advancements also encourage market development. Technological advancements, the effectiveness of the microwave ablation process in clinical studies to treat atrial fibrillation, and the expanding market penetration of ablation product makers in emerging nations, are providing strong growth prospects for the cardiac ablation devices market participants.
Cardiac Ablation Devices Market by Function
Based on the function, the global cardiac ablation devices market is segmented into automated and conventional.
The automated segment is expected to show notable revenue growth during the projected period. This can be attributed to rapidly growing technological advancements and product launches in this segment. For instance, an automated ablation system that supports an open-loop irrigated catheter and uses remote navigation using the Niobe magnetic navigation system was first launched by Stereotaxis, Inc. and the CARTO RMT system was designed by Biosense Webster, Inc. The catheter and delivery system can be modified to enhance the range of automated control; thus, reducing the need for operator technique to safely access tortuous or more complex anatomies.
Cardiac Ablation Devices Market by Application
Based on the application, the global cardiac ablation devices market is segmented into cardiac rhythm management, open surgery, and others.
The cardiac rhythm management segment accounted for the highest revenue share in the global market in 2021. Cardiac rhythm management is a process in which a device is placed in the upper chest to manage both rapid and slow heart rhythms with electric impulses. The growth of this segment can be ascribed to a large patient base for CVD cases with continuously growing cardiac ablation procedures.
Cardiac Ablation Devices Market by End User
Based on the end user, the global cardiac ablation devices market is segmented into hospitals, clinics, and home healthcare.
The hospitals segment dominates the global market with the largest revenue share, owing to rapidly growing incidences of arrhythmia and supraventricular tachycardias among the population. Additionally, the availability of Medicare policies and the presence of advanced facilities and services with enhanced output; thus, encourage the revenue growth of the hospitals segment.
Cardiac Ablation Devices Market by Region
Based on the region, the global cardiac ablation devices market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global market with the largest revenue share and is expected to retain its position during the forecast period, due to the large presence of the elder population and the availability of higher healthcare expenditures with advanced healthcare facilities.
Cardiac Ablation Devices Market Competitive Landscape
The prominent players operating in the global cardiac ablation devices market are:
Cardiac Ablation Devices Market Strategic Developments
The global cardiac ablation devices market was valued at US$ 1.7 billion in 2021.
The radiofrequency (RF) cardiac ablation segment dominates the global cardiac ablation devices market with the largest revenue share.
The global cardiac ablation devices market is expected to be valued at US$ 4.49 billion by 2030.
The high cost of cardiac ablation and stringent regulatory policies are two major restraining factors in the global cardiac ablation devices market.
Johnson & Johnson Services Inc., Abbott Laboratories, Novartis AG, and Boston Scientific Corporation are among the top market players.
*Insights on financial performance are subject to the availability of information in the public domain