Ablation devices are gathering momentum around the world, owing to their proven procedural efficacy, improved safety profiles, and awareness in current asymptomatic procedure-related events. Over the last decade, ablation devices have undergone significant technical improvements. These devices offer the benefits of enhanced patient quality of life, patient safety, and clinician efficiency, and are used as a frontline therapy. Decrement in long-term hospitalization and minimal invasion are critical factors that are expected to propel the growth of the ablation devices market over the coming years. Ablation devices have gained clinical significance on the basis of effective treatment across various medical applications, as well as due to shorter recovery time with affordable minimal invasive procedures. Moreover, rising prevalence of chronic diseases such as cardiovascular diseases and tumors are expected to provide impetus to market growth.
However, the coronavirus (COVID-19) pandemic has put forward a challenging situation for players in the ablation devices market. The pace at which the pandemic is spreading and the resultant humanitarian toll is making it difficult for market players to react accordingly. As the healthcare industry is addressing the pandemic along with patients’ ever-evolving expectations, market players are devising future-ready strategies to brace themselves for the humanitarian and economic concerns ahead.
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The global ablation devices market was valued at US$ 2.7 Bn in 2021, and is anticipated to witness a CAGR of 11% during the forecast period (2022–2029).
“Significant morbidity reduction, prompt hospital discharge, minimally-invasive alternatives to traditional surgical treatment, and fewer risks associated with procedures are key factors influencing healthcare service providers to shift to ablation devices”.
Key Takeaways of Ablation Devices Market Study
Ablation Devices Manufacturers to Focus on New Product Launches
Continuous upgradation and product launches in the ablation devices market are spurring intense competition among market players. Several companies are focusing on new product approvals for ablation devices. For example, in February 2020, Hologic, Inc. launched a next-generation NovaSure ADVANCED global endometrial ablation (GEA) system in the U.S. This system has been approved by the Food and Drug Administration (FDA). Regional and local players are also implementing these differentiating strategies to sustain their competitiveness.
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