Burgeoning Demand for Minimally Invasive Procedures Owing to Increasing Incidence of Chronic Diseases to Boost Adoption of Ablation Technologies
The growing prevalence of chronic diseases such as cancer and cardiovascular diseases is triggering the demand for treatment procedures, which are minimally invasive. The World Health Organization (WHO) states that about 32 million people around the world are suffering from some form of cancer, causing 8 million deaths. This is augmenting the global abolition technologies market. The increasing number of hospitals and ablation centers are also working in favor of the growth of the market. The growth of the global market is further driven by the presence of conducive reimbursement scenario in industrialized countries.
However, the lack of favorable reimbursement scenario in developing countries is prompting end users to reuse and reprocess devices, which in turn is negatively impacting the overall revenue generation of the market. According to Transparency Market Research (TMR), the global ablation technologies market is poised to reach a valuation of US$10.6 bn by the end of 2020, progressing at a CAGR of 12.10% from 2014 to 2020.
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How are advancements in affiliated technologies escalating the growth of the global ablation technologies market?
Ablation technologies based surgeries are established treatment strategies that are being widely acknowledged due to their minimally invasive nature. With the emergence of next-generation ablation technologies and products, the market is expected to tread along a healthy growth track. In addition, rapid advancements in affiliated technologies to develop high-end products are estimated to provide a significant boost to the growth of the market. For instance, in February 2017, Medtronic, a medical device developer commercialized a 252-electrode vest, which helps doctors in pinpointing the locations of electrical malfunctions in the heart. After mapping these malfunctions, doctors use ablation technologies to destroy the cells, thereby facilitating the growth of the market.
Which are the key regional segments of the global ablation technologies market?
North America will be the leading regional market for ablation technologies throughout the forecast period, with the U.S. and Canada at the forefront of the growth. The presence of advanced healthcare infrastructure along with the high acceptance of novel technologies is proving to be instrumental in the growth of the region. The rising prevalence of cancer and cardiovascular diseases is also promoting the uptake of the technologies.
Asia Pacific is anticipated to progress at a noteworthy CAGR during the same span. The growth of this region is largely supplemented by the expanding base of patients suffering from chronic diseases such as arthritis, cancer, and cardiovascular disorders. The robust growth of the healthcare sector, rising disposable income, and increasing penetration of advanced technologies are also providing a fillip to the market in the region.