According to the report, published by Zion Market Research, the global medical ablation technology market accounted for around USD 5.20 billion in 2015 and is expected to reach approximately USD 10.30 billion by 2021, growing at a CAGR of around 12.0 % between 2016 and 2021.
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Medical ablation is the treatment that destroys tumors or unwanted material without affecting other body tissues or organs. Because of poor health or reduced organ function, these techniques are widely used to treat cancer, cardiovascular and other chronic diseases. In the treatment of chronic diseases, medical ablation plays the prime role in the removal or complete destruction of abnormal tissue. Medical ablation can be done without surgery by insertion of the probe or a needle through the skin into the tumor. Medical ablation is a minimally invasive surgical process. The most common types of cancers treated by medical ablation are kidney (renal) cancer, liver cancer, and lung cancer.
The growth of medical ablation technology market is propelled by increasing number of a geriatric and obese population because geriatric and obese populations are more prone to chronic diseases. Worldwide, the obese population is continuously increasing. Geriatric and obese populations are more prone to diabetes mellitus. Moreover, medical ablation technology market is driven by increasing use of minimally invasive surgery procedures. According to World Health Organization, per person health care expenditure is around USD 950 per year, thus medical ablation technology market is continuously increasing with rising healthcare expenditure. Moreover, emerging technologies for tumor management and increasing prevalence of cardiovascular diseases are projected to fuel the growth of medical ablation technology market. On another hand, the high cost of treatment and low awareness towards medical ablation technology may hamper the growth of medical ablation technology market. Nonetheless, untapped market and increasing demand for medical tourism in emerging markets are likely to open new opportunities in the forecast period.
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Based on the technology type, the market of medical ablation technology has been classified into thermal ablation, radiofrequency ablation, microwave ablation, laser ablation, cryoablation, and others. Radiofrequency ablation is widely used technology for the treatment of tumors. Radiofrequency ablation segment acquired the largest market share in 2015 and during the forecast period laser ablation segment is projected to grow at a healthy rate.
Based on the application the market of medical ablation technology has been segmented as cardiovascular ablation, urological ablation, neurological ablation, gynecological ablation, oncology ablation, ophthalmology ablation and other. Oncology ablation segment is the largest segment of the medical ablation technology market and is expected to maintain its dominance during the forecast period.
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Based on region, medical ablation technology market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America dominated the market with lucrative market share and has the strong presence in the medical ablation technology market. With increasing cases of cancer cases and increasing medical tourism Asia-Pacific is expected to experience high growth in the forecast period in Asia Pacific.
Key players operating in the medical ablation technology market are like Boston Scientific Corporation, Biosense Webster Inc., Olympus Corporation, AtriCure, Inc., Smith & Nephew plc, AngioDynamics Inc., Galil Medical Inc., CONMED Corporation, and St. Jude Medical Inc.
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