Albany, NY -- (SBWIRE) -- 10/09/2018 -- The global ablation technologies market is competitive in nature and is estimated to witness a high level of competition throughout the forecast period, states a new market research study by Transparency Market Research. Some of the leading players operating in the ablation technologies market across the globe are St. Jude Medical, Inc., Covidien PLC, Bioscience Webster Inc., Angiodynamics, Inc., Boston Scientific Corp, and Medtronic, Inc. These players are focusing on technological developments and innovations, which are estimated to accelerate the growth of the overall market in the next few years. In addition to this, the development of new product is another major factor, which is estimated to offer potential growth opportunities for the market players in the next few years.
According to the market research report by Transparency Market Research, in 2013, the global market for ablation technologies was worth US$4.6 bn and is projected to reach a value of US$10.6 bn by the end of 2020. The market is likely to register a promising 12.10% CAGR between 2014 and 2020.
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North America to Lead Global Ablation Technologies Market
Among the key segments, North America is likely to account for a major share of the global ablation technologies market in the next few years. The rising contribution from Canada and the U.S. and the rising acceptance of novel technologies are some of the key factors that are estimated to accelerate the growth of this region throughout the forecast period. Furthermore, Asia Pacific is anticipated to register a high growth rate in the next few years, thanks to the rising population. The fast growth of this region can be attributed to the significant rise in the number of cases of chronic diseases, owing to the change in the lifestyle and food habits among people. Furthermore, the increasing number of patients, who are suffering from cancer, cardiovascular, and arthritis disorders.
The global market for ablation technologies has been categorized on the basis of application into cardiovascular, pain management, gynecology, oncology, ophthalmology, urology, and others. Furthermore, on the basis of technology, the market has been categorized into radio frequency, electrical, microwave, light/laser, ultrasound, and cryotherapy. Among these, radio frequency segment is projected to account for a large share of the overall market in the next few years. The increasing number of applications in diverse segments is predicted to enhance the growth of the overall market in the next few years.
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Advent of Next-generation Ablation Technologies to Encourage Market Growth
The increasing incidence of cancer and the rising prevalence of cardiovascular diseases are some of the key factors that are predicted to encourage the growth of the global ablation technologies market in the next few years. In addition to this, the advent of next-generation ablation technology and products and the rising number of ablation procedure are estimated to accelerate the growth of the overall market in the next few years.
On the flip side, the unfavorable regulatory scenario and the reprocessing and reuse of devices in several developing nations are projected to restrict the growth of the global ablation technologies market in the coming few years. Nonetheless, the increasing awareness related to the ablation procedures and the growth potential that are being offered by the developing nations are estimated to generate promising growth opportunities for the market players throughout the forecast period.
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