Global Ablation Technologies Market - Segmented by Technology and Geography - Growth, Trends, and Forecast (2018 - 2023)
The ablation technologies market is expected to register a CAGR of 10.7%, during the forecast period. Rising incidence of cancer and prevalence of cardiovascular diseases are the major factors driving the growth of this market. In addition, increasing number of ablation procedures, hospitals, surgical, and ablation centers and emergence of next-generation ablation products and technologies are further aiding to the growth prospects of this market. However, the use of refurbished devices in developing countries and healthcare cost-containment measures taken in a number of developed countries can hinder the growth of this market.
Rising Incidence of Cancer
According to WHO, cancer is one of the leading causes of morbidity and mortality worldwide and approximately 14 million people suffered from cancer worldwide in 2012. Globally, every one in six deaths is due to cancer. The number of new cases is expected to rise by about 70% over the next two decades; globally, it accounted for 8.8 million deaths in 2015. Cancer accounts for 13% deaths worldwide. Early detection of cancer is gaining pace and ablation technology is highly effective in the surgery for minor cancers therefore it will fuel the growth of this market. This, along with other factors, like emergence of next-generation ablation products and technology and growing prevalence of cardiovascular diseases will act as a driver for the ablation technology market.
Used Only for Minor Surgeries
The major factor hindering the growth of tumor ablation market is that tumor ablation can only be used for minor surgeries, like small size of tumors. In general, for cancers of about 3 cm or less, which are accessible percutaneous, can be treated with tumor ablation completely. To completely remove a cancer by tumor ablation, it should be accessible and of appropriate size. Other cancers are difficult to kill using this method, therefore limiting its applications. The fact that the cancer is not detected early in most of the cases hinders the market growth of tumor ablation. Since, early detection of cancer is necessary to perform tumor ablation before the tumor grows more than 3 cm, limits the possibility of completely killing the cancer. This, along with healthcare cost-containment, measures and unfavorable regulatory scenario will act as a restraining factor for the growth of ablation technology market.
Ablation Technology Market to Grow Substantially in North America
The United States has the largest installed base of ablation systems in the world. The large installed base is mainly due to the high standards of healthcare infrastructure in the country, easy availability of sophisticated technology and increasing government funding on cancer research. The growing investments of many key players of this market have grown significantly. In addition, the focus on the development of products with innovative features and greater effectiveness has increased in recent times. Also, in Europe and APAC, will show promising growth in the forecasted years.
Key Developments in the Market