Cardiac Ablation Market Size By Product (Radiofrequency (RF) Ablators, Electrical Ablators, Cryoablation Devices, Ultrasound Ablators), By Approach (Catheter-Based, Open/Surgical), By Application (Atrial Fibrillation & Flutter, Tachycardia), By End-use (Hospitals, Ambulatory Surgical Centers, Cardiac Centers), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2028
The cardiac ablation market is estimated to see robust growth by 2028 owing to the increased demand for advanced minimally-invasive technology, particularly across developed economies, is projected to see market growth.
The numerous advantages of minimally invasive procedures, such as reduced surgical complications, faster recovery, shorter hospital stays, and effective management of post-surgical pain, are expected to drive patient preference towards such treatments in the coming years, greatly influencing market expansion.
According to the Centers for Disease Control and Prevention, over 12.1 million people in the United States are expected to develop AFib by 2030. The ageing of the population adds to the illness burden. Because the ageing process changes in the anatomy of the heart, the elderly are more vulnerable to cardiovascular disease.
As a result, the expanding geriatric population around the world is expected to increase the demand for related therapeutic techniques. As a result, rising patient admissions due to irregular cardiac rhythms is likely to boost product demand over the forecast period.
The cardiac ablation market has further been segregated on the basis of product, approach, application, end-use, and region.
The product segment has been divided into ultrasound ablators, radiofrequency ablators, electrical ablators, cryoablation devices, and others. The electrical ablators market is estimated to grow with a CAGR of more than 14.2% through the analysis timeframe. The anticipated growth is owing to the continuous development of advanced technologies. Several advantages such as enhanced accuracy, effectivity with minimal procedural time is likely to strengthen segment growth over the forecast period.
The approach segment of the market has been divided into catheter-based and open/surgical approach. The open/surgical approach segment held a market size of approximately USD 829 million in 2021, owing to the increasing adoption of minimally-invasive surgical procedures. The increasing demand for cardiac ablators in critical care is likely to augment the opportunities of segmental growth.
In terms of application, the market has been categorized into atrial fibrillation & flutters, tachycardiac, and others. The others application segment held a revenue share of approximately 33% in 2021 due to the rising prevalence of numerous cardiovascular diseases such as stroke, cardiac arrythmia among others. Due to rising geriatric population base, the increasing awareness among population base is likely to impel segmental demand.
Based by end-use, the market has been bifurcated into hospitals, cardiac centers, ambulatory surgical centers, and others. The others end-use of the market is likely to register a CAGR of 14.3% over the forecast time period. Evolving healthcare infrastructure, increasing government initiatives and funding for adoption of technologically advanced devices in healthcare facilities, high spending on healthcare, and patient preference towards specialty clinics is projected to augment market growth.
From the regional point of view, in 2021, Latin America held an overall valuation of USD 116 million in terms of revenue. The growth is ascribed to the rising awareness regarding cardiovascular diseases and related advanced treatments. The business expansion by the key market players to broaden product accessibility in the region is likely to fortify overall regional market growth.
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