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), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
The cardiac ablation market is slated to record lucrative growth through 2030 owing to increasing prevalence of cardiovascular diseases in patients. In addition, notable technological advancements in ablation devices, coupled with growing global geriatric population and rising awareness regarding the benefits of cardiac ablation procedures over traditional procedures, are likely to further bolster market deployment over the forecast timeline.
Recently, companies have been implementing strategic alliances to get a stronger foothold in the industry, which has been favorable for business growth. For instance, in January 2022, Medtronic, a prominent medical device company, inked an agreement to acquire Affera, a medical tech firm, expanding its cardiac ablation portfolio.
Overall, the cardiac ablation market report has been bifurcated on the basis of product, approach, application, end-use, and region.
With regards to product, the market has been divided into electrical ablators, radiofrequency (RF) ablators, ultrasound ablators, cryoablation devices, and others. Out of these, the electrical ablators segment is speculated to expand at nearly 14.2% CAGR over 2022-2030 owing to continuous development of advanced technological devices, along with several advantages such as enhanced accuracy and effectivity with minimal procedural time.
With reference to approach, the cardiac ablation market has been fragmented into catheter-based and open/surgical. In 2021, the open/surgical segment held a substantial market share with a valuation of over $829 million due to mounting adoption of minimally invasive surgical procedures and soaring demand for cardiac ablators in critical care.
Based on application, the cardiac ablation market has been bifurcated into atrial fibrillation & flutter, tachycardia, and others. Out of these, the others segment has recorded notable growth with a revenue share of about 33.0% in 2021 owing to increasing prevalence of numerous cardiovascular diseases, such as stroke and cardiac arrythmia, among others, rising geriatric population, and growing awareness among the population regarding the procedure.
With respect to end-use, the cardiac ablation market has been divided into hospitals, cardiac centers, ambulatory surgical centers, and others. Among these, the others segment is set to depict a CAGR of more than 13.7% between 2022 and 2030 due to the evolving healthcare infrastructure as well as supportive government initiatives and funding to promote the adoption of technologically advanced devices in healthcare facilities. High spending on healthcare and escalating patient preference toward specialty clinics are also set to augment segmental growth.
From the regional standpoint, the Latin America cardiac ablation market accumulated revenue of approximately $116 million in 2021 owing to surging awareness regarding cardiovascular diseases and related advanced treatments. Moreover, business expansion by key market players to broaden product accessibility in the region is foreseen to fortify LATAM market growth.
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