Ablation devices market to grow $25bn by 2025
According to a report by Global Market Insights, the ablation devices market size is anticipated to record a revenue of over $25bn by 2025.
The ablation devices market share is expected to increase substantially in the forthcoming years, owing to the rising prevalence of cancer cases and cardiovascular ailments across the globe. Proliferating demand for minimally invasive treatments in myriad medical conditions including cardiology issues, cancer and pain management among others is also likely to fuel industry trends.
Likewise, rise in global geriatric demographic and evolution of healthcare technologies will propel ablation devices market outlook further.
With a large number of cancer cases and cardiovascular conditions being reported in recent times, the use of ablation devices in minimally invasive treatment solutions is gaining widespread acceptance, which in turn stimulates industry demand for the products.
Growing elderly population and higher awareness pertaining to healthcare, combined with a significant rise in cardiovascular surgeries are expected to drive ablation devices market expansion in coming years.
There are currently several types of technologically advanced ablation devices available for use across various medical sectors such as oncology, cardiology, gynecology, pain management and cosmetology among others, designed to provide efficient and productive surgical outcomes.
In 2017, national spending for cancer care in the US was valued at over $147.3bn, as reported by the National Cancer Institute, with substantial gains expected in the years ahead, ascribed to increasing population ages and cancer cases.
The oncology ablation devices industry outlook is expected record growth of over 9.7% through the projected timeline, attributed to better potential advantages and shorter recovery periods as compared to open surgeries. Ablation devices used in oncology applications are designed to treat malignant tumors via burning or freezing.
Through segmentation by technology, the ablation devices industry consists of electrical, light, ultrasound, radiation, radiofrequency, thermal, cryotherapy, hydro mechanical and microwave segments. Of these, the radiofrequency ablation devices segment accounted for nearly 22.3% of the market share in 2018.
Presently, a plethora of medical fields including oncology, cosmetology, gynecology, cardiology and pain management make use of ablation devices for achieving better treatment outcomes.
Furthermore, radiofrequency ablation devices are widely implemented in the care of elderly patients, adding further impetus to the global segmental market growth.
The reusable ablation devices product segment is expected to register gains of over 10.3% over the predicted timeframe. These cost effective devices are widely used to diminish end-user medical waste, thereby fostering ablation devices business landscape.
The US ablation devices market is reportedly the largest worldwide, and is poised to register an anticipated CAGR of around 10.5% through 2025.
The Center for Medicare and Medicaid (CMS) will support ablation devices industry growth in coming years through favorable policies for insurance and reimbursements.
Mounting healthcare costs, rising number of elderly population and burgeoning venture capital investments from industry contributors is expected to impel the US ablation devices market share during the projected period.
You can view the report here.