The rising prevalence of chronic diseases such as cancer coupled with the increasing demand of minimally invasive procedures for the diagnosis of these diseases are the major factors driving the global ablation technology market. The ablation technology helps to execute minimally invasive procedures which entail the surgical removal of body tissues. The lower risk of infection, cost effectiveness, quick recovery and the lower risk of damage to tissues are the key factors propelling the global ablation technology market. In addition, rapidly increasing geriatric population all over the world and government initiatives in various countries have led to the growth in demand of ablation technology market. Various newly emerging economies in the market such as China, India, Brazil and Russia are adopting ablation procedures owing to its lower risk and high success rates for diagnosis of chronic diseases. The rising per capita expenditure on healthcare and constantly rising demand for minimally invasive procedures are the factors expected to further fuel the ablation technology market over the forecast period.
The global ablation technology market on the basis of technology is segmented into ultrasound, electrical, radiofrequency and radiation. As of 2013, the radiation technology dominated the entire ablation technology market owing to its applicability in the diagnosis of cancer. Rising prevalence of cancer and availability of several radiation devices in the market are also the factors fueling the radiation technology market. Owing to the increasing incidences of cardiovascular diseases such as atrial fibrillation, and increasing usage of electrical ablation for the treatment of these diseases, the electrical ablation segment is expected to show lucrative growth in the ablation technology market over the forecast period. The global ablation technology market on the basis of application is segmented into urology, orthopaedics, ophthalmology, cardiovascular and cancer. As of 2013, the use of ablation technology for the diagnosis of cancer attributed the largest share in the market in terms of revenue. Increasing patient base all over the world suffering from cancer is the factor which has driven the market growth. The rising awareness about the treatment of cancer through ablation technology is the factor expected to further fuel the growth of ablation technology market. Cardiovascular application segment is also expected to show lucrative growth in the market over the forecast period.
The entire ablation technology market on the basis of regions is segmented into North America, Asia Pacific, Europe and RoW. North America attributed the largest share in the market as of 2013. The huge patient base suffering from chronic diseases and increased awareness about several treatments through ablation technology are the major factors propelled the growth of ablation technology market in this region. Asia Pacific is on the fast pace and expected to grow fastest over the forecast period owing to the rising healthcare expenditure and increasing pool of patients need to diagnose with ablation technology in this region. The increased government fundings and increasing predilection of ablation over surgery is also the factor expected to fuel the ablation technology market in this region over the forecast period.
Some of the major players in the global ablation technology market include Olympus Corporation, Smith & Nephew plc, AtriCulture, Inc., AngioDynamics, Inc., Boston Scientific Corporation, St. Jude Medical, Inc., Bio Sense Webster, Inc., Medtronic, Inc., Accuray and Arthocare. The market leaders in the global ablation technology market are involved in continuous efforts for the development of innovative methodologies of testing which would increase the efficiency and accuracy of test results while providing the smooth processing of larger samples simultaneously. These companies are also entering into strategic collaborations and expansions to extend their global patient base and to keep a strong foothold in the global ablation technology market.
Research Support Specialist, USA