Albany, NY, Jan. 25, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research has announced the release of a new research report, titled “Ablation Technologies Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”. The report states that the global ablation technologies market will be worth US$10.6 bn in 2020, increasing from US$4.6 bn in 2013, displaying a 12.10% CAGR from 2014 to 2020.
Ablation refers to a minimally invasive surgical procedure for the destruction or removal of abnormal tissues that can cause life-threatening conditions such as cancer, atrial fibrillation, and others. The use of ablation procedures is gaining traction due to several advantages such as low risk of secondary infection, reduced hospital stay, minimal blood loss, and ease of handling.
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As per statistics from the World Health Organization, almost 17 million deaths each year are associated with cardiovascular diseases, of which atrial defibrillation is a major disorder. Moreover, the incidence of atrial fibrillation increases with age, attacking almost 1 out of every 20 people aged 65 and above.
Further, according to WHO statistics, in 2012, above 14 million people across the world were reported to have developed new types of cancer, about 32 million people were reported to be living with different type of cancers and more than 8 million deaths were associated with cancer across the globe. As such, the consistent rise in the patient pool of cancer and cardiovascular diseases will lead to significant demand for ablation devices in the forthcoming years, say analysts.
The use of ablation technologies for cosmetology procedures such as psoriasis and treating obesity is another emerging segment of the global ablation technologies market.
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However, high treatment cost, economic slowdown, low penetration of ablation technology in the healthcare scenario, and faltering reimbursement policies are factors that hinder the growth of this market.
The use of ablation technology for contact force sensing in real-time in renal denervation and catheter ablation technology is one of the newer trends that have come to the fore in the market. In the past decade, consistent technological advancements in ablation devices led to a large number of new product launches that have added safety and efficacy. This has contributed to the increased use of ablation technologies by physicians worldwide.
The global ablation technologies market is examined on two criteria, viz. application and technology. Based on application, the market is segmented into cardiovascular, pain management, urology, gynecology, oncology, and ophthalmology.
By technology, radiofrequency, electrical, microwave, light/laser, ultrasound, cryotherapy, and other similar techniques are the various segments of the global ablation technologies market. Each technology segment of the market is further sub-segmented into catheters and generators.
According to TMR analysts’ estimates, by 2020, radiofrequency-based ablation technology will lead the global market by revenue and will reach a valuation of US$4.2 bn worldwide. The oncology segment is anticipated to be the fastest growing application segment, exhibiting a CAGR of 13.1% from 2014 to 2020.
The global ablation technologies market is segmented as follows:
Ablation Technologies Market, by Technology
- Radiofrequency (RF)
- Ultrasound or High Intensity Focused Ultrasound (HIFU)
- Light or Laser
Ablation Technologies Market, by Application
- Pain management
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research