Zion Research has published a new report titled “Medical Ablation Technology Market by Technology Type (Thermal Ablation, Radiofrequency Ablation, Microwave Ablation, Laser Ablation, Cryoablation and Others) for Application Type (Cardiovascular Ablation, Urological Ablation, Neurological Ablation, Gynecological Ablation, Oncology Ablation, Ophthalmology Ablation and Other) – Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021”. According to the report, the global medical ablation technology market accounted for around USD 5.20 billion in 2015 and is expected to reach approximately USD 10.30 billion by 2021, growing at a CAGR of around 12.0 % between 2016 and 2021.
Medical ablation technology simplifies the surgery operations and makes it easier to perform, the incisions or surgical cut made in skin or organ are replaced with linear lines of ablation. Medical ablation technologies are used to produce a therapeutic effect or to destroy diseased tissues or organs. Medical ablation technologies use alternative energy types such as electrosurgical, radiation, and ultrasound. Benefits of medical ablation technologies include less damage to surrounding healthy tissue, less patient pain, improved the cosmetic result, reduced cost, and shorter hospital stay.
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The increasing prevalence of cancer and rising mortality due to cancer is the major burden of disease worldwide. Globally, tens of millions of people are diagnosed with cancer and eventually more than half of the patients die from it. Cancer is the second most common cause of death followed by cardiovascular diseases. Worldwide, 14.1 million new patients diagnosed with cancer in 2012. Thus, the market of medical ablation technology is propelled by rising cancer population. Moreover, medical ablation technology has the strong hold on market due to rising cardiovascular diseases. Cardiovascular disease accounts for approximately 17.3 million deaths per year. In addition, medical ablation technology market is driven by emerging technologies in medical ablation and increasing geriatric & obese population. However, the cost of ablation treatment is the roadblock in the medical ablation technology market. Nonetheless, untapped market and rapidly increasing use of minimally invasive surgeries for chronic diseases management is projected to generate opportunity in the forecast period.
Based on the technology type, the market of medical ablation technology has been classified into thermal ablation, radiofrequency ablation, microwave ablation, laser ablation, cryoablation and others. In 2015, radiofrequency ablation segment dominated the market of medical ablation technology with major market share. In the forecast period, laser ablation segment is expected to exhibit noticeable growth due to rising awareness of personal care. Laser ablation is a dynamic technology platform for chronic diseases to remove unwanted material from the irradiated zone.
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Application type segment has been further classified into cardiovascular ablation, urological ablation, neurological ablation, gynecological ablation, oncology ablation, ophthalmology ablation and other. Oncology ablation segment is growing at the highest growth rate of more than 10.0% and in 2015, oncology ablation segment dominated the medical ablation technology market and the dominance of oncology ablation segment is due to increasing oncogenic population. As a result of this, medical ablation technology market is expected to generate new opportunities in the forecast period. Cardiovascular ablation segment is the second largest segment in the medical ablation technology market.
Based on the region, the medical ablation technology market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominated the medical ablation technology market in 2015. North America medical ablation technology market was driven by well-developed healthcare infrastructure and by rising prevalence of diabetes. Europe and Asia Pacific market are projected to show healthy growth in coming years due to increasing investment in healthcare research and development.
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Key players operating in the medical ablation technology market are like Boston Scientific Corporation, Biosense Webster Inc., Olympus Corporation, AtriCure, Inc., Smith & Nephew plc, AngioDynamics Inc., Galil Medical Inc., CONMED Corporation and St. Jude Medical Inc.