The escalating prevalence of chronic disease, cancer, and the rising numbers of cardiovascular diseases among a considerable chunk of the populace will bring good growth prospects for the ablation devices market during the forecast period of 2018-2026. The escalating geriatric population is an indicator of profitable growth for the ablation devices market.
- The governments of various countries are focusing on improving the healthcare infrastructure. Funding and investments are expected to rise from the government across the healthcare sector to ramp up the treatment facilities for their respective citizens. This factor will have a large impact on the growth of the ablation devices market across the assessment period of 2018-2026.
- Strategic collaborations have a crucial role in the growth of the ablation devices market. Mergers and acquisitions are important from the growth perspective of the ablation devices market. They help in strengthening the influence of the players across the ablation devices market, eventually increasing the growth rate. All these factors bode well for the growth of the ablation devices market.
- Research and development activities assist in finding new avenues of growth for the ablation devices market. The players focus expansively on these activities for accelerating their revenues through deriving new formulations and updates.
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Global Ablation Devices Market: Overview
Ablation devices market is estimated to expand by exhibiting a lucrative growth over the forecast period. This is due to the rising adoption of minimally invasive, growing geriatric population, increasing ablation procedures, and rising cases of cancer. Further, growing healthcare awareness globally and among developing countries is estimated to augment market growth.
Global Ablation Devices Market: Notable Development
Recently in 2019, the U.S. Food and Drug Administration’s (FDA) Center for Devices and Radiological Health (CDRH) delivered draft guidance. This draft is estimated to support and guide the clinical testing of high-intensity ultrasound systems especially in the prostate tissue ablation devices. The recent guidance outlines clinical investigations including the determinations in regulatory decisions in special cases. However, this guidance scope has limited scope from clinical investigations to support the marketing authorization for general indications.
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Global Ablation Devices Market: Drivers and Restraints
Expanding instances of life-threating diseases such as varicose veins, cancer, and different health conditions globally are driving extreme interest in the ablation devices, which in turn is propelling the growth of the global ablation devices market. Additionally, the advent of the thermal ablation technique, which is utilized to make a high temperature to slaughter the cancer cells in the body, which is called Radio Frequency (RF) Ablation. Rising trend of using RF ablation in cancer treatment is driving the growth of the global ablation devices market.
Moreover, the advent of microwave ablation technique, which is very similar to the RF ablation and used as a substitute for killing the cancer cells. Introduction of these techniques is likely to witness robust growth in the coming years.
However, the presence of the sluggish government approval rate for the ablation devices is restraining growth of the global ablation devices market. Additionally, reuse of ablation devices in developing economies, complications in the use, and staggering expense related to ablation techniques are hampering the growth of the market.
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Global Ablation Devices Market: Regional Outlook
On the basis of region, the ablation devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Of these, North America is expected to dominate the global ablation devices market and remain as dominant in the coming years. This growth is primarily attributable to the presence of the developed countries such as the U.S. As the higher disposable income in the U.S. Additionally, the rising implication of the several reimbursement policies is encouraging adoption of the ablation processes. Moreover, rising inclination toward the minimally invasive medical devices is also aiding growth of the global ablation devices market. Rising incidences of cancer are augmenting the growth of the global ablation devices market. According to the National Cancer Institute, the overall expenditure for cancer care in the U.S. was US$147.3 bn in 2017.
However, the Asia Pacific region is estimated to expand at a most beneficial growth rate in the coming years owing to high adoption of technologies from the countries such as China and India. In addition, the market is estimated to get benefit from rising cancer incidences in the region.
Global Ablation Devices Market: Companies Mentioned
Major companies functioning in the global ablation devices market are Boston Scientific, Medtronic Plc, Abbott Laboratories, Johnson and Johnson, Angiodynamics, Alcon Laboratories, Atricure, Biosense Webster, Elekta AB, CONMED, and Varian.
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