The ablation device market is projected to escalate from 14.39 billion USD in 2019 to 32.45 billion USD in 2027 at a rate of 10%.
The significant growth can be linked to the surging number of diseases like arthritis, osteoporosis and other chronic pain ailments including cancer and cardiovascular diseases. What makes the product attractive is the minimalistic invasion as compared to the surgical procedures. With large scale investments in the healthcare industries, increasing trend of using ablation technique for the treatment of cancer, kidney stones, arrhythmia the interconnected market for medical devices and equipments boosts and brings in massive revenue. Being a significantly untapped market and vast R&D investments, the market is expected to boom owing to its yet to be determined applications. Owing to its reduced complication rate, quick recovery and reduced pain, minimally invasive techniques are highly favored globally, aiding the growth of ablation device market.
The North American region, being more advanced in terms of technology and research in healthcare industry, leads the market due to the early adoption of ablation techniques. The presence of key healthcare players in this region, aids the research and development process. The consumer here, has a high income and spending capability on costly procedures further encouraged by handsome reimbursement policies. Asia Pacific will show significant growth owing to the surge of lifestyle related diseases. With limited medical tourism, the need for special medical equipment is on the rise here, fueling the market expansion.
The drawback concerning the market is the approval of the device before use, which can be quite strict. The procedures can be complex and have its challenges, is costly thus, limiting the probable users. The instances of reusing the devices in developing regions has limited its charm and therefore, might affect the market in the near future. The single use devices turn out to be very cost inefficient for the hospital, causing either instances of reuse leading to cases of infection or opting out of ablation procedures altogether. The procedure is yet to become popular and gain traction in the emerging nations thus, limiting the growth.