Drivers: increasing demand for minimally invasive/non-invasive procedures

In recent years, the demand for minimally invasive procedures has witnessed a significant increase owing to the advantages offered by these procedures over traditional treatment proceduresmdash;fewer operative complications, shorter hospitalization, less pain, smaller amp; more cosmetic incisions, lower risk of infection, reduced post-operative care, and quicker recovery.

Minimally invasive procedures make use of advanced technologies to diagnose and treat various diseases, including cancer. These procedures are used to remove cancer tumors and lymph nodes without scarring. Minimally invasive techniques also assist surgeons in collecting tissues for biopsy and accurate staging studies. This helps surgeons make appropriate and exact cancer treatment plans.

Restraints: Strong market positioning of alternative therapies

The availability of effective conventional first-level therapies for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic conditions is a key restraint to market growth.

For instance, therapies such as surgery, chemotherapy, and radiation therapy are preferred in cancer treatment due to the high awareness among individuals about traditional cancer treatments, the low adoption of advanced treatment options (especially in developing countries), and the reluctance among oncologists to shift from conventional treatment options.

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Projected Revenue Growth, Globally:

The ablation technology market is projected to reach USD 8.1 Billion by 2026 from USD 5.2 Billion in 2021, at a CAGR of 9.3% during the forecast period.

End Users:

The ablation technology market, by end user, is segmented into hospitals, surgical centers, and ablation centers, ambulatory surgical centers (ASCs), medical spas aesthetic centers, and other end users. The increasing incidence of cancer, sports injuries, and cardiac conditions is driving the growth of the ablation technology market for hospitals, surgical centers, and ablation centers segment.

Geographical Growth Dynamics:

North America dominated the global ablation technology market

The North American market dominated the ablation technology market. The market growth in North America can be attributed to early introduction of ablation technology in this region. A large number of ablation product manufacturers and the significant adoption of ablation treatment are key factors behind the increasing customer base in the region.

Leading Players:

The prominent players in the ablation technology market include Medtronic, plc. (Ireland), Johnson Johnson (US), Abbott (US), and Boston Scientific Corporation (US) and CONMED Corporation (US), AngioDynamics, Inc. (US), AtriCure, Inc. (US), Smith Nephew plc (UK), Olympus Corporation (Japan), Varian Medical Systems (UK), Stryker (US), Dornier MedTech (Germany), Cynosure (US) and InMode (US), among others.

Major Growth Strategies Adopted:

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in ablation technology market. The key growth strategies adopted by the top players in the market include product launches and approvals, expansions, and acquisitions. Product launches and approvals were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.

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