Cardiac Ablation Technologies Market
Cardiac Ablation Technologies Market (Technology Type - Radiofrequency, Cryoablation, Laser, Ultrasound, Microwave; Application - Atrial Fibrillation, Ventricular Tachycardia, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
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Cardiac Ablation Technologies Market: Snapshot
The cardiac ablation technologies market is estimated to bring good growth prospects across the forecast period of 2018-2026. Cardiac ablation is a technique used for correcting heart rhythm problems. Ablation is also used for disconnecting the electrical pathway between the atria and ventricles of the heart. Ablation is preferentially used for treating high-risk patients. The growing number of high-risk patients may bring an increase in the growth rate of the cardiac ablation technologies market.
A surge in atrial fibrillation cases is proving to be a growth generator as cardiac ablation technology is prominently used for the treatment of atrial fibrillation. Based on technology type, the cardiac ablation technology market can be segmented into ultrasound, microwave, radiofrequency, laser, cryoablation, and others.
The COVID-19 outbreak may impact the production of the cardiac ablation devices as manufacturing facilities were shut on the account of stay-at-home orders imposed by numerous countries. Nonetheless, the cardiac ablation technology market may steadily evolve in the post-lockdown era.
According to Transparency Market Research (TMR), the global cardiac ablation technology market was valued at US$ 3228.95 mn in 2017 and is predicted to expand at a CAGR of 11.1% across the forecast period of 2018-2026. The high prevalence of atrial fibrillation along with other heart disorders such as atrial flutter, Wolff-Parkinson-White syndrome, and tachycardia may prove as growth pillars for the cardiac ablation technology market.
A Substantial Rise in Cases of Atrial Fibrillation to Largely Influence Growth of Cardiac Ablation Technology Market
Atrial fibrillation is a disorder that causes irregular heartbeats leading to problems like stroke, heart failure, blood clots, and other heart-related complications. According to the Centers for Disease Control and Prevention (CDC), an estimated population between 2.7 million and 6.1 million people in the U.S. are said to be affected by atrial fibrillation. The CDC also highlights that 166,793 death certificates in the U.S mentioned atrial fibrillation and 26,077 of these deaths occurred with atrial fibrillation as the underlying cause of death. These statistics shed light on the growing prevalence of atrial fibrillation and hint a good growth turnover for the cardiac ablation technology market
According to the American Heart Association (AHA), in 2013, about 75 percent of atrial fibrillation patients are over 65 years of age. Therefore, these statistics also shed light on the rise of atrial fibrillation in geriatric population and the potential to boost the growth rate of the cardiac ablation technologies market. Considering all these factors, the atrial fibrillation segment is anticipated to record a notable CAGR across the forecast period.
Radiofrequency Segment to Acquire a Good Share in Terms Of Revenue
The global cardiac ablation technology market is expected to gain considerable momentum from the radiofrequency segment across the forecast period. According to the TMR analysts, the radiofrequency segment accounted for approximately 56 percent of share in terms of revenue in the year 2017. It is further expected to contribute the same to the cardiac ablation technology market due to the associated benefits. High safety and good efficacy are some of the benefits associated with radiofrequency cardiac ablation type. In addition, it is not risky and is a minimally invasive procedure, which is technically a tad simpler as compared to other types. The aforementioned factors will enable the radiofrequency segment to hold a prominent market share during the forecast period.
Technological Advancements and Innovations to Bolster Growth Opportunities for Cardiac Ablation Technology Market
The introduction of novel technologies through frequent research and development activities in the cardiac ablation technology market add extra stars of growth. Advancements like balloon-mounted technologies, multi-electrode ablation catheters, and other similar developments are serving as a boon for the growth of the cardiac ablation technology market. The use of sensors to provide real-time information on the force of contact will enhance the efficiency of the cardiac ablation technology market greatly.
Varied Product Offerings and Well-Built Distribution Network to Have a Positive Effect on Growth of Cardiac Ablation Technology Market
Key players in the cardiac ablation technology market strive to expand their product portfolio and generate influence among the consumers through research and development, mergers, acquisitions, joint ventures, collaborations, and partnerships. This aspect assures promising growth avenues for the cardiac ablation technology market. New players are also entering to compete with well-established players, thus increasing the competition level.
Some well-entrenched players in the cardiac ablation technology market are Boston Scientific Corporation, Biosense Webster Inc. (Johnson & Johnson), Medtronic Plc., MicroPort Scientific Corporation, CardioFocus Inc., St. Jude Medical, Inc. (Abbott), and Stryker Corporation.
North America and Europe to Serve as Significant Growth Contributors for Cardiac Ablation Technology Market
Geographically, the cardiac ablation technology market is segmented into North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific. Europe and North America accounted for the largest market share in 2017. These regions may continue generating good growth for the cardiac ablation technology market. The presence of a massive geriatric population coupled with substantial cases linked to diverse heart disorders are proving to be growth multipliers for the cardiac ablation technology market.
Asia Pacific is estimated to grow at a rapid pace across the forecast period with a high CAGR due to escalating cases of atrial fibrillation and a rise in health care expenditure across the region. Considerable investments from key players in the region owing to low-cost manufacturing in India and China will further help in accelerating the growth rate of the cardiac ablation technology market.
Global Cardiac Ablation Technologies Market: Overview
This report analyzes the current and future scenario of the global cardiac ablation technologies market. Rise in geriatric population, high prevalence of atrial fibrillation and other heart rhythm disorders, and increase in patient preference for minimally invasive procedures are major drivers of the global market.
The global cardiac ablation technologies market report comprises an elaborate executive summary, which includes a snapshot that provides information about various segments of the market. It also provides information and data analysis of the global market with respect to segments based on technology type, application, and region. A detailed qualitative analysis of drivers and restraints of the market and opportunities has been provided in the overview section. Additionally, the section comprises competitive matrix and company profiles with business overview to understand the competitive landscape in the market. This section of the report also provides market attractiveness analysis by region and market share analysis by key players, thereby presenting a thorough analysis of the overall competitive scenario in the global cardiac ablation technologies market.
Global Cardiac Ablation Technologies Market: Key Segments
The global cardiac ablation technologies market has been segmented based on technology type, application, and region. In terms of technology type, the market has been divided into radiofrequency, cryoablation, laser, ultrasound, microwave, and other. The radiofrequency segment accounted for around 56.0% share of the global market, in terms of revenue, in 2017. Radiofrequency ablation procedure is a well-established procedure with high safety and efficacy, which leads to its higher adoption. Furthermore, it is a minimal invasive procedure, has a low risk profile, and it is technically simple to perform, which further contributes to the major share held by the segment of the global market. Based on application, the market has been classified into atrial fibrillation, ventricular tachycardia, and others. The atrial fibrillation segment held a significant share of the market in 2017. It is expected to expand at a notable CAGR during forecast period due to increasing incidence and prevalence of atrial fibrillation and rising adoption of cardiac ablation technologies for the treatment of atrial fibrillation. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year.
Global Cardiac Ablation Technologies Market: Regional Outlook
In terms of region, the global cardiac ablation technologies market has been segmented into five major regions and key countries/sub-regions: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa). The market size and forecast for each of these regions and countries/sub-regions have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. The research study also covers the competitive scenario in these regions.
Companies Mentioned in Report
The report also profiles major players in the global cardiac ablation technologies market based on various attributes such as company overview, financial overview, technology type portfolio, business strategies, and recent developments. Key players in the global cardiac ablation technologies market are Medtronic Plc., Boston Scientific Corporation, Biosense Webster, Inc. (Johnson & Johnson), St. Jude Medical, Inc. (Abbott), CardioFocus Inc., and MicroPort Scientific Corporation.
The global cardiac ablation technologies market has been segmented as given below: