Market Trends of Global Ablation Devices Industry
This section covers the major market trends shaping the Ablation Devices Market according to our research experts:
The Cancer Treatment Segment is Expected to Hold a Significant Market Share in the Ablation Devices Market Over the Forecast Period
Radiofrequency ablation is one of the most common ablation methods for small tumors. It uses high-energy radio waves. Special probes are used to "burn" or "freeze" cancers without the usual surgery. Computed tomography (CT), ultrasound (US), or magnetic resonance imaging (MRI) is used to guide and position the needle probe into the tumor. The cancer treatment segment is anticipated to hold a significant share of the ablation devices market owing to the rising number of cancer cases around the world. For example, according to IARC estimates, there will be 28.9 million cancer cases worldwide by 2040. The large increase in the number of cases over the years is majorly contributing to the increase in cancer surgical therapies for efficient treatment studies, which in turn will propel the growth of the ablation devices market in the forecast period.
According to an article by RadiologyInfo.org updated in February 2021, radiofrequency ablation (RFA), a minimally invasive treatment for cancer, employs an image-guided technique to apply heat to destroy cancer cells. RFA uses ultrasound, computed tomography (CT), or magnetic resonance imaging (MRI) to guide a needle electrode into a cancerous tumor and passes high-frequency electrical currents through the electrode to ground pads placed on the body, thereby creating focused heat that destroys the cancer cells surrounding the electrode. The article also said that radio frequency and microwave ablations are the most common ablation treatments for cancer therapy.
Several market players are also focusing on ablation devices for cancer treatment. Avenda Health, for example, received FDA 510(k) clearance for its cancer management platform, iQuest, in December 2022.In order to produce a customized map of the prostate cancer's location, iQuest integrates already-available patient-specific diagnostic data with deep-learning algorithms. This will, for the first time, enable more individual, efficient, and accurate therapies. Instead of treating the entire organ, the platform enables a doctor to make choices that take cancer's extent into account. The selection, planning, guidance, and follow-up of treatments are made easier for doctors and patients with the use of this information. iQuest can be applied to multiple treatment options to guide a doctor's intervention plan, including FocalPoint, Avenda Health's soft tissue laser ablation device, and other focal treatments; active surveillance; and decision-making for whole gland treatments, including radical prostatectomy and radiation therapy. Such research and developments in ablation devices are expected to propel market growth over the forecast period.
Thus, the studied segment is expected to grow in the market over the next few years because there are more chronic diseases, more new products are coming out, and more research is being done on ablation devices.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
The rise in the adoption of highly advanced techniques and systems in the manufacturing of ablation devices and the technological advancements made in ablation device studies are expected to boost the growth of the market in the North American region. People in the area know a lot about the new ablation device therapies that are on the market, which helps the market grow quickly in the area.
The rising number of chronic disease cases in the North American region is contributing to the growth of the ablation devices market. For instance, as per the Statistics Canada report, an estimated 233,900 people in Canada are likely to be diagnosed with cancer in 2022. Furthermore, as per the Government of Canada update, lung, breast, colorectal, and prostate cancers were expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2021. The large population affected by chronic diseases and the increase in the necessity of ablation devices for the ease of diagnosis and treatment of such diseases are expected to propel the growth of the ablation devices market.
Also, the rise in the development of innovative ablation devices in the region is contributing to the growth of the market. For instance, in January 2022, Medtronic plc entered into a definitive agreement to acquire Affera, Inc. The acquisition expands the Medtronic portfolio of advanced cardiac ablation products and accessories to meet physician needs within a growing patient population. Similarly, in February 2022, Medtronic plc received FDA approval for its Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters, which are the first and only ablation catheters to treat the growing prevalence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT). The key players' strategic acquisitions and new product launches are likely to make the product more available and boost the growth of the ablation devices market over the next few years.
Thus, the growth of the market in this region over the next few years will be driven by the growing need for ablation devices and the key players' increasing number of strategic initiatives and new product launches.
