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Ablation Technology Global Market 2024 - Growth Opportunities, Top Countries, Future Trends, Revenue And Outlook 2033
Ablation Technology Global Market
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According to The Business Research Company's, The ablation technology market size has grown strongly in recent years. It will grow from $4.92 billion in 2023 to $5.35 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to growing awareness among patients and physicians, increasing healthcare expenditure, rising disposable income, growing acceptance of radiofrequency ablation (RFA), and increasing access to ablation procedures.
The ablation technology market size is expected to see strong growth in the next few years. It will grow to $7.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to the rising prevalence of chronic diseases, growing demand for minimally invasive procedures, aging population, increasing surgical procedures, and government initiatives supporting healthcare infrastructure. Major trends in the forecast period include technological advancements, the use of ablation technology in treating various types of tumors, improved healthcare access, advantages over traditional surgery, and collaborations and partnerships.
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Market Drivers and Trends:
The growing demand for minimally invasive treatments is expected to propel the growth of the ablation technology market going forward. Minimally invasive treatments refer to medical procedures that are performed through tiny incisions or natural body openings using specialized instruments guided by imaging techniques. Minimally invasive treatments are rising due to their ability to reduce recovery times, minimize surgical risks, and improve patient outcomes compared to traditional surgical methods. Ablation technology is used in minimally invasive procedures to precisely target and destroy diseased tissues while minimizing damage to surrounding healthy tissues. For instance, in January 2023, according to the data published by the American Society of Plastic Surgeons, a US-based association of plastic surgeons, in 2022, around 23,672,269 minimally invasive cosmetic surgeries were carried out in the USA, which increased by 7% to reach 25,442,640 surgeries in the year 2023. Therefore, the growing demand for minimally invasive treatments is driving the growth of the ablation technology market.
Major companies operating in the ablation technology market are developing advanced technologies, such as thin-film electrode technology, to improve precision and efficacy in treating cardiac arrhythmias, reduce procedure times, and enhance patient outcomes. Thin-film electrode technology refers to a method that uses ultra-thin conductive layers to create precise electrodes for targeted ablation treatments. For instance, in March 2024, NeuroOne, a US-based medical equipment manufacturing company, launched the OneRF Ablation System. This system utilizes thin-film, stereoelectroencephalography (SEEG)-guided radiofrequency (RF) technology to record electrical activity and perform precise ablation of nervous tissue with temperature controls, using the same electrode for both diagnosis and treatment. The OneRF ablation system is NeuroOne's first device with a therapeutic indication and its third FDA-cleared device. This system complements the company's Evo cortical and stereoelectroencephalography (sEEG) electrode product lines, which are primarily used for recording electrical activity in the brain for less than 30 days.
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Major Key Players of the Market:
Johnson & Johnson, Abbott Laboratories, Medtronic Plc., Siemens Healthineers AG, Koninklijke Philips N.V., Stryker Corporation, Boston Scientific Corporation, Olympus America, Terumo Corporation, Smith & Nephew plc, Hologic Inc., Perseon Corporation, Conmed Corporation, Accuray Incorporated, AtriCure Inc., AngioDynamics, Biosense Webster Inc., HealthTronics, Creo Medical Ltd., Misonix, NxThera, MedWaves Inc., Theraclion
Ablation Technology Market 2024 Key Insights:
• The ablation technology market size is expected to see strong growth in the next few years. It will grow to $7.54 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Growing Demand For Minimally Invasive Treatments Fuels Ablation Technology Market Expansion
• Advancements In Thin-Film Electrode Technology Driving Precision In Cardiac Ablation Treatments
• North America was the largest region in the ablation technology market in 2023
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