A recently revamped Fact.MR report projects that the global cardiac ablation technologies market is likely to reach US$ 15,007.95 Mn by 2032, registering a staggering 11.8% CAGR across the 2022-2032 forecast period. Increased surgical procedures for treating atrial fibrillation is primarily steering demand for cardiac ablation technologies.
From 2017 to 2021, sales of cardiac ablation technology devices experienced an incline of 11.1% in value CAGR terms. The market closed in at a valuation of US$ 4,427.89 Mn by the end of the aforementioned historical period. Prospects remained largely unaltered during the height of the COVID-19 pandemic, given the adverse effect of the disease on the circulatory system.
According to the Centres 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. It further 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.
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Key Takeaways of Cardiac Ablation Technologies Market Study
- Adoption of radiofrequency is projected to add significant revenue share of around 55% to the cardiac ablation technologies market by 2026, while laser technology would witness the highest adoption rate, considering its high precision rate and better outcomes.
- Application of cardiac ablation technologies for treatment of atrial fibrillation is projected to grow by 10% in 2020, over 2019, as it is a common disorder affecting electrical impulses in the atria.
- Introduction of hybrid surgical-catheter ablation aids electrophysiologists in performing heart surgeries with minimal invasion, thereby encouraging patients to undergo surgeries. Advent of robotic technologies is intended at offering increased safety and accuracy to the cardiac ablation process, which is expected to herald high sales opportunities to players in the cardiac ablation technologies market.
- North America is an early adopter of new technologies, more so in the healthcare domain. Furthermore, availability of healthcare reimbursement schemes makes the purchase of advanced medical products easy for medical professionals. On the back of a circular demand and supply scenario, North America is projected to lead the global cardiac ablation technologies market with an estimated share of 40% during the forecast period.
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Cardiac Ablation Technologies Market – Assessment of Key Segments
Authors of this comprehensive study have classified the cardiac ablation technologies market into key segments for an in-depth study of the market. Categorisation of the cardiac ablation technologies market is based on treatment type, application, and region. This detailed study also offers information about the incremental opportunity present in the cardiac ablation technologies market during the forecast period. Key segments considered while studying the cardiac ablation technologies market include:
|Radiofrequency||Atrial Fibrillation||North America|
|Others||Middle East & Africa|
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Diversified Product Portfolio – A Key Strategy to Acquire Higher Market Share
Johnson & Johnson alone accounts for a share of around 52% in the cardiac ablation technologies market, which is attributable to its extensive range of products and incorporation of advanced technologies. In 2018, the company announced the launch of the CARTO VIZIGO bi-directional guiding sheath in the U.S. market. This product helps electrophysiologists reduce their dependency on fluoroscopy. Such developmental initiatives are projected to further gain momentum in the future, as the market leader increases its Y-o-Y investment expenditure for R&D activities. In 2017, the company invested around US$ 10 Bn on R&D activities.
Though the investment capability of leading players is significantly high, players across all tiers in the cardiac ablation technologies market extend efforts towards diversifying their product portfolios to beat their global counterparts.
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