Global Cardiac Ablation Technologies Market – Snapshot
Cardiac ablation is a procedure that destroys the heart tissue that causes incorrect electrical signal, which leads to abnormal heart rhythm. It is a minimally invasive treatment that successfully treats various heart rhythm disorders. Atrial fibrillation is the most commonly occurring heart rhythm disorder. Other heart rhythm disorders include tachycardia, atrial flutter, and Wolff-Parkinson-White syndrome. The global cardiac ablation technologies market was valued at US$ 3,228.95 Mn in 2017. It is expected to expand at a CAGR of 11.1% from 2018 to 2026.
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 and has low risk profile. Moreover, it is technically simple to perform, which further contributes to leading 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 the forecast period, due to growing incidence and prevalence of atrial fibrillation and rising adoption of cardiac ablation technologies for the treatment of atrial fibrillation. According to the American Heart Association (AHA), in 2013, there were around 2.7 million patients suffering from atrial fibrillation (AF) in the U.S., and it is predicted to affect around 6 to 12 million people by 2050. In the U.S., about 75% of atrial fibrillation (AF) patients are of 65 years of age or more. This indicates that a rise in the geriatric population is likely to boost the incidence and prevalence of AF.
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In terms of region, the global cardiac ablation technologies market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe accounted for a major share of the global market in 2017. High prevalence of various hearth rhythm disorders such as atrial fibrillation, tachycardia, and atrial flutter, and the presence of a large geriatric population that is more prone to heart diseases fuelled the demand for cardiac ablation technologies in these regions. The cardiac ablation technologies market in Asia Pacific is likely to expand at a high CAGR during the forecast period.
Increase in incidence of atrial fibrillation and other heart rhythm diseases and rise in health care expenditure are projected to fuel the market in the region during the forecast period. Moreover, low cost of manufacturing in China and India has resulted in the rise in the production facilities, attracting key players to the region from across the world.
Key players operating in the global cardiac ablation technologies market include Medtronic Plc., Boston Scientific Corporation, Biosense Webster, Inc. (Johnson & Johnson), St. Jude Medical, Inc. (Abbott), CardioFocus Inc., Stryker Corporation, and MicroPort Scientific Corporation.
These companies have established their stand in the market and enjoy brand loyalty among customers. They have diverse product offerings and an extensive distribution system across the world. Additionally, entry of small players, especially in the emerging markets of Asia, is being witnessed. However, stringent regulatory framework and high-quality standards set by market leaders are anticipated to restrain the penetration of new entrants in the market.