Ablation Technology Market - Key Players & Growth Strategies Adopted by Them

Posted July 12, 2022 by vmack2187

A detailed market estimation approach was followed to estimate and validate the size of the global ablation technology market and other dependent submarkets.
Overview of This Study:

This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.

Recent Developments in the Global Ablation Technology Market:

# In June 2021, Boston Scientific announced the acquisition of the remaining shares of FARAPULSE. The acquisition complemented Boston Scientific’s electrophysiology segment, bringing pulsed-field ablation technology to its portfolio.

# In April 2021, Olympus Corporation shifted the global headquarters of its Therapeutic Solutions Division from Tokyo to the US for better access to the medical industry and to generate greater growth through stronger business opportunities.

# In January 2021, AtriCure announced FDA approval for expanding labeling claims for cryo nerve block (cryoNB) therapy to include the treatment of adolescent patients (12-21 years of age).

# In January 2019, Medtronic entered into a definitive agreement to acquire EPIX Therapeutics, Inc. (EPIX), a private company that designs and manufactures a catheter-based, temperature-controlled cardiac ablation system to treat patients with cardiac arrhythmias (irregular heartbeats), including AF.

Major Growth Driving Factors:

The growing elderly population has also driven the incidence of target conditions and contributed to the demand for effective treatment. However, the reuse and reprocessing of devices in developed countries and unfavorable regulatory scenario are key factors limiting the growth of this market. Product recalls and therapeutic challenges related to the efficacy of ablation products are key challenges faced by industry players in the global ablation technology market.

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Restraint: Strong market positioning of alternative therapies

The availability of effective conventional first-level therapies for the treatment of liver cancer, uterine fibroids, hemorrhagic stroke, and other hemorrhagic conditions is a key restraint to market growth. For instance, therapies such as surgery, chemotherapy, and radiation therapy are preferred in cancer treatment due to the high awareness among individuals about traditional cancer treatments, the low adoption of advanced treatment options (especially in developing countries), and the reluctance among oncologists to shift from conventional treatment options.

Global Key Players:

In 2020, the ablation technology market was dominated by Medtronic, plc. (Ireland), Johnson & Johnson (US), Abbott (US), and Boston Scientific Corporation (US) and CONMED Corporation (US).

Different Growth Strategies Adopted by Them:

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in ablation technology market. The key growth strategies adopted by the top players in the market include product launches and approvals, expansions, and acquisitions. Product launches and approvals were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market.

As of 2020, Medtronic plc. (Ireland) holds the leading position in the global ablation technology market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced ablation products. Medtronic focuses on organic growth through innovation and the launch of new and advanced products. It has a comprehensive product portfolio of ablation devices and technology. The company leverages its research capabilities and innovative product portfolio to ensure its strong position in the ablation technology market.

Johnson & Johnson has a strong brand value among ablation end users, strong R&D capabilities, and a strong portfolio. The company is constantly increasing its investments in R&D to accelerate product development. The company is constantly enhancing its product portfolio through innovation and product development. This has helped Johnson & Johnson to gain a competitive edge and efficiently address end-user requirements. The new products introduced by Johnson & Johnson within the last five years have contributed about 25% to the company’s sales. Johnson & Johnson focuses on regulatory compliance, end-user feedback, and advancing design and development to ensure the success of its products in the market.

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Major Revenue Growth Expectations:

The ablation technology market is projected to reach USD 8.1 Billion by 2026 from USD 5.2 Billion in 2021, at a CAGR of 9.3% during the forecast period.
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Issued By makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags ablation technology , ablation technology market
Last Updated July 12, 2022