Medical Ablation Technology Market To Report Impressive Growth, Revenue To Surge To US$ 10.30 Billion By 2021
With the presence of a large pool of participants, the global medical ablation technology market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Boston Scientific Corporation, Biosense Webster Inc., Olympus Corporation, AtriCure, Inc., Smith & Nephew plc, AngioDynamics Inc., Galil Medical Inc., CONMED Corporation, and St. Jude Medical Incorporation are some of the key vendors of medical ablation technology across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the medical ablation technology market study.
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Citing an instance, in October 2018, Nanospectra Biosciences– a medical device firm pioneering an innovative use of nanomedicine for particular thermal ablation, declared that two of its partners Sebacia and LiteCure LLC are likely to commercialize medical ablation technology products in the U.S. markets.
As estimated in this report, the global medical ablation technology market stood at US$ 5.20 billion in 2015. Witnessing a tremendous rise during the period from 2016 to 2021, the revenue in this medical ablation technology market is expected to reach US$ 10.30 billion by the end of the forecast period.
Escalating Need To Treat Chronic Ailments To Accelerate Market Size
“Growing requirement to treat diseases such as cancer, cardiovascular ailment, and chronic diseases is projected to drive medical ablation technology market trends,” says the author of this medical ablation technology market study. Apart from this, medical ablation plays a prime role in removal or complete destruction of abnormal tissues and this, in turn, is likely to accelerate the growth of medical ablation technology market. In addition, escalating need for treating kidney cancer, lung cancer, and liver cancer are projected to drive medical ablation technology market earnings over the years to come.
Prominent rise in geriatric as well as obese population prone to chronic ailments along with growing demand for minimally invasive surgeries will drive medical ablation technology market growth in the forthcoming years. Furthermore, emerging technologies for tumor management and increasing prevalence of cardiovascular diseases are projected to fuel the growth of medical ablation technology market in the estimated timeline.
The high cost of treatment and low awareness towards medical ablation technology, however, may hamper the growth of the medical ablation technology market in the year to come. Nevertheless, untapped market potential along with escalating growth of medical tourism activities in developing markets are projected to generate lucrative opportunities for medical ablation technology over the couple of years. This will normalize the impact of hindrances on the medical ablation technology market, reports the study.
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Flourishing Medical Tourism Sector To Aid North America Maintain Dominance
Regionally, North America has been leading the worldwide medical ablation technology market and is anticipated to continue on the dominant position in the years to come, states the medical ablation technology market study. The strong presence of a well-established medical and healthcare infrastructure and skilled healthcare professionals is the main factor behind the dominance of the North America medical ablation technology market. Increasing cases of cancer along with thriving medical tourism in North America is another significant factor that is supporting the growth of this regional medical ablation technology market.
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