The ablation devices market revenue is set to surpass revenues worth US$ 3.2 Bn by 2020 end, with annual growth projected at a solid 9.8% rate over that witnessed in 2019. According to the latest forecast by Future Market Insights (FMI), potentially higher risk of fatality among COVID-19 patients with a cardiovascular disease or cancer as a comorbid is significantly raising the demand for ablation devices.
One of the most significantly influencing factors for sales of ablation devices in 2020 is the global outbreak of COVID-19 and its domino effect on both supply and demand, resulting in major disruptions. Following the extension of lockdowns across key economies and major markets, there have been reduced production levels and logistical delays, which in turn are widening the supply-demand gap.
Advanced Catheters Account for over 65% Sales
This FMI study estimates that advanced ablation catheters will account for 2/3rd of total sales in 2020. However, the number is expected to slightly decline by 2029. The decline is attributable to surge in preference for standard ablation catheters and thermal balloon ablation devices over the recent past. Integration of radiofrequency technology continues to influence growth strategies of key market players, while some prominent stakeholders are capitalizing on microwave technology for product differentiation.
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“The study underscores growing economic uncertainties and unprecedented rise in demand for critical medical equipment during the pandemic that are tightening the sales of ablation devices. The market is likely to experience significant reduction in production in 2020, while steady demand may prevent a steep decline in the revenue,” says the FMI analyst.
North America Captures 40% Revenue Share
The healthcare industry in North America is witnessing severe disruptions due to the current COVID-19 outbreak, with the U.S. emerging as the worst-hit country. Hospitals and clinics are overwhelmed with patients requiring immediate attention, and in turn favoring the demand for ablation devices. North America’s market will continue to maintain its lead, accounting for 2/5th of the global market value.
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Prior to the pandemic, the trend of minimally invasive surgery, lower hospital stays, and aversion to re-operative surgery has been influencing healthcare service providers to turn to ablation devices for the treatment of cardiovascular diseases and cancer. The trend is likely to continue once the virus is contained which will work in favor of the market players. These players are also likely to shift from conventional ablation devices to their automated robotic counterparts to stay ahead of the curve in future.
The report offers long-term outlook of the ablation devices market, with greater emphasis on the COVID-19 impact.
Source: Future Market Insights