Northrook, IL -- (SBWIRE) -- 02/25/2020 -- Emergence of next-generation ablation products and technologies, rising incidence of cancer, growing prevalence of cardiovascular diseases and increasing number of ablation procedures are the major factors driving the growth of the ablation technologies market during the forecast period.

The global ablation technology market is estimated to be valued at USD 2.82 billion in 2016, growing at a CAGR of 10.9% between 2016 and 2021 and reach USD 4.73 billion.

Radiofrequency ablation segment is expected to be the largest contributor during the forecast period

Market is categorized into laser/light, radiofrequency, ultrasound, electrical, cryoablation, microwave, and hydrothermal ablation technology. The radiofrequency ablation segment is estimated to command the largest share of the global market in 2016 due to lower cost of radiofrequency ablation procedures as compared to other ablation techniques coupled with its high safety, efficacy, and short procedural duration for the treatment of cancer, atrial fibrillation, and pain management.

Microwave ablators segment is expected to grow at the highest rate during the forecast period

Light/laser ablators, radiofrequency ablators, ultrasound ablators, electrical ablators, cryoablation devices, microwave ablators, and hydrothermal ablators. The microwave ablators segment is estimated to grow at the highest CAGR from 2016 to 2021. Highsuccess rate of microwave ablation in cancer treatment, as well as advantages offered by it over RF ablation (such as, microwave ablation devices can produce larger ablation zones and do not suffer as much from the heat sink effect that can handicap RF ablation), form the major factors contributing to the growth of this segment.

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Cardiovascular disease segment is expected to be the largest contributor during the forecast period

Market is further segmented into cardiovascular disease, pain management, cancer, ophthalmology, cosmetic surgery, gynecology, urology, orthopedics, and others. The cardiovascular disease segment is estimated to account for the largest share of the market in 2016. Rising incidence of atrial fibrillation across the globe coupled with the development of novel ablation technologies for the treatment of atrial fibrillation is the major factor driving the growth of the market.

North America is expected to command the largest share of the market in 2016, owing to the rapidly growing elderly population, high adoption rate of ablation devices in the region. The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period. The significant growth reported by the APAC region is propelled by factors including the growing focus of global market players, the large population base, and the rising prevalence of cancer.

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Leading Companies

Medtronic, plc (Ireland), Biosense Webster, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), CONMED Corporation (U.S.), AngioDynamics, Inc. (U.S.), AtriCure, Inc. (U.S.), Smith & Nephew plc (U.K.), and Olympus Corporation (Japan) are some of the key players operating in the market.