Thermal Ablation Devices Market Size, Share, Growth, and Industry Analysis, By Type (Interstitial Probes, Grounded Probes, Needle Applications, Radiofrequency Ablation, Hydrothermal Ablation and Microwave Ablation), By Application (Hospitals, Ambulatory Surgical Centers (ASCs) and Clinics) Regional Forecast to 2028

Updated On: 08 April 2024

REPORT OVERVIEW

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The global thermal ablation devices market size was USD 3628.4 million in 2021. As per our research, the market is projected to touch USD 7000.3 million by 2028, exhibiting a CAGR of 9.4% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

The thermal ablation devices market has several advantages, including its minimally disturbing nature, effectiveness, safety, cost-effectiveness, and wide availability. These advantages make thermal ablation devices a promising area for growth, and the market is expected to continue to grow in the coming years due to the increasing demand for minimally invasive procedures and the rising prevalence of chronic diseases.

Specifically, thermal ablation devices can be used to treat cancer, cardiovascular disease, and liver disease in a minimally invasive way, which results in a shorter recovery time and lower risk of complications for patients. Thermal ablation devices are also generally safe and well-tolerated by patients, and they can be a cost-effective treatment option for some conditions. Additionally, thermal ablation devices are widely available in hospitals and other healthcare settings.

COVID-19 Impact: Increase in Pandemic Related Treatment Led To a Decline in Demand for the Market

The COVID-19 pandemic has had a significant impact on the thermal ablation devices market. The pandemic has led to a decrease in elective procedures, as hospitals have prioritized the treatment of COVID-19 patients. This has caused a decline in demand for thermal ablation devices.

In addition, the pandemic has disrupted supply chains, making it difficult for manufacturers to get the components they need to produce thermal ablation devices. This has also contributed to the decline in the market.

However, the thermal ablation devices market is expected to recover in the coming years. As the pandemic subsides, hospitals will resume elective procedures, and demand for thermal ablation devices will increase. In addition, technological advancements in thermal ablation devices are expected to drive market growth.

LATEST TRENDS

"Higher Standards of Performance by Increase in Infrastructure Spending to Grow Market Potentially"

The latest trends in the thermal ablation devices market include the increasing use of robotic-assisted thermal ablation, the development of new thermal ablation technologies, the expansion of the applications of thermal ablation, the growing demand for minimally invasive procedures, and the rising prevalence of chronic diseases. These trends are driving the growth of the thermal ablation devices market, and it is likely that we will see even more innovative and effective thermal ablation devices in the future.

SEGMENTATION

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• By Type

Based on type the market share is classified as hydrothermal ablation, microwave ablation grounded probes, needle applications, radiofrequency ablation, interstitial probes and grounded probes.

• By Application                                        

Based on application the market share is classified as hospitals, Ambulatory Surgical Centres (ASCs) and clinics.

DRIVING FACTORS

"Increasing Demand for Minimally Invasive Procedures Which Leads To the Market Growth"

Patients prefer shorter recovery times and lower risk of complications, which is why the demand for minimally invasive procedures is increasing. Thermal ablation is a minimally invasive procedure, which is why it is becoming increasingly popular.

"Rising Prevalence of Chronic Diseases Leads to Market Growth"

The prevalence of chronic diseases such as cancer, cardiovascular disease, and liver disease is rising. These diseases are often treated with thermal ablation, which is why the market for thermal ablation devices is expected to grow in the coming years.

RESTRAINING FACTOR

"Several Challenges Associated With the Usage of the Device to Restrain the Market Growth"

The thermal ablation devices market is restrained by high cost of thermal ablation devices, strict regulatory requirements, complications, limited reimbursement, and lack of skilled operators. The high cost of thermal ablation devices may be a barrier for some patients and healthcare providers. Strict regulatory requirements can make it difficult and time-consuming to bring new thermal ablation devices to market. Complications such as infection or bleeding can occur during thermal ablation procedures. Limited reimbursement in some countries may make it difficult for patients to afford these procedures. Lack of skilled operators may be a barrier in some areas where there is a shortage of these professionals. These factors contribute towards the decline in the thermal ablation devices market growth.

REGIONAL INSIGHTS

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"North America Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

North America is the largest holder of thermal ablation devices market share globally. This is due to the high prevalence of chronic diseases such as cancer, cardiovascular disease, and liver disease in the region. The region is also home to a number of major players in the thermal ablation devices market, such as Medtronic, Boston Scientific, and Smith & Nephew. The market is expected to grow in all regions, but the growth will vary depending on the specific factors that are driving the market in each region.

KEY INDUSTRY PLAYERS

"Research and Investments leads Towards Expansion of Market"

The thermal ablation devices market is highly competitive, with a number of major players vying for market share. The key players in the market include Medtronic, Boston Scientific, Smith & Nephew, AngioDynamics, Abbott Laboratories, Stryker, Atricure, Halyard Health, Hologic, Johnson & Johnson, and Olympus. These companies are developing and marketing a wide range of thermal ablation devices for various applications, including cancer treatment, cardiovascular disease, and liver disease. They are also investing in research and development to develop new and improved thermal ablation technologies.

List of Market Players Profiled

• Medtronic (Ireland)
• Boston Scientific (U.S)
• Smith & Nephew (U.K)
• AngioDynamics (U.S)
• Abbott Laboratories (U.S)
• Stryker (U.S)
• Atricure (U.S)
• Halyard Health (U.S)
• Hologic (U.S)
• Johnson & Johnson (U.S)
• Olympus (Japan)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.