Key Strategy Adopted By Leading Market Players To Foster Growth In The Global Ablation Technology Market
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Summary
- Industry Consolidation.
- Increasing Focus of Global Players Towards Developing Nations.
- Increasing Funding for Ablation Product Development and Commercialization.
- Notable Developments in Microwave Ablation Segment.
- High Focus of Market Players Towards Development of Advanced Radiofrequency Ablation Devices.
Global Leaders of Ablation Technology Market:
The global ablation technologies market was dominated by Medtronic (Ireland), Biosense Webster Inc. (U.S.), Boston Scientific Corporation (U.S.), and St. Jude Medical (U.S.), in 2016. These companies together accounted for a share of ~60% of the market in 2015. In 2015, Medtronic accounted for the largest share of the market due to the acquisition of Covidien
Medtronic plc has a wide product portfolio with advanced mapping catheters, microwaves, cryoablation, and radiofrequency ablation devices. Furthermore, the company’s wide geographic presence enables it to maintain its leading position in the market.
The company acquired Covidien plc in January 2015 which helped Medtronic intensify its product portfolio, increase its global reach, and strengthen its position in the market. The company focuses on product development, product launches, and strategic acquisitions as its key business strategies to ensure its growth in the market.
Biosense Webster, Inc. held the second position in the market in 2015. Over the past three years, the company has been focusing on innovative product developments to increase its share in the market. It launched several ablation products between 2013 and 2016, including THERMOCOOL SMARTTOUCH SF Catheter (August 2016), CARTO 3 System CONFIDENSE module (June 2015), THERMOCOOL SMARTTOUCH Catheter (February 2014). In addition, the strong geographic presence and large customer base enable the company to maintain its leading position in the market.
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What the Market Looks Like?
The global ablation technology market is estimated to be valued at USD 2.82 billion in 2016 and is expected to reach USD 4.73 billion by 2021, growing at a CAGR of 10.9% between 2016 and 2021.
Growth Boosting Factors:
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.
Different Growth Strategies Adopted:
In the market, leading players are adopting the strategies of product development, product launches, geographic expansions, agreements, acquisitions, and joint ventures to expand their presence. Market players adopted these strategies to access new technologies, develop novel products, expand their product portfolio, enter into growing markets, and increase their market share.
In addition to the top market players, companies such as St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), AngioDynamics, Inc. (U.S.), and AtriCure, Inc. (U.S.) are primarily focused on launching new ablation devices and acquisitions to widen their product offerings in the market.
Major strategic developments are taking place in the field of radiofrequency ablation technology, which exhibits high growth potential in the near future. Dominant market players such as Medtronic, Inc. (U.S.), St. Jude Medical, Inc. (U.S.), Boston Scientific Corporation (U.S.), and CONMED Corporation (U.S.), have introduced several advanced radiofrequency ablation devices during 2013 to 2016 to keep pace with the industry trends.
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