The ablation market is expected to top $10 billion by 2020, according to Transparency Market Research, with radiofrequency ablation leading the charge.
The market totaled $4.7 billion in 2013, analysts wrote, and is expected to reach $10.6 billion in 2020 with a compound annual growth rate of 12.1 percent.
Cardiology-related applications include catheter ablation as a treatment for atrial fibrillation and renal denervation, which the report characterizes as an “upcoming trend in the global ablation technologies market.” Ablation technology is also used in oncology, gynecology, urology, ophthalmology and pain management.
The report breaks the technology into subcategories of radiofrequency, light/laser, electrical, ultrasound, microwave, cryotherapy and other techniques. It predicts that by 2020 radiofrequency ablation technology will become the largest revenue generator, bringing in $4.2 billion, while oncology will become the fastest growing application market.
Regionally, North America led the market in 2013, followed by Europe. The Asia-Pacific region is expected to be the fastest growing market going into 2020, according to the report.
It listed St. Jude Medical, Biosense Webster, Medtronic, Covidien, Medical Corp., Angiodynamics and Boston Scientific among the major industrial players.