According to the research report titled ‘Global Ablation Device Market Size study, by Application (Cardiovascular, Cancer, Pain Management, Orthopedics) by product (Radiofrequency, Ultrasound (ESWL, HIFU), Laser, Electrical (Argon Plasma, IRE), Cryotherapy, Microwave, Hydrothermal) and Regional Forecasts 2021-2027’, available with Market Study Report, global ablation device market was worth USD 4.3 billion in 2020 and is expected to multiply with a CAGR of 10.9% over 2021-2027, amassing USD 8.9 billion by the end of the forecast period.
 

As per the findings of the report, emerging next-gen ablation products and technologies, along with rising prevalence of chronic diseases among elders are the key factors fueling global ablation device market growth. Increasing number of hospitals, surgical, and ablation centers are also adding to the industry progression.
 

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Moreover, booming geriatric population is significantly contributing to the overall market development. Citing an instance, as per United Nations World Population Ageing report 2019, the number of individuals aged 65 years or above will reach about 1 billion by the year 2027.
 

For the unversed, ablation devices provide a minimally invasive alternative to conventional surgical treatment of kidney, prostate, liver, and lung cancer.
 

Considering factors restraining the expansion of global ablation device industry, reuse and reprocessing of devices in developing economies are likely to act as major challenge for businesses in this marketplace. Besides, healthcare cost-containment measures, and unfavorable regulatory scenario are also anticipated to hinder the industry remuneration.
 

With respect to product type, the market is split into hydrothermal, microwave, cryotherapy, laser, electrical (IRE, argon plasma), ultrasound (HIFU, ESWL), and radiofrequency. Moving on to application spectrum, the industry segmentation comprises orthopedics, pain management, cancer, and cardiovascular.  
 

Speaking of geographical terrain, Latin America, North America, Asia Pacific, and Europe are the leading contributors to overall market development. Of these, North America is expected to lead the overall market share over the coming years, owing to escalating elderly population and growing adoption of ablation devices in the region.
 

On the other hand, Asia Pacific industry size is projected to grow manifold over 2021-2027, creditable to presence of major contenders, rising pervasiveness of cancer, and increasing population.
 

Key players operating in global ablation device market sphere are Olympus Corporation, Smith & Nephew plc, AtriCure Inc., AngioDynamics Inc., ConMed Corporation, Boston Scientific Corporation, St. Jude Medical Inc., Biosense Webster Inc., Medtronic plc, and Johnson & Johnson.