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3. Product Launches & Approvals is the Key Strategy Adopted by Leading Market Players to Foster Growth in the Global Ablation Technologies Market

The ablation technology market is projected to reach USD 8.1 Billion by 2026 from USD 5.2 Billion in 2021, at a CAGR of 9.3% during the forecast period. The growing elderly population has also driven the incidence of target conditions and contributed to the demand for effective treatment. However, the reuse and reprocessing of devices in developed countries and unfavorable regulatory scenario are key factors limiting the growth of this market. Product recalls and therapeutic challenges related to the efficacy of ablation products are key challenges faced by industry players in the global ablation technology market.

The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2021 to expand their global presence and increase their market shares in ablation technology market. The key growth strategies adopted by the top players in the market include product launches and approvals, expansions, and acquisitions. Product launches and approvals were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2020, the ablation technology market was dominated by Medtronic, plc. (Ireland), Johnson & Johnson (US), Abbott (US), and Boston Scientific Corporation (US) and CONMED Corporation (US).

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As of 2020, Medtronic plc. (Ireland) holds the leading position in the global ablation technology market. The strong geographic presence across major markets is supporting the growth of the company’s market share. The company primarily focuses on developing technologically advanced ablation products. Medtronic focuses on organic growth through innovation and the launch of new and advanced products. It has a comprehensive product portfolio of ablation devices and technology. The company leverages its research capabilities and innovative product portfolio to ensure its strong position in the ablation technology market. In June 2021, it secured US FDA expanded approval for the Arctic Front Family of Cardiac Cryoablation Catheters. It also entered into a definitive agreement to acquire EPIX Therapeutics, Inc. (EPIX), a private company that designs and manufactures a catheter-based, temperature-controlled cardiac ablation system for treating patients with cardiac arrhythmias (irregular heartbeats), including AF. These key strategic moves will help the company maintain its market leadership.

Johnson & Johnson has a strong brand value among ablation end users, strong R&D capabilities, and a strong portfolio. The company is constantly increasing its investments in R&D to accelerate product development. The company is constantly enhancing its product portfolio through innovation and product development. This has helped Johnson & Johnson to gain a competitive edge and efficiently address end-user requirements. The new products introduced by Johnson & Johnson within the last five years have contributed about 25% to the company’s sales. Johnson & Johnson focuses on regulatory compliance, end-user feedback, and advancing design and development to ensure the success of its products in the market.

Over the last three years, the company has focused less on inorganic growth strategies in the ablation technology market. The high dependence on third-party raw material suppliers has also been a major challenge for the company.

Related Reports:

Ablation Technology Market by Product (Radiofrequency, Laser, Ultrasound (ESWL,HIFU), Microwave, Electrical), Application (Cardiovascular, Cancer, Gynecological, Cosmetic, Pain Management), End User (Hospitals, ASC, Medical spas) - Global Forecast to 2026

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