Laser Ablation Technology Market: Introduction
- Laser ablation therapies are widely used in the treatment of different diseases related to cancer, cardiovascular gynecology, and ophthalmology. The diagnostic lab industry is growing at a rapid pace, with increase in demand for products and systems, which provides high precision and accuracy. An example of this is the laser ablation system. The accuracy of the laser beam has diversified its application in different industries. In the laser abconceation system, the laser is exposed to solid metals, along with other industrial compounds to remove different layers with precision. The amount of material removed depends on pulse length, wavelength of the laser, and intensity. The laser ablation system helps to identify the presence and amount of concentration of any material on the surface of the product by producing a bright plasma over the surface.
- Laser ablation devices are a part of minimally invasive procedures, which are less painful compared to traditional surgical operations. They also offer short recovery time causing minimal or no damage to the surrounding tissues.
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Key Drivers of Global Laser Ablation Technology Market
- Being one of the minimally invasive procedures, the laser ablation technique is comparatively less painful to other surgical treatment options. This technique also causes very less damage to the surrounding tissues compared to other techniques. Moreover, technological developments are expected to drive the global laser ablation technology market.
- Increase in incidence rate of cancer and rise in global ageing population are further fueling the growth of the global market, as ablation products are used in the management and treatment of various cancers in prostate, kidney, lung, liver, and breast. Additionally, with ageing, the chances of developing cancer increases. According to the American Society of Clinical Oncology 2016, research findings roughly estimated that 60% of patients with cancer are aged 65 years and above. In order to meet the demand for cancer treatment, several key players are focusing on introducing new ablation techniques in the market. For instance, in January 2016, Medtronic showcased OsteoCool RF Ablation System to treat spine metastases. This system kills cancer cells by applying high frequency energy. It also provides tailored treatment as well as procedural flexibility.
North America to Hold Major Share of Global Laser Ablation Technology Market
- Due to technological advancements and high adoption rate, North America dominates the global laser ablation technology market, followed by Europe and Asia Pacific
- Asia Pacific is expected to be most lucrative laser ablation technology market in the near future due to developing medical infrastructure, rise in acceptance of technologically advanced surgical procedures, and increase in government initiatives.
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Key Players Operating in Global Market
The global laser ablation technology market is highly fragmented with major manufacturers adopting various strategies to gain maximum market share. Some companies have their presence in this market, while others have their products in the pipeline.
Some of the key players operating in the global laser ablation technology market are:
- Biosense Webster, Inc.
- St. Jude Medical, Inc.
- Boston Scientific Corporation
- CONMED Corporation
- AngioDynamics, Inc.
- AtriCure, Inc.
- Smith & Nephew plc
- Olympus Corporation