A Look into Radiofrequency Ablation Devices Industry……Deep Analysis…..



The global radiofrequency ablation devices market size is anticipated to reach USD 6.7 billion by 2026, according to a new report by Grand View Research, Inc. It is expected to register a CAGR of 11.6% during the forecast period. Increasing preference for minimally invasive surgeries, growing geriatric population, and rise in healthcare spending for better disease treatment are expected to propel the growth.
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
According to the American Society of Plastic Surgeons, by the end of 2015, 15.9 million minimally invasive cosmetic surgeries were performed in U.S. According to the Centers for Disease Control and Prevention (CDC), more than six million laparoscopic procedures are performed across the U.S. and EU countries every year.
Radiofrequency ablation is now used early in the management of patients suffering from atrial tachycardia or atrial fibrillation or other kinds of coronary disease. This factor is anticipated to boost the market growth. According to the American College of Cardiology Foundation, coronary heart disease is the leading cause of deaths (43.8%) in U.S., followed by stroke (16.8%), heart failure (9.0%), high BP (9.4%), and other CVDs (17.9%). By 2035, the total cost of CVD is expected to reach USD 1.1 trillion and is projected to affect 45.1% (130 million) adults in U.S.
Radiofrequency ablation can also be used to reduce neck pain, low-back pain, arthritis, and pelvic and peripheral nerve pain. According to WebMD LLC., RFA has been proven to be effective in more than 70% of the patients experiencing pain. Pain relief from RFA can last from six to 12 months or even a year.
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The global radiofrequency ablation devices market size was valued at USD 2.8 billion in 2018 and is projected to expand with CAGR of 11.6% over the forecast period. The market is majorly driven by growing prevalence of chronic and cardiovascular diseases and preference for minimally invasive surgeries. According to the Centers for Disease Control and Prevention (CDC), Atrial Fibrillation (AF) is projected to affect 17.9 million in Europe by 2060 and 12 million people in the U.S. respectively by 2050.
In addition, growing geriatric population coupled with rising life expectancy is expected to boost the growth. Geriatric people are more susceptible to chronic diseases, driving the demand for highly effective treatment, which in turn boosts the RF ablation market. According to the World Health Organization (WHO), the world’s population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. The demographic tends to have the highest disability rate and maximum need for effective care and treatment, which is anticipated to propel the growth.
Further key findings from the report suggest:
·         Disposable equipment held the largest market share in 2018 due to reduced morbidity and mortality and the ability of the equipment to provide treatment in an outpatient setting. For example, Radiopaque RF cannula (Halyard Worldwide, Inc) provides improved visualization under fluoroscopy for accurate positioning, resulting in a targeted treatment
·         Cardiology and cardiac rhythm management is anticipated to be the fastest-growing segment during the forecast period due to disease prevalence, growing awareness, and adoption of minimally invasive operations. In 2012 RFA-Academia launched an initiative to increase awareness in Europe and to teach endoscopists safe and justified application of RFA to reduce the disease burden
·         North America is anticipated to continue leading the radiofrequency ablation devices market during the forecast period due to high healthcare expenditure, incidence of cardiac disease and cancer, and the number of patients suffering from pain
·         Asia Pacific is expected to witness significant growth over the next decade due to increasing demand for minimally invasive procedures to treat cancer and growing awareness regarding the benefits of ablation method over the conventional surgical procedures
·         Some of the key players are Boston Scientific Corporation; Medtronic; Stryker; Cosman Medical, Inc.; St. Jude Medical; Smith & Nephew; Johnson & Johnson (J&J) Services, LLC; and AngioDynamics.
Growing healthcare expenditure and preference for minimally invasive surgeries has become a major factor driving the market growth. Radiofrequency ablation is an effective treatment for small cancers and can be repeated if new cancer appears. According to the U.S. Census Bureau, the global healthcare spending is anticipated to reach USD 18.28 trillion by 2040, at a CAGR of 2.6%. This is anticipated to positively influence the revenue generation from radiofrequency ablation devices.
Rising prevalence of chronic pain disorders such as arthritis and osteoporosis coupled with improving healthcare infrastructure will propel market growth. According to the U.S. Department of Health & Human Services, in 2015, 15 million adults were suffering from severe joint pain due to arthritis and by 2040 an estimated 78 million (26%) U.S. adults aged 18 years and above are anticipated to be diagnosed with arthritis.
Based on product, the market is trifurcated into disposable, capital, and reusable equipment. Disposable equipment accounted for the largest market share in 2018 and is expected to witness the fastest CAGR over the forecast period. Advanced technology with the capability of creating large regions of coagulative necrosis in a controlled manner, being relatively low toxic and decreased the risk of complication drive growth of the disposable radiofrequency ablation devices market.
Product launches will drive the market growth over the forecast period. In April 2017, Medtronic launched OsteoCool RF Ablation system in Canada for the indication of bone metastases. This is the only RF ablation system with dual probe capabilities that provides customized, flexible, and predictable treatment.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-radiofrequency-ablation-devices-market
Grand View Research has segmented the global radiofrequency ablation devices market based on type:
Radiofrequency Ablation Devices Product Outlook (Revenue, USD Million, 2015 - 2026)
·         Disposable Equipment
·         Capital Equipment
·         Reusable Equipment
Radiofrequency Ablation Devices Mode of Delivery Outlook (Revenue, USD Million, 2015 - 2026)
·         Surgical Oncology
·         Cardiology & Cardiac Rhythm Management
·         Cosmetology
·         Gynecology
·         Pain Management
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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