The global radiofrequency ablation devices mark is expected to grow at a CAGR of 11.7% to reach a market value of USD XX million by 2026.
In 2019, Medtronic plc received US Food and Drug Administration (FDA) 510(k) clearance of the Accurian(TM) RF ablation platform, which conducts radio frequency (RF) ablation of nerve tissues.
(EMAILWIRE.COM, November 12, 2019 ) Market Overview
• Radiofrequency ablation is a procedure used to reduce pain. An electrical current produced by the radio wave is used in heating a small area of nerve tissue, thereby reducing pain signals from that specific area. It has become a method of choice owing to its high efficacy, ease of use, and safety. It is increasingly used for the treatment of many diseases like cancer and arrhythmia.
Market Dynamics
• The major driving forces are the increasing prevalence of cardiovascular diseases, cancer and pain, growing geriatric population, and an increase in demand for minimally-invasive procedures.
• The market is majorly driven by the increasing prevalence of cardiovascular diseases and preference for minimally invasive surgeries. As per the Centers for Disease Control and Prevention, Atrial Fibrillation is projected to affect 17.9 million in Europe by 2060 and around 12 million people in the US, respectively, by 2050. Thus, the increasing prevalence of cardiovascular diseases is driving the market.
• The growing geriatric population, coupled with rising life expectancy, is expected to boost market growth. Geriatric people are more susceptible to the chronic diseases, driving the demand for highly effective treatment, which in turn accelerates the radiofrequency ablation devices market. According to the World Health Organization, the world's population of age 60 years and above is expected to reach 2 billion by 2050. The demographic trends have the highest disability rate and maximum need for adequate care and treatment, which is expected to propel the growth.
• Growing healthcare expenditure and the preference for minimally invasive procedures has become a key factor driving the market growth. Radiofrequency ablation (RFA) is an effective treatment for small cancers and can be repeated if new cancer appears. As per the US Census Bureau, the global healthcare spending is forecasted to reach18.28 USD trillion by 2040, at CAGR of 2.6%. This is expected to influence the revenue generation from radiofrequency ablation devices positively.
• Rising prevalence of chronic pain disorders like arthritis and osteoporosis, coupled with improving healthcare infrastructure, will propel market growth. According to the US Department of Health & Human Services, by 2040, an estimated 78 million (26%) US adults of age18 years and above are anticipated to be diagnosed with arthritis.
• However, factors such as high treatment costs coupled with a low awareness for availability of the advanced treatments, and complications associated with radiofrequency ablation are negatively impacting the global radiofrequency ablation devices market.
• The complications associated with radiofrequency ablation like acute respiratory distress syndrome where success rates are less and the burning sensation at the treatment site of the tissue are hindering the market growth.
Market Segmentation
• The global radiofrequency ablation devices market can be segmented by product type into disposable equipment, reusable equipment, and capital equipment.
• Disposable equipment is expected to grow at a high rate over the forecast period. Advanced technology with the capacity of creating large regions of coagulative necrosis in a controlled manner, being a relatively low toxic and reduced risk of complications are driving the growth of the disposable radiofrequency ablation devices market. Product launches are also expected to drive RF ablation devices market growth over the forecast period. For instance, in 2017, Medtronic launched the OsteoCool RF Ablation system in Canada for bone metastasis. This is the only radiofrequency ablation system with dual-probe capabilities that provides customized, flexible, and predictable treatment.
• The global radiofrequency ablation devices market can be segmented by application into surgical oncology, cardiology, cosmetology, gynecology, and pain management.
• The surgical oncology segment is expected to grow at a high rate over the forecast period. Surgical oncology is gaining importance as radiofrequency ablation (RFA) can be used to treat cancerous cells to improve the survival of high-risk patients with unresectable and refractory tumors. Radiofrequency ablation decreases the potential side effects, has low recovery time, and can also be used on the patients suffering from multiple tumors that cannot be treated through open surgery.
• Cardiology and radiofrequency rhythm management segment is expected to grow at a significant rate during the forecast period owing to the increased risk of developing Atrial Fibrillation (AF). As per the Department of Health, National Service Framework for Coronary Heart Disease (CHD), atrial fibrillation is the most common arrhythmia, and the catheter ablation method is expected to be one of the commonly performed electrophysiological procedures in the future, driving the market growth. Also, as per the American College of Cardiology Foundation, coronary heart disease is the leading cause of deaths (43.8%) in the US, followed by stroke (16.8%), heart failure (9.0%), high BP (9.4%), and other CVD(17.9%). Also, by 2035, the total cost of CVD is anticipated to reach 1.1 USD trillion and is projected to affect around 45.1% (130 million) adults in the US. This factor is expected to boost market growth.
• The pain management segment is also expected to grow at a high rate over the forecast period. Radiofrequency ablation can be used to reduce neck pain, low-back pain, arthritis, pelvic and peripheral nerve pain. For instance, according to the WebMD LLC., Radiofrequency ablation has been proven to be an effective treatment in more than 70% of the patients experiencing pain. Pain relief from RFA can last from 6-12 months or even a year.
Geographical Analysis
• Geographically, the global radiofrequency ablation devices market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• North America is dominating the global radiofrequency ablation devices market in 2018 and is estimated to hold significant market size over the forecast period (2019-2026) owing to the high prevalence of cancer, increasing technological advancements, high purchasing power, and government support for quality healthcare.
• The increasing prevalence of cancer in the region is expected to drive market growth over the forecast period. According to the American Cancer Society, in 2019, around 1,762,450 people will be diagnosed with new cases of cancer in the US, and 606,880 people will die from the disease.
• The high volumes of catheterization for surgeries is expected to boost the market. For instance, according to the American Heart Association (AHA), catheter-based ablation procedures boast a 90 % success rate, having a lower risk of complications, and allow patients to resume normal activities in a few days. Also, the leading companies such as Medtronic and Boston Scientific spend millions of dollars each year researching and developing new devices to improve these success rates and to reduce complications during procedures.
• The increasing number of cardiac arrhythmia cases is boosting the market. For instance, the Centre for Disease Control and Prevention in 2017, estimated that 2.7-6.1 million people in the US had atrial fibrillation. Thus, the rising number of cardiac arrhythmia cases are driving the market.
Competitive Landscape
• The major players operating in the global radiofrequency ablation devices market are Boston Scientific Corporation, Medtronic, Stryker, Cosman Medical, Inc, Smith & Nephew, St. Jude Medical, Johnson & Johnson (J&J) Services, Llc, Angiodynamics, Cook Medical, and Abbott.
• The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the radiofrequency ablation devices market globally. For instance,
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About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
• Radiofrequency ablation is a procedure used to reduce pain. An electrical current produced by the radio wave is used in heating a small area of nerve tissue, thereby reducing pain signals from that specific area. It has become a method of choice owing to its high efficacy, ease of use, and safety. It is increasingly used for the treatment of many diseases like cancer and arrhythmia.
Market Dynamics
• The major driving forces are the increasing prevalence of cardiovascular diseases, cancer and pain, growing geriatric population, and an increase in demand for minimally-invasive procedures.
• The market is majorly driven by the increasing prevalence of cardiovascular diseases and preference for minimally invasive surgeries. As per the Centers for Disease Control and Prevention, Atrial Fibrillation is projected to affect 17.9 million in Europe by 2060 and around 12 million people in the US, respectively, by 2050. Thus, the increasing prevalence of cardiovascular diseases is driving the market.
• The growing geriatric population, coupled with rising life expectancy, is expected to boost market growth. Geriatric people are more susceptible to the chronic diseases, driving the demand for highly effective treatment, which in turn accelerates the radiofrequency ablation devices market. According to the World Health Organization, the world's population of age 60 years and above is expected to reach 2 billion by 2050. The demographic trends have the highest disability rate and maximum need for adequate care and treatment, which is expected to propel the growth.
• Growing healthcare expenditure and the preference for minimally invasive procedures has become a key factor driving the market growth. Radiofrequency ablation (RFA) is an effective treatment for small cancers and can be repeated if new cancer appears. As per the US Census Bureau, the global healthcare spending is forecasted to reach18.28 USD trillion by 2040, at CAGR of 2.6%. This is expected to influence the revenue generation from radiofrequency ablation devices positively.
• Rising prevalence of chronic pain disorders like arthritis and osteoporosis, coupled with improving healthcare infrastructure, will propel market growth. According to the US Department of Health & Human Services, by 2040, an estimated 78 million (26%) US adults of age18 years and above are anticipated to be diagnosed with arthritis.
• However, factors such as high treatment costs coupled with a low awareness for availability of the advanced treatments, and complications associated with radiofrequency ablation are negatively impacting the global radiofrequency ablation devices market.
• The complications associated with radiofrequency ablation like acute respiratory distress syndrome where success rates are less and the burning sensation at the treatment site of the tissue are hindering the market growth.
Market Segmentation
• The global radiofrequency ablation devices market can be segmented by product type into disposable equipment, reusable equipment, and capital equipment.
• Disposable equipment is expected to grow at a high rate over the forecast period. Advanced technology with the capacity of creating large regions of coagulative necrosis in a controlled manner, being a relatively low toxic and reduced risk of complications are driving the growth of the disposable radiofrequency ablation devices market. Product launches are also expected to drive RF ablation devices market growth over the forecast period. For instance, in 2017, Medtronic launched the OsteoCool RF Ablation system in Canada for bone metastasis. This is the only radiofrequency ablation system with dual-probe capabilities that provides customized, flexible, and predictable treatment.
• The global radiofrequency ablation devices market can be segmented by application into surgical oncology, cardiology, cosmetology, gynecology, and pain management.
• The surgical oncology segment is expected to grow at a high rate over the forecast period. Surgical oncology is gaining importance as radiofrequency ablation (RFA) can be used to treat cancerous cells to improve the survival of high-risk patients with unresectable and refractory tumors. Radiofrequency ablation decreases the potential side effects, has low recovery time, and can also be used on the patients suffering from multiple tumors that cannot be treated through open surgery.
• Cardiology and radiofrequency rhythm management segment is expected to grow at a significant rate during the forecast period owing to the increased risk of developing Atrial Fibrillation (AF). As per the Department of Health, National Service Framework for Coronary Heart Disease (CHD), atrial fibrillation is the most common arrhythmia, and the catheter ablation method is expected to be one of the commonly performed electrophysiological procedures in the future, driving the market growth. Also, as per the American College of Cardiology Foundation, coronary heart disease is the leading cause of deaths (43.8%) in the US, followed by stroke (16.8%), heart failure (9.0%), high BP (9.4%), and other CVD(17.9%). Also, by 2035, the total cost of CVD is anticipated to reach 1.1 USD trillion and is projected to affect around 45.1% (130 million) adults in the US. This factor is expected to boost market growth.
• The pain management segment is also expected to grow at a high rate over the forecast period. Radiofrequency ablation can be used to reduce neck pain, low-back pain, arthritis, pelvic and peripheral nerve pain. For instance, according to the WebMD LLC., Radiofrequency ablation has been proven to be an effective treatment in more than 70% of the patients experiencing pain. Pain relief from RFA can last from 6-12 months or even a year.
Geographical Analysis
• Geographically, the global radiofrequency ablation devices market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• North America is dominating the global radiofrequency ablation devices market in 2018 and is estimated to hold significant market size over the forecast period (2019-2026) owing to the high prevalence of cancer, increasing technological advancements, high purchasing power, and government support for quality healthcare.
• The increasing prevalence of cancer in the region is expected to drive market growth over the forecast period. According to the American Cancer Society, in 2019, around 1,762,450 people will be diagnosed with new cases of cancer in the US, and 606,880 people will die from the disease.
• The high volumes of catheterization for surgeries is expected to boost the market. For instance, according to the American Heart Association (AHA), catheter-based ablation procedures boast a 90 % success rate, having a lower risk of complications, and allow patients to resume normal activities in a few days. Also, the leading companies such as Medtronic and Boston Scientific spend millions of dollars each year researching and developing new devices to improve these success rates and to reduce complications during procedures.
• The increasing number of cardiac arrhythmia cases is boosting the market. For instance, the Centre for Disease Control and Prevention in 2017, estimated that 2.7-6.1 million people in the US had atrial fibrillation. Thus, the rising number of cardiac arrhythmia cases are driving the market.
Competitive Landscape
• The major players operating in the global radiofrequency ablation devices market are Boston Scientific Corporation, Medtronic, Stryker, Cosman Medical, Inc, Smith & Nephew, St. Jude Medical, Johnson & Johnson (J&J) Services, Llc, Angiodynamics, Cook Medical, and Abbott.
• The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the radiofrequency ablation devices market globally. For instance,
Enquire Before Purchase: https://www.datamintelligence.com/enquiry/radiofrequency-ablation-devices-market
Download free sample: https://www.datamintelligence.com/download-sample/radiofrequency-ablation-devices-market
About Us
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.
For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: info@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com
Contact Information:
DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
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DataM Intelligence
Sai Kiran
Tel: +1 877 441 4866
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results