According to the research conducted at Market Research Future Reports (MRFR), the global radiofrequency ablation devices market is estimated to record a CAGR of 11.2% during the review period from 2018 to 2023. The advantage of radiofrequency ablation over other ablation medical procedures is projected to be the most significant factor driving the global radiofrequency ablation devices market 2020. Also, the higher success rate of radiofrequency is estimated to escalate the global radiofrequency ablation devices market at a global front. Besides, the increasing healthcare expenditure due to the growing diseases and victims is likely to have a substantial impact on the market in the forthcoming period. Diseases such as arthritis and osteoporosis have increased in number from the past few years, leading to significant growth in the market. Further, the increasing geriatric population is another crucial factor leading to the rise in the global radiofrequency ablation devices market.
However, complications such as acute respiratory distress syndrome, which has a very low success rate, and the burning sensation are the treatment site of tissue are some of the important factors resulting in the obstruction of the global radiofrequency ablation devices market.
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Competitive Analysis
AtriCure, Inc., Medtronic Inc, RF Medical Co, Ltd, Stryker, St. Jude Medical, Smith & Nephew, Boston Scientific Corporation, Angiodynamics, Cosman Medical, Inc., Johnson & Johnson (J&J) Services, LLC, and others are prominent names in the global radiofrequency ablation devices market. Mergers, acquisitions, and collaborations are prime strategies of players in the market.
Segmentation
The global radiofrequency ablation devices market is segmented on the basis of type and application.
- On the basis of the Type, the global radiofrequency ablation devices market is segmented into unipolar radiofrequency ablation and bipolar radiofrequency ablation.
- By Application, the global radiofrequency ablation devices market is segmented into cosmetology, surgical oncology, gynecology, cardiology and cardiac rhythm management, and pain management.
Regional Analysis
The geographical distribution of the radiofrequency ablation devices market covers Asia Pacific, the Americas, Middle East & Africa, and Europe.
The Americas leads the global market for radiofrequency ablation devices as it notes a high number of lung cancer cases such as Non-Small Cell Lung Cancer (NSCLC), one of the most common types of lung cancer. Also, small cell lung cancer (SCLC) is witnessing growth in the region. Therefore, with the surge in NSCLC and SCLC in recent years, the regional market for radiofrequency ablation devices has scaled at a tremendous rate.
In 2017, Europe was identified as the second most prominent market for radiofrequency ablation devices. Europe shows high resilience as well as leadership with respect to approving renal denervation systems, where other regions are still skeptical of the clinical outcomes. This factor helps the market gain momentum in the region. With the presence of established RF technology companies along with more and more companies gaining entry, the region could maintain its elite position in the years ahead as well.
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Asia Pacific market is rising at the fastest-rate in the worldwide radiofrequency ablation devices market, as estimated by MRFR in 2017. Surging awareness of cardiac diseases, expanding healthcare industries, and developing treatment methods for gynecology and cosmetology have helped quicken the pace of the regional market.
Taking into account the weak economy and low per capita income, primarily in Africa, MRFR estimated Middle East and Africa as the smallest market for radiofrequency ablation devices market. The larger portion of the market lies within Middle East, with support from rising government funding for healthcare and presence of developing economies such as Kuwait, the United Arabs Emirates (UAE), Dubai, and others.
