07 November 2019
Visiongain has launched a new pharma report “Radiofrequency Ablation Devices Market Report 2020-2030” Prospects by Product (Capital Equipment, Disposable Equipment, Reusable Equipment), Application (Surgical Oncology, Cardiology & Cardiac Rhythm Management, Cosmetology, Gynecology, Pain Management) and Geography.
The global radiofrequency ablation (RFA) devices market is projected to grow on account of growing preference of minimally invasive procedures coupled with increasing prevalence of cardiovascular diseases. The global radiofrequency ablation devices market is projected to grow at a lucrative CAGR of ~11% from 2020 to 2030 and is anticipated to surpass USD 3 billion by 2020.
Radiofrequency ablation devices market growth is favored by growing cardiovascular disease prevalence, such as atrial fibrillation, growing cancer incidence cases, and increasing demand for minimally invasive procedures. The demand, however, is constrained by the high cost of treatment, poor knowledge of the process, and availability of other treatment options. The effect of drivers is projected to be higher than the restraints.
Growing healthcare expenditure and preference for minimally invasive surgery has become a major driver of market growth. Radiofrequency ablation is an effective therapy for small cancers and can be repeated for the occurrence of new cancer. According to the U.S. Census Bureau, global spending on healthcare is projected to surpass USD 18 trillion by 2040, at a CAGR of over 2%. This is projected to have a positive impact on the overall revenue generation from RFA devices.
Also, the market is anticipated to improve the increasing geriatric population coupled with raising life expectancy. Geriatric individuals are more vulnerable to chronic disease, increasing the need for highly effective care, which in turn stimulates the need for RF ablation. The world's population aged 60 and above is expected to surpass 2 billion by 2050 as per the reports of the WHO.
However, factors such as high cost of treatment coupled with low knowledge of advanced treatment availability have a negative impact on the global demand for radiofrequency ablation devices. Also, it is projected that increased spending capacity on healthcare globally and particularly in Asia Pacific's developing countries will be witnessing the most lucrative growth opportunities for the manufacturers over the forecast period. Also, the emergence of innovative developments in radiofrequency ablation devices, which work effectively for minimally invasive surgical procedures, is anticipated to propel market growth further.
Due to the increased risk of developing atrial fibrillation (AF), the cardiology and cardiac rhythm control segment is expected to grow at the highest CAGR during the forecast period. According to the National Service Framework for Coronary Heart Disease, the Department of Health, AF is the most popular method of arrhythmia and catheter ablation is projected to be one of the most commonly performed electrophysiological procedures over the forecast period, thus contributing to market growth.
It is anticipated that North America will remain dominant over the forecast period. The high prevalence of cancer, technological advances, high purchasing power and government support for quality health care are key factors leading to regional development.
Over the forecast period, Asia Pacific is predicted to experience the fastest CAGR. It is anticipated that the introduction of advanced technology such as multi-needle electrode displaying precision, portability, and cost-effectiveness will have a positive impact on the regional market. Increasing disposable income, developing healthcare services, and rapidly growing economic conditions in China and India's emerging markets are also responsible for boosting growth in Asia Pacific region.
Some of the major players operating in this industry are ANGIODYNAMICS, Arthrex, Inc., AtriCure, Inc., Baylis Medical, Bramsys Indstria e Comrcio Ltda, BOSTON SCIENTIFIC CORPORATION, COSMAN MEDICAL, INC., ENDO-FLEX GmbH, Epimed International, Halyard Health, Inc., Hologic, Inc., Inomed Medizintechnik GmbH, JOHNSON & JOHNSON (J&J) SERVICES, LLC, MEDTRONIC, R. Bard, Inc., Sfm medical devices GmbH, SMITH & NEPHEW, ST. JUDE MEDICAL, STRYKER, Sutter Medizintechnik GmbH among other prominent players.
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