Global radiofrequency ablation devices market is expected to reach USD 8.85 billion by 2020, according to a new study by Grand View Research, Inc. Increasing prevalence of target disorders related to pain such as BPO (benign prostatic obstruction) and osteoporosis pain and growing global geriatric population base is expected to serve this market as high impact rendering drivers. Technology innovation in each product segment in terms of cost effectiveness and user friendliness is also expected to further market demand.
Surgical oncology dominated the overall market in terms of share and was valued at over USD 1 billion in 2013 majorly on account of high procedure volumes and cancer prevalence. However, the radiofrequency ablation devices for hypertension market on account of increasing demand from patients and subsequent increase in R&D initiatives is expected to grow at the fastest CAGR during the forecast period.
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Further key findings from the study suggest:
• Global radiofrequency ablation devices market was 19,619.0 thousand units in 2013 and is expected to reach 78,899.1 thousand units by 2020, growing at a CAGR of 22.0% over the next six years.
• Disposable radiofrequency ablation devices accounted for the largest market share in 2013 and are expected to grow at a CAGR over 20.0% from 2014 to 2020. Increasing government initiatives aimed at curbing post surgery hospital acquired infections and cost effectiveness associated with these products are two factors accounting for its rapid growth.
• North America, owing to the presence of high healthcare expenditure, sophisticated healthcare infrastructure and increasing prevalence of pain related problems dominated the overall market in terms of revenue in 2013. As per the Community Chiropractic Centre report, over 31.0% of Americans suffer from back pain problems and such large presence of target patients is expected to boost the demand for radiofrequency ablation devices in the region.
• The Asia Pacific radiofrequency ablation devices market is expected to grow at a CAGR of over 20.0% during the forecast period. Rapidly growing economic conditions and improving healthcare infrastructure in the emerging markets of China and India are expected to present the market with lucrative growth opportunities. Introduction of technological advancements such as multi needle electrode on the grounds of accuracy, portability and cost effectiveness is also expected to serve this market as a driver by catering to changing customer requirements.
• Some key market players of radiofrequency ablation devices include Stryker Corp., Accuray, St. Jude Medical Inc., Neurotherm Inc., Biosense Webster, Diros Technology Inc., Cosman Medical Inc. and Kimberly-Clark Corporation.
For the purpose of this study, Grand View Research has segmented the global radiofrequency ablation devices market on the basis of product, application and region:
• Global Radiofrequency Ablation Devices Product Outlook (Volume, Thousand units; Revenue, USD Million, 2012 – 2020)
• Capital equipment
• Radiofrequency ablation generator
• Reusable equipment
• Radiofrequency ablation probes
• Radiofrequency ablation electrodes
• Disposable equipment
• Radiofrequency ablation cannulas
• Radiofrequency ablation needles
• Radiofrequency ablation single use probes
• Radiofrequency ablation single use electrodes
• Global Radiofrequency Ablation Devices Application Outlook (Volume, Thousand units; Revenue, USD Million, 2012 – 2020)
• Surgical oncology
• Cardiology and cardiac rhythm management
• Pain management
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About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy.
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