Radiofrequency Ablation Devices Market by Application (Cardiology, Oncology, and Pain Management), Product Type (Devices and Disposables) - Global Opportunity Analysis and Industry Forecast, 2014 - 2022
Radiofrequency ablation (RFA) is a medical process in which a dysfunctional tissue is ablated using the heat generated by high-frequency electromagnetic waves. Advantages of using radiofrequency current for ablation are that there is no need for general anesthetics as the nerves or muscles are not directly stimulated and the treatment is very specific to the desired tissue, without causing any significant collateral damage.
It is a minimally invasive procedure that is utilized in various fields of medicine such as pain management, cardiac rhythm management, oncology, and renal denervation for hypertension. RFA helps to shrink and destroy the tumor cells.
In pain management, it is used to reduce pain by heat destruction of nerves that conduct nerve impulses.
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The world radiofrequency ablation devices market was valued at $1,729.7 million in 2015 and shall grow at a CAGR of 11.8% to reach $3,785.3 million by 2022. This is attributed to the increase in demand for minimally invasive surgeries, rise in prevalence of cancer, high efficacy, and short duration of the procedure.
The rise in the incidence of patients with chronic pain due to the increase in prevalence of obesity, diabetes, osteoarthritis, cancer, and rheumatoid arthritis also contributed towards the growth of the RFAD market. However, the cost associated with this technology and lack of awareness among patients hinders the market growth.
The world RFAD market is segmented into three categories: application, product type, and geography. Based on the type of application, the market is bifurcated into oncology, pain management and cardiology.
Based on product type, it is divided into devices, and disposables. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The growth in competition and continuous technological advancements have led to mergers & acquisitions by major players in the RFAD market. On August 3, 2016, Boston Scientific Corporation completed the acquisition of Cosman Medical, which helped it to improve its product portfolio of non-opioid solutions for chronic pain.
On August 7, 2016, St. Jude Medical, Inc. acquired NeuroTherm, Inc., which is expected to accelerate the growth of St.
Jude Medical’s business in chronic pain and strengthen its position as a global leader in developing therapies for chronic pain treatment.
KEY MARKET BENEFITS:
- The world radiofrequency ablation devices market report provides an extensive analysis of the current market trends and future estimations through 2014–2022.
- The market scenario is comprehensively analyzed with respect to the application and product type.
- Comprehensive analysis of all geographic regions is provided to determine the prevailing opportunities.
- Recent developments and key manufacturers are listed to understand the competitive market scenario.
- In-depth analysis based on geography provides an understanding of the regional market, which assists in strategic business planning.
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