The radiofrequency ablation devices market size is expected to reach over US$ 7.10 billion by 2028. The increasing prevalence of oncology, cardiovascular, and metabolic diseases in the geriatric population are the key factors for radiofrequency ablation devices market growth. The radiofrequency ablation devices market report further mentioned that the market size raised at US$ 2.98 billion in 2019, and it is likely to exhibit a Compound annual growth rate (CAGR) of 11.5% during the forecast period 2020 to 2028.
The increasing prevalence of oncology, cardiovascular, and metabolic diseases
The increasing prevalence of oncology, cardiovascular, and metabolic diseases such as brain cancer, lung cancer, chronic heart failure, arrhythmia, and type 2 diabetes in the geriatric population are the key factors for radiofrequency ablation devices market growth. The preference for minimally invasive surgeries is the key factors for the radiofrequency ablation devices market growth. According to a recent report published in November 2019, by the International Diabetes Federation division Diabetes Research and Clinics Practice, The global diabetes prevalence in 2019 is estimated to be 9.3% (463 million people), rising to 10.2% (578 million) by 2030 and 10.9% (700 million) by 2045. The prevalence is higher in urban (10.8%) than rural (7.2%) areas, and in high-income (10.4%) than low-income countries (4.0%). Furthermore, the increasing technological advancements and awareness for early diagnosis of chronic diseases such as arthritis and osteoporosis coupled with improving healthcare infrastructure are some other key factors for the market growth.
Rising demand from developing countries
The rising demand for radiofrequency ablation devices in developing countries such as India, China, and Brazil and the increasing use of ultrasound ablation technology in the radiofrequency ablation devices market is also encouraging the popularity of these devices. Furthermore, the increasing elderly population worldwide along with rising life expectancy are the key factors for the market growth over the upcoming years.
Alchemy Research and Analytics LLP, has observed the impact of the ongoing COVID‑19 pandemic on the radiofrequency ablation devices market for the years 2020 and 2021. As per our extensive secondary and primary research, the demand for radiofrequency ablation devices has increased due to rising concern among consumers towards the diagnosis of chronic diseases. However, the halt in the manufacturing industry across the world has decreased the supply of raw material final products worldwide. Hence, the radiofrequency ablation devices market is severely impacted during the COVID-19 period.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the radiofrequency ablation devices market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The radiofrequency ablation devices market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the radiofrequency ablation devices market. They are as follows:
- Avanos Medical Inc.
- Boston Scientific
- Merit medical
A Significant Industry Development-
- October 2020: Stryker one of the world’s leading medical technology company launched Niagara Lateral Access System with the completion of 600 surgeries. Stryker offered a comprehensive and integrated portfolio of minimally invasive lateral solutions with the addition of Niagara for treating spinal deformities in skeletally mature patients. The Niagara Lateral Access system is designed to enhance control through precision, visibility, and flexibility during the procedures. The instruments are designed for all kinds of lateral lumbar surgeries.
Further Report Findings-
- The Asia Pacific is presumed to witness the fastest growth in the years to come due to rising consumer awareness for diagnosis of oncology, cardiovascular, and metabolic diseases and rising launch of advanced technology such as multi-needle electrode showcasing accuracy and cost-effectiveness is expected to grow the market in the region.
- North America accounted for the largest share in the global radiofrequency ablation devices market due to the developed healthcare infrastructure along with the high adoption of technologically advanced solutions, high purchasing power, and government support for quality healthcare.
- Based on product type, the radiofrequency ablation devices market is divided into devices and disposables. Disposable is used in each ablation surgery. These disposable used to transmit the electric current to the target tissue. Disposable equipment is the main component of the radiofrequency ablation procedure.