The global market for Radiofrequency Ablation Devices Market share could attain a CAGR of 11.2% during the forecast period (2018-2023), reports Market Research Future (MRFR).
Growth Drivers and Key Barriers
The worldwide radiofrequency ablation devices market gets a boost from the rising prevalence of chronic and cardiovascular diseases. The preference for minimally invasive surgeries also benefits the market to a great extent. The Centers for Disease Control and Prevention (CDC) predicts that Atrial Fibrillation (AF) could affect close to 17.9 million in Europe by the year 2060, in addition to affecting 12 million people in the United States (U.S.) by the year 2050.
Expanding geriatric population combined with rising life expectancy could stimulate market growth. As older people are highly susceptible to chronic diseases, the demand for effective treatment has subsequently increased. This works in favor of the RF ablation market. The World Health Organization (WHO) asserts that the global population aged 60 years and above could touch the valuation of 2 billion by 2050, which was 900 million in 2015. As the demographic generally has the highest disability rate, it results in high demand for effective care and treatment, which backs the market growth.
Mounting healthcare expenditure in light of the rising number of diseases could have a significant impact on the market in the coming years. Speaking of diseases, arthritis and osteoporosis have surged in number in recent years, which led to considerable market growth. The U.S. Department of Health & Human Services reported that in 2015, around 15 million adults suffered from extreme joint pain owing to arthritis. It added that by the year 2040, roughly 78 million (26%) adults in the country of age 18 years and above are expected to be diagnosed with arthritis.
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The segments in the global radiofrequency ablation devices market have been considered for type and application.
With respect to the type, the global radiofrequency ablation devices market is segmented into unipolar radiofrequency ablation and bipolar radiofrequency ablation.
Application-wise, the global radiofrequency ablation devices market covers cardiology and cardiac rhythm management, surgical oncology, cosmetology, gynecology, pain management, and others.
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.
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.
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Some of the esteemed companies in the worldwide radiofrequency ablation devices market include AtriCure, Inc., Stryker, Cosman Medical, Inc., Angiodynamics, Smith & Nephew, Medtronic Inc, Boston Scientific Corporation, RF Medical Co. Ltd, Johnson & Johnson (J&J) Services, LLC, St. Jude Medical, and others.
A team of researchers from London have developed a stochastic vector-based method to map and ablate atrial fibrillation (AF) which helps determine early sites of activation, in addition to assist with ablation of AF drivers.
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