Radiofrequency Ablation Devices Market Outlook
Radiofrequency ablation (RFA) devices are devices used in the minimally invasive treatment of various cancers. The global radiofrequency ablation devices market report by Market Research Future (MRFR) contains a list of drivers, challenges, trends, and opportunities with strategies for tackling unprecedented situations such as the COVID-19 pandemic for the period of 2018 to 2023 (forecast period).
The global Radiofrequency Ablation Devices market size is projected to expand at 11.2% CAGR over the forecast period. The treatment of dysplastic Barrett’s esopohagus (BE) is one of the primary drivers of the market. Preference of RFA over other ablation procedures and its high success rate can induce the demand for these devices in hospitals, clinics, and ambulatory care services.
Rising number of cases of chronic diseases, the geriatric populace, and the emergence of minimally invasive surgeries can fuel the market growth. According to the World Health Organization (WHO), the geriatric population number can touch 2 billion by 2050. Treatment of cancer and its recurrence by RFA can bolster the global radiofrequency ablation devices market. The healthcare spending in the U.S. is also an indicator of the dire need for RFA devices.
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Radiofrequency Ablation Devices Market Segmentation
The global radiofrequency ablation devices market is segmented on the basis of type and application.
On the basis of the type, the global radiofrequency ablation devices market is segmented into unipolar radiofrequency ablation and bipolar radiofrequency ablation.
By application, the global radiofrequency ablation devices market is segmented into cosmetology, surgical oncology, gynecology, cardiology and cardiac rhythm management, and pain management.
Radiofrequency Ablation Devices Market Regional Analysis
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions covered in the global radiofrequency ablation devices market.
The Americas dominates the global market for radiofrequency ablation devices due to the increasing number of lung cancer cases such as non-small cell lung cancer (NSCLC). It accounted for 80-85% of all lung cancer cases. Small cell lung cancer accounts for 12-13% of lung cancers. However, the shift from NSCLC to SCLC in recent years is likely to propel the growth of the radiofrequency ablation devices market. Large number of cases of tumors, chronic pain, and other rare diseases can warrant the need for RFA devices.
In 2017, it was estimated that Europe will grab the second position in the global radiofrequency ablation devices market. Presence of various manufacturers and entry of catheter manufacturers can fuel the market growth.
APAC was the fastest growing region for the global radiofrequency ablation devices market in 2017. Factors such as increasing awareness of cardiovascular diseases, growth of the healthcare industry, and the development of various treatment methods for gynecology and cosmetology can drive the market in this region. Improvements in economic conditions and rise in disposable income levels of patients can fuel the regional market growth.
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On the other hand, the Middle East and Africa holds the least share in the global radiofrequency ablation devices market. The presence of poor economies and low per capita income, especially within the African region make the market to lag within the region. A majority of the market share within this region is estimated to be held by the Middle East due to increasing government funding in the healthcare for healthcare, and presence of developed economies like UAE, Kuwait, Dubai, and others.
Radiofrequency Ablation Devices Market Competition Outlook
AtriCure, Inc., Medtronic Inc, RF Medical Co, Ltd, Stryker, St. Jude Medical, Smith & Nephew, Boston Scientific Corporation, Angiodynamics, Cosman Medical, Inc., Johnson & Johnson (J&J) Services, LLC, and others are prominent names in the global radiofrequency ablation devices market. Mergers, acquisitions, and collaborations are prime strategies of players in the market.
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