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Radiofrequency ablation technology for pain management involves the ablation of nerves in and around the affected tissue that cause excruciating chronic pain. This technique is ideally used after all other techniques of pain management, like nerve blocks, have been tried and tested.
The global radiofrequency ablation devices market for pain management is estimated to account for US$ 1,465.1 Mn in 2020 and is expected to reach US$ 5,075.1 Mn in terms of value by the end of 2027.
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Global Radiofrequency Ablation Devices Market for Pain Management: Drivers
Superiority of radiofrequency ablation over hyaluronic acid injections is expected to propel growth of the global radiofrequency ablation devices market for pain management over the forecast period. For instance, in September 2020, Avanos Medical, Inc. announced the publication of a large, randomized, multicentered clinical trial comparing the safety and efficacy of COOLIEF Cooled Radiofrequency ablation to hyaluronic acid injection for the management of chronic knee pain caused by osteoarthritis.
Global Radiofrequency Ablation Devices Market for Pain Management: Opportunities
Increasing prevalence of cancer is expected to offer lucrative growth opportunities for players in the global radiofrequency ablation devices market for pain management. For instance, according to the World Health Organization, around 18.1 million new cases and 9.6 million deaths were registered due to cancer worldwide in 2018.
Global Radiofrequency Ablation Devices Market for Pain Management: Restraints
Imposition of excise duty on medical devices is expected to hinder growth of the global radiofrequency ablation devices market for pain management. Affordable Healthcare for America Act was implemented in the U.S. in 2010 under the authority of the current president Mr. Barack Obama. The purpose of the act is to make healthcare affordable for Americans by helping them get adequate insurance cover. One of the clauses which will restrain the growth of the market is the imposition of an excise duty of 2.5% on all medical devices.
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The global radiofrequency ablation devices market for pain management was valued at US$ 1,226.8 Mn in 2019 and is forecast to reach a value of US$ 5,075.1 Mn by 2027 at a CAGR of 19.4% between 2020 and 2027. Major factor driving the growth of global radiofrequency ablation devices market for pain management during the forecast period include technological advancement, and increasing use of ablation technique.
Disposables held dominant position in the global radiofrequency ablation devices market for pain management in 2019, accounting for 44.5% share in terms of value, followed by equipment and Reusables, respectively.
Increasing prevalence of neurological disorders is boosting growth of the global radiofrequency ablation devices market for pain management. For instance, according to Public Health England’s Statistical commentary: dementia profile, April 2019 update, in U.K. geriatric population, the prevalence rate of recorded dementia was 4.3 per 100 registered general practice population in 2018, which accounted for 448,300 cases with dementia, 10,200 more than in 2017.
Moreover, approval and launch of new devices is also expected to aid in growth of the global radiofrequency ablation devices market for pain management. For instance, in February 2020, Avanos Medical, Inc. received the U.S. Food and Drug Administration clearance for marketing its new, 80-Watt COOLIEF Radiofrequency (RF) system for neurological lesion procedures.
Global Radiofrequency Ablation Devices Market for Pain Management: Competitive Landscape
Major players operating in the global radiofrequency ablation devices market for pain management include, Accuray, Inc., Avanos Medical, Inc., Boston Scientific Corporation, Biosense Webster, Inc., Cosman Medical, Inc., Diros Technology, Inc., Kimberly-Clark Corporation, NeuroTherm, Inc., St. Jude Medical, Inc., and Stryker Corporation.
Global Radiofrequency Ablation Devices Market for Pain Management: Key Developments
Major players operating in the global radiofrequency ablation devices market for pain management are focused on launching new products to expand their product portfolio. For instance, in June 2020, Boston Scientific Corporation launched DIRECTSENSE Technology, a tool for monitoring the effect of radiofrequency energy delivery during cardiac ablation procedures, in the U.S.
To know the latest trends and insights prevalent in the Global Radiofrequency Ablation Devices Market Press Release for Pain Management, click the link below: https://www.coherentmarketinsights.com/press-release/radiofrequency-ablation-devices-market-for-pain-management-3520
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