Radiofrequency Ablation Devices Market to Grow at 18.5% CAGR till 2020 | Hexa Research


Posted June 15, 2017 by tommyegoode

Rising prevalence of target disorders such as osteoporosis pain, benign prostatic obstruction (BPO) is a high impact rendering driver for the growth of radiofrequency ablation devices market.

 
The global Radiofrequency Ablation Devices Market is anticipated to expand at a nearly 18.5% CAGR over the forecast period (2012 to 2020). The industry may reach around USD 9 billion by 2020. High incidence of target pain related disorders, such as osteoporosis and benign prostatic obstruction (BPO) drives market demand. Furthermore, a rapidly expanding geriatric population could further contribute to overall demand. This is because the elderly are more susceptible to developing cardiovascular ailments and chronic pains, such as arthritis. Product innovations aim at fostering user friendliness and cost efficiency. Other factors that fuel the global market are popularity of minimally invasive surgeries, low infection risks, and greater preference for shorter hospital stays.

The worldwide Radiofrequency Ablation Devices Market is classified as per products, applications, and regions. Based on products, the industry is segmented into reusable equipment, disposable equipment, and capital equipment. Reusable equipment comprise electrodes and probes. Disposable equipment is further categorized into single-use electrodes, single-use probes, needles, and cannulae.

In revenue terms, disposable equipment held the highest industry share in 2013. It may expand at a CAGR more than 20% over the forecast period. The market for disposable equipment is primarily fueled by demand for minimally invasive surgical procedures and government initiatives that aim at controlling hospital acquired diseases. High demand for reusable radiofrequency ablation devices owes to the cost effectiveness of endoscopic & laparoscopic interventions.

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On the basis of applications, the market is divided into surgical oncology, cosmetology, hypertension, pain management, cardiac rhythm management, gynecology, and cardiology. The overall industry was led by the surgical oncology segment in 2013. Factors that propel this market segment are high procedure volumes and high incidence of different types of cancers. Demand for radiofrequency ablation devices for hypertension could expand at a whopping CAGR over 26% till 2020. This attributes to huge R&D investments and demand from patients since these devices usually do not lead to post operative complications.

Geographically, the worldwide Radiofrequency Ablation Devices Market is segmented into Asia Pacific, North America, Europe, and Rest of the World. In 2013, North America dominated the overall industry because of high healthcare expenditure and sophisticated medical infrastructure. Other regional drivers are rising cases of pain related ailments, growing aging population, and unhealthful lifestyles. In 2013, Europe held the second highest industry share after North America.

The Asia Pacific market is poised to grow at a remarkable CAGR over 20% during the forecast period. Favorable government initiatives and economic progress fuel regional demand. Improvements in healthcare infrastructure in emerging economies, such as China and India could further market progress in the forthcoming years. Extensive use of radiofrequency ablation procedures in countries, such as China, Brazil, India, and Russia could create lucrative growth opportunities in the overall industry. Widespread awareness among patients and high disposable incomes are prominent factors that drive these regions.

Key industry participants in the Radiofrequency Ablation Devices Market are Biosense Webster, Kimberly-Clark Corporation, Boston Scientific, Covidien, Diros Technology, and Stryker Corporation. In August 2016, Boston Scientific acquired U.S. based manufacturer of RF (radiofrequency) generators and cannulae, Cosman Medical. The main rationale of such a business venture is to develop solutions for chronic pain via non opioid therapeutic treatments.

Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/medical-devices-industry

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Last Updated June 15, 2017