According to our new research study on “Radiofrequency Ablation Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product and Application,” the radiofrequency ablation devices market size is expected to reach US$ 7,711.72 million by 2027 from US$ 3,302.55 million in 2019. It is estimated to grow with a CAGR of 11.5% during 2020–2027. The report highlights radiofrequency ablation devices market trends and factors driving the market growth. The radiofrequency ablation devices market growth is attributed to emerging applications of radiofrequency ablation technology and rising preference for minimally invasive surgical procedures. However, side effects associated with radiofrequency ablation devices are expected to restrain the growth of the radiofrequency ablation devices market.
In 2019, North America accounted for the largest radiofrequency ablation devices market share. The radiofrequency ablation devices market growth in the region is attributed to the increasing prevalence of chronic diseases, growing developments for radiofrequency ablation devices, presence of key market players, high R&D spending for new technologies, and others. Asia Pacific is estimated to be the fastest-growing region among all other regions during the forecast period owing to rising geriatric population, increasing surgery in oncology, growing medical technology industry, and rising number of new players coming and forming a robust foothold in the local markets.
Emerging Applications of Radiofrequency Ablation Technology Fuel Global Radiofrequency Ablation Devices Market Growth
Radiofrequency ablation is a minimally invasive technique that destroys cancer cells and other dysfunctional tissues. In recent years, it has been used to treat a wide range of medical conditions. The technique is used for treating patients suffering from cancers affecting adrenal gland, breast, bone, kidney, liver, lung, pancreatic, and thyroid. It is also used to treat the precancerous cells in esophagus and patients with cardiac conditions. Moreover, the technology has gained attention in the dermatology stream; it has been used for surgical management of skin lesions, benign skin conditions such as freckles, dermatitis papulosa nigra, acne, and skin tags, treating scars and flap development; and other procedures. Radio ablation is also widely used in gynecology to treat uterine fibroids. Thus, the broadening range of applications of radiofrequency ablation technology is driving the growth of the global radiofrequency ablation devices market.
Global Radiofrequency Ablation Devices Market: Segmental Overview
The global radiofrequency ablation devices market, based on product, is segmented into devices and disposables. The disposables segment accounted for a larger radiofrequency ablation devices market share in 2019 and is anticipated to register a faster CAGR during the forecast period. Disposables are used in every radiofrequency ablation surgery and are an essential part of RFA surgery. The disposables help in transmitting the electric current to the target tissue and hence are important components of the radiofrequency ablation procedure. Therefore, the extensive application will increase its demand during the forecast period. Moreover, product developments by the market players are likely to enhance the market growth of the segment during the forecast period.
Global Radiofrequency Ablation Devices Market: Competitive Landscape and Key Developments
Avanos Medical, Inc.; Stryker; Abbott; Medtronic; Boston Scientific; Bard (BD); Angiodynamic; Hologic; Articure; and Merit medical are among the leading companies operating in the radiofrequency ablation devices market. Several companies are implementing organic strategies, such as products launches and expansions. Inorganic growth strategies witnessed in the market were partnerships and collaborations. These growth strategies have aided market players in expanding their businesses, geographical presence, strengthening customer base, and increasing product portfolio. The global radiofrequency ablation devices market size is anticipated to flourish with such developments by market players.