Radiofrequency Ablation Devices Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Product (Devices and Disposables) and Application (Surgical Oncology, Cardiology, Gynecology, Cosmetology, and Pain Management)
Publication Month: Apr 2020 | Report Code: TIPRE00004752 | No. of Pages: 154 | Category: Medical Device | Status: Published
The radiofrequency ablation devices market size is projected to reach US$ 7,711.72 million by 2027 from US$ 3,302.55 million in 2019; it is estimated to grow at a CAGR of 11.5% from 2020 to 2027.
Radiofrequency ablation is a minimally invasive procedure appropriate for patients with cardiac diseases, cancer, and pain management. It has become a method of choice because of its high efficacy, ease of use, and safety. Radiofrequency ablation is being increasingly used for the treatment of many diseases. In a radiofrequency ablation procedure, the physician uses a device that transmits radiofrequency energy and destroys the target tissue. This technology has been widely used to treat solid tumors, arrhythmias, uterine fibroids, and other medical conditions.The global radiofrequency ablation devices market is segmented based on product, application, and geography. By geography, the global market is broadly segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the market that helps analyze various parameters such as market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.
Lucrative Regions for Radiofrequency Ablation Devices Market
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Market Insights
Increasing Preference for Minimally Invasive Procedures to Drive Global Radiofrequency Ablation Devices Market
Minimally invasive treatment procedures are associated with smaller incisions, less pain, shorter hospital stay, faster recovery, less scarring, and increased accuracy, which is leading to a greater preference for these procedures around the world. Moreover, patients undergoing minimally invasive surgeries do not require large doses of painkillers because of manageable discomfort and bearable pain. Minimally invasive procedures help heal faster than conventional surgeries, thereby allowing patients to get back to their normal lives as quickly. Radiofrequency ablation procedure is devoid of large cuts; it can be carried on severely ill or old patients, as they cannot bear the stress associated with open surgeries. The completion of the total procedure takes 30–90 minutes, and the patients are monitored for a day, or in several cases, they are discharged on the same day. These benefits of the minimally invasive surgeries enabled with RF ablation technique fuel the global radiofrequency ablation devices market growth.
Product-Based Insights
Based on product, the global radiofrequency ablation devices market is segmented into devices and disposables. The disposables segment held a larger radiofrequency ablation devices market share in 2019 and is anticipated to register a higher CAGR in the market during the forecast period. Disposables are used in every radiofrequency ablation surgery. These disposables help in transmitting the electric current to the target tissue and hence are the crucial components of the radiofrequency ablation procedure. The market players are developing advanced products to reduce errors and carry out the procedure efficiently. For instance, Boston Scientific offers an all-in-one electrode, cannula, and injection tube, which is designed to reduce cannula movement by providing precision and control to the surgeons while operating.
Radiofrequency Ablation Devices Market, by Product – 2019 and 2027
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Application-Based Insights
Based on application, the global radiofrequency ablation devices market is segmented into surgical oncology, cardiology, cosmetology, gynecology, and pain management. The surgical oncology segment held the largest market share in 2019 and is estimated to register the highest CAGR during the forecast period. Radiofrequency ablation is used to treat Barrett’s esophagus, which is a precancerous condition of the esophagus. The surgical oncology segment is expected grow significantly owing to wide application of radiofrequency ablation in surgical oncology and increasing number of cancer patients across the globe. Thus, this contributes to a significant radiofrequency ablation devices market share to the segment and is expected to continue the trend during the forecast period.
Strategic Insights
Product launches and collaborations are some organic developments adopted strategies by the global radiofrequency ablation devices market players. Merger & acquisition, collaboration, and partnership by the operating players in the market to bridge the demand–supply gap are anticipated to play a major role in the growth of the market during the forecast period. A few of the recent key market developments are listed below:
In February 2019, Medtronic received the FDA approval for marketing of the Accurian radiofrequency ablation system that is used for the treatment of chronic pain. It helped the company to strengthen its business segment operations in the US.
In December 2017, BD acquired C. R. Bard, Inc. The acquisition created a new health care industry leader in the global market. Bard's, with its strong product portfolio and innovation pipeline, has increased the scope for opportunities in fast-growing medical devices business in the global markets.
The COVID-19 pandemic has significantly affected the radiofrequency ablation devices market.
According to the Breastcancer.org, in the US, many doctors, hospitals and other healthcare facilities delayed or canceled the breast cancer procedures, surgeries, screenings or other treatments, if it is not considered urgent, or indicated for life-threatening conditions. According to the research led by Codice Viola, charity that supports pancreatic cancer patients found that more than 500 breast or pancreatic patients’ appointments for radiotherapy were postponed. Additionally, 64% of surgical procedures were postponed and more than half have had follow-up appointments rescheduled. All of this results in the reduction of ablation procedures that impacted the global radiofrequency ablation devices market growth. The death pool of ill patients, including cancer patients, in low-cost regions also increased as healthcare professionals had limited their patients’ check-ups due to limited resources and staff. Additionally, in this crisis, demand for devices and disposables related to radiofrequency ablation devices to treat cancer was also affected. However, the number of radiofrequency ablation procedures is expected to grow significantly in the future owing to the resumption of postponed elective surgeries during the crisis.
Radiofrequency Ablation Devices – Market Segmentation
The global radiofrequency ablation devices market is segmented based on product, application, and geography. In terms of product, the market is segmented into devices and disposables. Based on application, the radiofrequency ablation devices market is segmented into surgical oncology, cardiology, cosmetology, gynecology, and pain management. Geographically, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
Frequently Asked Questions
The List of Companies - Radiofrequency Ablation Devices Market
- Avanos Medical Inc.
- Stryker
- Abbott
- Medtronic
- Boston Scientific
- Bard (BD)
- Angiodynamic
- Hologic
- Articure
- Merit medical
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