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The global radiofrequency (RF) ablation devices market size was $3,173.5 million in 2019, which is expected to progress at a CAGR of 12.6% during the forecast period (2020–2030). The major factors responsible for the growth of the market include the increasing healthcare expenditure, surging cases of chronic diseases, rising geriatric population, and technological advancements.
However, the ongoing COVID-19 pandemic has had a negative impact on the radiofrequency ablation devices market due to the rapid shift in focus toward COVID-19 treatment. As a result, the majority of the hospitals have delayed treatments pertaining to many other diseases.
Based on component, the catheter systems category is expected to witness the highest CAGR in the radiofrequency ablation devices market during the forecast period. These systems include catheters, electrodes, and probes that are inserted into the affected body parts for ablation procedures. This fastest growth can be ascribed to the rising prevalence of chronic diseases leading to a huge number of RF ablation treatments, thereby further supporting the market advance.
The hospitals category held the largest share in the radiofrequency ablation devices market in 2019, on the basis of end user. This was mainly due to the widespread deployment of RF ablation equipment at hospitals. Moreover, these healthcare settings are the first point of contact for the diagnosis and treatment of diseases, as they provide the best possible service.
Among all applications, the pain management category is expected to witness the fastest growth during the forecast period in the radiofrequency ablation devices industry. The growth would mainly be due to the increasing prevalence of chronic pain and rising demand for minimally invasive procedures across different healthcare settings. The increasing awareness and cost-effectiveness of RF ablation treatment for pain relief are likely to be the other contributing factors in the growth of the market in this category in the coming years.
North America accounted for the major share in the radiofrequency ablation devices market in 2019, and it is expected to continue to dominate the industry throughout the forecast period. The regional market is dominated by the U.S., primarily due to the wide installation base for RF ablation equipment in the country. Moreover, the presence of private healthcare providers and research institutes that are heavily deploying RF ablation equipment is playing a pivotal role in the growth of the market.
Globally, APAC is expected to advance with the highest CAGR in the radiofrequency ablation devices industry during the forecast period because the older population, the burden of chronic diseases and geriatric population are increasing here. For instance, according to the UN publication World Population Ageing 2019, in Asia, there were 395.3 million people aged 65 years or above in 2019, and the number is subjected to increase to 954.7 million by 2050. Thus, the growing geriatric population, which is leading to the rising prevalence of chronic diseases, is driving the usage of advanced, minimally invasive treatment procedures.
Moreover, the surging investments by the leading companies in the emerging economies of the region are expected to provide a boost to the growth of the APAC market in coming years.
Acquisitions in the radiofrequency ablation devices market are helping players in increasing their market share and expanding around the world. For instance, in January 2019, Medtronic Plc announced that it is acquiring Epix Therapeutics Inc., a privately held medical device company that designs and manufactures catheter-based temperature-controlled cardiac ablation devices. With this acquisition, the former is expanding its ablation device portfolio and offering physicians a comprehensive suite of tools to treat patients with cardiac arrhythmias. Therefore, acquisitions have been observed to be a key trend in the market.
The majority of the patients are now preferring minimal invasiveness in the treatment for different diseases, as it results in less pain and scarring and also reduces the chances of infections associated with open surgeries. For instance, a person suffering from back pain and getting no relief from medication or physiotherapy can undergo RF ablation to remove the nerve fibers in the spine, so the pain signals do not reach the brain. Hence, the minimally invasive nature and lower risk of any complication after and during the procedure are supporting the growth of the radiofrequency ablation devices market.
Another key driver for the growth of the radiofrequency ablation devices market is the increasing geriatric population. The older population is more prone to abnormalities and disorders and, hence, may require minimally invasive treatments for various chronic diseases, such as cancer and CVDs. As per UN World Population Ageing 2019 report, the global population aged 65 years or above was 703 million in 2019, which is expected to reach 1.5 billion by 2050.
|Base Year (2019) Market Size||$3,173.5 Million|
|Forecast Period (2020-2030) CAGR||12.6%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Impact of COVID-19, Regional and Country Breakdown, Competitive Analysis, Companies’ Strategic Developments, Company Profiling|
|Market Size by Segments||Component, Application, End User, Region|
|Market Size of Geographies||U.S., Canada, Germany, U.K., France, Italy, Spain, China, Japan, India, Australia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, U.A.E.|
|Secondary Sources and References (Partial List)||American Medical Association, German Cancer Research Center, International Agency for Research on Cancer, International Atomic Energy Agency, International Medical Device Regulators Forum, United States Food and Drug Administration, U.S. Census Bureau, World Health Organization|
The global radiofrequency ablation devices market has players such as Medtronic Plc, Johnson & Johnson, Abbott Laboratories, Smith & Nephew Plc, Boston Scientific Corporation, Avanos Medical Inc., RF Medical Co. Ltd., AngioDynamics Inc., AtriCure Inc., and Stryker Corporation.
In recent years, players in the radiofrequency ablation devices industry have pursued product approvals and mergers & acquisitions in order to stay ahead of their competitors. For instance:
The global radiofrequency (RF) ablation devices market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Component
Based on Application
Based on End User
The radiofrequency ablation devices market will reach $11,080.3 million by 2030.
Hospitals generate the highest revenue in the radiofrequency ablation devices industry.
Asia-Pacific offers the best opportunities for radiofrequency ablation devices market investors.
The key radiofrequency ablation devices industry growth drivers are the rising preference for minimally invasive procedures, booming geriatric population, and increasing prevalence of cancer.
The radiofrequency ablation devices market competitive landscape is characterized by product launches.