RF Ablation Devices Market to Generate Revenue Worth $11,080.3 Million by 2030

The increasing preference of patients to undergo minimally invasive surgical procedures is one of the major drivers for the growth of the market. This is mainly due to the fact these procedures have a high accuracy rate, reduced risk of damage to surrounding tissues and nerves, and fewer scars. In addition, the increasing aging population and surging number of cancer cases are supporting the growth of the global radiofrequency (RF) ablation devices market. Owing to such factors, the market is projected to reach $11,080.3 million by 2030, at a CAGR of 12.6% during the forecast period (2020–2030).

The outbreak of COVID-19 has negatively impacted the radiofrequency ablation devices market, majorly due to the suspension of non-essential treatments at medical centers in a bid to protect healthy people from the virus. In addition, professionals are saving medical equipment and supplies for those who need it, and doctors and healthcare professionals of all stripes have been pulled to coronavirus duty.

Catheter Systems Category Dominated Industry in 2019

Based on component, the radiofrequency ablation devices market is categorized into catheter systems, generators, and accessories. Among these, the catheter systems category dominated the market in 2019. This is mainly ascribed to the fact that these devices are extensively used during minimally invasive procedures and are disposable in nature, as opposed to generators and reusable items.

Further, based on end user, the radiofrequency ablation devices market is categorized into hospitals, ambulatory surgical centers (ASCs), and others. During the forecast period, hospitals are projected to witness the fastest growth in the market due to the high footfall of patients and volume of ablation procedures performed at such medical settings.

Geographically, the North American region held the largest share in the global radiofrequency ablation devices market during the historical period (2014–2019), and the same situation is predicted for the forecast period. This growth can be attributed to the rising cases of heart diseases and cancer, coupled with the increasing healthcare expenditure and favorable reimbursement scenario in the region. According to the Centers for Medicare & Medicaid Services (CMS), in 2018, healthcare spending in the U.S. increased by 4.6%, to $3.6 trillion, or $11,172 per person and accounted for 17.7% of the gross domestic product (GDP).

The growing use of these devices in oncologic and cardiac applications and easy availability of RF ablation procedures at hospitals and specialty centers are some of the other factors that support the regional radiofrequency ablation devices market. In North America, the U.S. generates the majority of the revenue owing to the significant rise in the number of cancer and cardiovascular disease (CVD) patients in the country.

Industry Players Launching New RF Ablation Devices to Gain Competitive Edge

Players in the radiofrequency ablation devices market are actively pursuing approvals and launching new devices in order to enhance their market presence. For instance, in November 2020, a RF ablation device, named IonicRF Generator, was launched by Abbott Laboratories in the U.S. and Europe. This device targets specific nerves and stops pain signals from reaching the brain.

Similarly, in September 2020, Baylis Medical Company Inc. announced the first clinical application of the VersaCross Steerable Access Solution at the University of California. The new addition to the VersaCross Transseptal Platform has integrated the VersaCross RF wire with a steerable sheath, making it a complete solution for enabling RF ablation procedures.

Some of the major players operating in the global radiofrequency ablation devices market are Medtronic Plc, Johnson & Johnson, Abbott Laboratories, Smith & Nephew Plc, Boston Scientific Corporation, Avanos Medical Inc., Stryker Corporation, RF Medical Co. Ltd., AngioDynamics Inc., and AtriCure Inc.