Radiofrequency Ablation Devices Market: Growing Adoption of RF Ablation for Pain Management among End-users to Drive Market
According to Transparency Market Research’s latest report on the global radiofrequency ablation devices for pain management market for the historical period 2017–2018 and forecast period 2019–2027. The global radiofrequency ablation devices for pain management market is driven by increase in prevalence of chronic pain, and rise in demand for minimally invasive procedures. Moreover, growth of the market can be attributed to favorable reimbursements for radiofrequency ablation(RF) therapy to treat pain.
According to the report, the global radiofrequency ablation devices for pain management market was valued at US$ 543.2 Mn in 2018 and is anticipated to expand at a CAGR of 11.1% from 2019 to 2027.
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Increase in prevalence of chronic pain and Rise in adoption of RF ablation for pain management among prescribers and end-users: Key Drivers
- Chronic pain persists for a long period. It is resistant to most medical treatments and cause severe physiological and mental problems affecting the quality of life.
- According to Boston University School of Public Health data, globally, it is estimated that about one in five, or about 1.5 billion people, suffer from chronic pain (CP), with prevalence increasing with age.
- According to the U.S. Census Bureau, around 89 million people would be aged over 65 years in the U.S. by 2050. Furthermore, around 40% people in Japan would be aged over 65 years by 2060. This rapid increase in the geriatric population is likely to fuel the growth of the radiofrequency ablation devices for pain management market during the forecast period.
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Emerging markets offer immense opportunities
- Emerging nations such as India, China, and Brazil offer immense growth opportunities in the RF ablation devices for pain management market. Major factors attributed are growing economy and strengthening insurance policies. Additionally, increasing geriatric population in developing nations is expected to offer large opportunities for companies operating in the RF ablation devices market.
- According to World Health Organization estimates, around eight in 10 elderly people live in less developed regions. This will drive demand for pain management devices in these regions.
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Global Radiofrequency Ablation Devices For Pain Management Market: Competitive Landscape
- This report profiles major players in the global radiofrequency ablation devices for pain management market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global radiofrequency ablation devices for pain management market is highly fragmented, with the presence of a number of international as well as regional players
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Leading players operating in the global radiofrequency ablation devices for pain management market include
- Boston Scientific Corporation
- Diros Technology, Inc.
- Halyard Health, Inc.
- Stryker Corporation
- Olympus Corporation
- Merit Medical Systems
- Medtronic plc
- AngioDynamic, Inc.
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