Radiofrequency Ablation Devices Market is Expected to Grow to a Value of US$ 1.4 Bn by 2027
Transparency Market Research (TMR) has published a new report titled, ‘Radiofrequency Ablation Devices for Pain Management Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global radiofrequency ablation devices for pain management market was valued at US$ 543.0 Mn in 2018 and is projected to expand at a CAGR of above 11.0% from 2019 to 2027.
- Radiofrequency ablation is a minimally invasive surgical procedure that involves a local anesthetic and mild sedation. This procedure is primarily used to reduce chronic low-back and neck pain.
- The procedure involves heating a small area of nervous tissue under controlled temperature and as a result help in blockage of pain signals transmitting from that area.
- North America dominated the global radiofrequency ablation devices for pain management market in 2018 and the trend is anticipated to continue during the forecast period. Rise in awareness regarding the treatment benefits, high incidence rate of chronic pain among the population in the U.S. are expected to drive the market in North America.
- However, Asia Pacific is likely to be a highly lucrative market for radiofrequency ablation devices for pain management and it is expected to expand at a high CAGR during the forecast period
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Growing adoption of RF ablation for pain management among end-users to Drive Market
- Pain leads to severe complications, if proper care or treatment is not taken for a long time. High adverse effects and lower efficiency of alternate pain relief procedures and therapeutics such as opioids, acupuncture, and acupressure has led to surge in adoption of radiofrequency ablation devices, which offer better treatment with minimal side effects.
- Hence, high availability, easy access, increased awareness, cost-effectiveness, and quick relief provide RF ablation devices for pain management a cutting edge over other treatment options. This is likely to augment the demand for the use of radiofrequency ablation device for pain management in the market.
Disposable Products Segment to Dominate Market
- Based on product type, the global radiofrequency ablation devices for pain management market is classified into RF generators, reusable products and disposable products. The reusable product further segmented into probes and electrodes and disposable products classified as cannulas, needles and single-use probes and electrodes.
- Disposable cannulas and probes offers reduction in sterilization costs. Additionally, the connector cables provided for single use probes are long enough to stay out of the sterile field, thus preventing infection. Moreover, it allows temperature-controlled lesion generation procedure. This boosts demand for the disposable products.
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Hospital to be Highly Lucrative Segment
- In terms of end-user, the global radiofrequency ablation devices for pain management market has been segmented into hospitals, ambulatory surgical centers and specialty clinics.
- The hospitals segment is expected to hold the major market share in 2018. The hospitals end-user segment is driven by increasing occurrences of chronic pain disorders especially among elderly individuals.
- Moreover, rise in the number of patients suffering from different types of pain getting admitted to hospitals, favorable reimbursement policies, and availability of technologically advanced products in hospitals is likely to drive the segment.
North America to Dominate Global Market
- In terms of region, the global radiofrequency ablation devices for pain management market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global radiofrequency ablation devices for pain management market in 2018, followed by Europe.
- North America accounted for major share of the global radiofrequency ablation devices for pain management market in 2018, attributed by rise in geriatric population with chronic pain, pharmacology medication resistance and rise in awareness about the advantages of radiofrequency ablation therapy for pain management. Moreover, launch of new devices that address the unmet medical needs drive the market.
- Key players are investing to expand their reach and strengthen their market position in North America market through new product development and approavls, in 2019, Medtronic launched its product Accurian RF system in the U.S.
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The global radiofrequency ablation devices for pain management market is fragmented in terms of number of players. Key players in the global market include Boston Scientific Corporation, Diros Technology, Inc., Halyard Health, Inc., Abbott, Stryker Corporation, Olympus Corporation, Merit Medical Systems, Medtronic plc, and AngioDynamic, Inc. among others among others.
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