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Radiofrequency Ablation Devices Market for Pain Management Will be Worth US$1,114.5 Million by 2024, Says TMR
ALBANY, New York, June 17, 2019 /PRNewswire/ -- The robust development in the healthcare facilities from the past two decades resulted to better lifestyle globally and especially for the geriatric population. The large chunk of the geriatric population is susceptible to numerous diseases such as bodily disorders, chronic low-back pain, arthritis, and joint pain. Rising these incidences globally has attracted numerous players to capitalize to develop a novel treatment for the pain. Thus, the key players are likely to incline toward the use of radiofrequency ablation devices to reduce pain. Thus, the analysts at TMR estimates that radiofrequency ablation devices market is likely to grab a value of US$1,114.5 mn by the end of 2024. The market is estimated to expand at a CAGR of 12.9% during the forecast period of 2017 to 2024 from a value of US$477.3 million accumulated in 2017.
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North America Remains as a Key Region in the Radiofrequency Ablation Devices Market
North America dominated the global radiofrequency ablation devices market in 2017 and is projected to remain dominant by the end of the forecast period. The region is estimated to account for 38.3% share and grab a value of US$426.4 mn by the end of 2024. This is primarily attributable to the high level of awareness in the region about the presence of the advanced radiofrequency ablation devices primarily used for pain management. Additionally, thanks to the high healthcare spending budget, the adoption of the radiofrequency ablation devices are possible and which in turn is propelling growth of the global radiofrequency ablation devices market.
However, the factors such as high treatment costs coupled with a low awareness for availability of the advanced treatments is negatively impacting on the global radiofrequency ablation devices market. Nonetheless, growing capacity of spending on healthcare globally and especially in the developing countries in Asia Pacific is estimated to witness the most lucrative opportunities for growth in the coming future. Further, the advent of effective technologies in the radiofrequency ablation devices, which works effectively for minimally invasive surgical procedures is anticipated to propel growth of the radiofrequency ablation devices market in the coming years.
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RF Ablation Devices Emerging as Key Product Segment
On the basis of product type, the market for RF ablation devices market for pain management has been segmented into RF generators, reusable products including electrodes and probes, and disposable products, which have been further bifurcated into needles, cannulas, and single-use probes and electrodes. As of 2017, the sub-segments of disposable products generated the most prominent chunk of demand, which was worth US$204.5 million. Benefits of disposable cannulas and probes include reduction in sterilization costs. Additionally, connector cables provided for single use probes are long enough to stay out of the sterile field, thus preventing infection.
On the other hand, the RF generators segment is poised to expand at an above-average CAGR of 13.1% during the period of 2017 to 2024. Technological advancement such as cooled radiofrequency technology platforms which allow creation of larger lesions without excessive heating at the electrode fuels the growth of the segment. By the end of 2024, the pain management market is expected to produce a demand for RF generators worth of US$401.1 million.
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The report has also evaluated the demand potential from the end users: hospitals, specialty clinics, and ambulatory surgical centers, with the former poised to provide for a demand worth of US$538.4 million by 2024, which will represent nearly half of the overall demand.
The report has identified St. Jude Medical, Inc., Boston Scientific Corporation, Halyard Health, Inc., Stryker Corporation, and Diros Technology, Inc. as the top five companies in the global radiofrequency ablation devices market for pain management, with the former three considerably ahead of the curve.
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The information presented in this review is based on a Transparency Market Research report, titled, "Radiofrequency Ablation Devices Market for Pain Management (Product - RF Generators, Reusable Products (Probes and Electrodes), and Disposable Products (Cannulas and Needles); End-user - Specialty Clinics, Ambulatory Surgical Centers, and Hospitals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2024."
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