With advancements in the healthcare industry, the preference for minimally invasive surgeries (MIS) is increasing. This factor is projected to drive the global radiofrequency ablation devices market at a healthy 12.6% CAGR between 2020 and 2030. At this rate, the revenue generated by market players will rise from $3,173.5 million in 2019 to $11,080.3 million in 2030, according to P&S Intelligence.
The rising popularity of MISs is driving the radiofrequency ablation devices market as RFA is becoming the preferred MIS procedure for pain management and numerous cardiac diseases. RFA is also being increasingly used for the treatment of bone diseases, cancer, and pain in the back, neck, sacroiliac joint, and facet joints. Such minimally invasive procedures offer quick and long-lasting relief and reduce the risk of open-surgery-associated infections and complications.
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The COVID-19 pandemic has dealt a severe blow to the radiofrequency ablation devices market, as, to deal with the skyrocketing cases of the infection, most non-essential treatments have been suspended and healthcare professionals have been pulled to COVID duty. Furthermore, even patients are hesitating in opting for the treatment of diseases that are not immediately life-threatening, so they can save as much as possible for essential items.
Throughout the next decade, the radiofrequency ablation devices market will be dominated by the catheter systems category, under the component segment. Electrodes, catheters, and probes, which together make up these systems, are inserted inside the body to treat the affected tissue. The surging prevalence of chronic diseases is driving the volume of RFA procedures and, in turn, the demand for catheter systems at medical settings.
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North America is the largest radiofrequency ablation devices market presently, on account of its high incidence of chronic diseases, especially cancer and cardiovascular diseases (CVDs). Moreover, the spending on healthcare is rising, RFA procedures have been performed in the region for quite some time, and people are reimbursed for healthcare by various government and private agencies.
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Abbott Laboratories, Johnson & Johnson, Stryker Corporation, Smith & Nephew Plc, Boston Scientific Corporation, Medtronic Plc, Avanos Medical Inc., Baylis Medical Company Inc., RF Medical Co. Ltd., AngioDynamics Inc., MedSphere International Inc., AtriCure Inc., and Diros Technology Inc. are the major global radiofrequency ablation devices market players.
Key Findings of Global Radiofrequency Ablation Devices Market Report
- Increasing chronic disease incidence propelling RFA procedure demand
- RFA becoming preferred pain management regimen
- Catheter systems to remain largest-selling components of RFA devices
- RFA device procurement rapidly picking up at hospitals
- APAC most lucrative region for RFA device manufacturers
- Market players pursuing product approvals to widen their clientele
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North America is presently the largest procurer of catheters, as the geriatric population here is booming, numerous global market players are present, technologically advanced products find the earliest adoption here, and the regional healthcare infrastructure is the best in the world.
Robotic Catheter Systems Market
Germany is expected to lead the European robotic catheter systems market, with revenue of over $62.9 million, by 2024. This can be attributed to the presence of a large number of technologically advanced hospitals and extensive presence of product distributors in the country.