New York, Dec. 16, 2021 (GLOBE NEWSWIRE) -- According to the new market research report "Radiofrequency Ablation Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Devices and Disposables) Application (Surgical Oncology, Cardiology, Gynecology, Cosmetology, and Pain Management), and Geography", published by The Insight Partners, the global radiofrequency ablation devices market was valued at US$ 3,302.55 million in 2019 and is projected to reach US$ 7,711.72 million by 2027; it is expected to grow at a CAGR of 11.5% during 2020–2027.
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Radiofrequency Ablation Devices Market : Competition Landscape and Key Developments
Avanos Medical, Inc., Stryker, Abbott, Medtronic, Boston Scientific, Bard (BD), Angiodynamic, Hologic, Articure, Merit medical are among the key companies operating in the Radiofrequency Ablation Devices Market . These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
- In Febraury 2020, Avanos Medical, Inc. received approval from the U.S. Food and Drug Administration (FDA) for marketing of its new, 80-Watt COOLIEF Radiofrequency (RF) system for neurological lesion procedures. This new device is easy-to-use; it is equipped with an advanced designed RF generator and other associated devices.
- In Febraury 2019, Medtronic received approval from the FDA for the marketing of the Accurian radiofrequency ablation system, that is used for the treatment of chronic pain. This has helped the company strengthen its business segment operations in the US.
- In April 2017, The US Food and Drug Administration (FDA) approved the COOLIEF Cooled Radiofrequency (Cooled RF) thermal treatment for marketing. The applications for the relief of chronic moderate to severe knee pain due to osteoarthritis. It is the primary and only RF treatment that is explicitly cleared to relieve osteoarthritis knee pain.
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North America held the largest share of the global Radiofrequency Ablation Devices market in 2019, and is expected to continue its dominance during the forecast period. The US held the largest share of the Radiofrequency Ablation Devices Market in North America, and the growth of this market in this region is attributed tothe major factors, such as significant investment on research and development ofRFA technology, rising prevalence of chronic diseases, and investments by the well-known market players in the country. Further, the market in Canada and Mexico is expected to grow owing to increasing research studies and growing medical tourism industry respectively.
In North America, the US is the largest market for radiofrequency ablation devices. The growth of this market is primarily driven by the growing prevalence of chronic diseases like cancer, cardiovascular diseases, and others, high R&D spending for new technologies, and the presence of major market players in the US are going to accelerate the growth of this market in this country.
According to the CDC, chronic diseases are the leading cause of death and disability in the US and six in ten people in the US have at least one chronic diseases and four in ten people have two or more chronic diseases. Chronic diseases cost around US$ 3.5 trillion in annual US health care costs. Thus, such high prevalence of chronic diseases in the US is likely to demand RFA technology procedures.
Furthermore, many market players are conducting research and developing new products for radiofrequency ablation devices. For instance, in February 2019, Medtronic received FDA approval as well as launched its Accurian radio frequency system for nerve tissue ablation in the US. Thus, the development of such technologies will enhance the growth of the radiofrequency ablation devices market.
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APAC is expected to register the highest CAGR in the global radiofrequency ablation devices market during the forecast period. Countries such as China, Japan, and India are expected to be the major contributors to the market in this region during 2020–2027. The growth of the market in APAC is attributed to presence of large patient population, escalating number of start-ups operating in the market, and growing medical tourism industry in the region.
Emerging Applications of Radiofrequency Ablation Technology in Radiofrequency Ablation Devices Market Growth:
Radiofrequency ablation is a minimally invasive technique that uses heat and electrical energy to destroy cancer cells and other dysfunctional tissues. In recent years, it has been in use to treat a wide range of medical conditions. Although it is not a primary treatment of cancer, it is used to treat a spot of tumor causing pain and other medical indications. The technique is also used for treating patients suffering from adrenal gland, breast, bone, kidney, liver, lung, pancreatic, and thyroid cancer. It is also used to treat the precancerous cells in esophagus. In addition to oncology, the radiofrequency ablation technology is also being used in the treatment of patients with cardiac conditions, when medicines or other treatment fail to cure these conditions. It is used to treat cardiac arrhythmia where it destroys a small area of the heart tissue that is causing irregular heartbeats. Destroying these cells helps in restoring regular heartbeats.
Further, the technology has gained a lot of attention in dermatology stream of medicinal sciences and has been used for surgical management of skin lesions, benign skin conditions such as freckles, dermatitis papulosa nigra, acne, and skin tags. It is also used for removing moles, unwanted hair, and telangiectases; treating scars and flap development; repairing ear-lobes; and conducting oculoplastic and blepharoplastic procedures. Radio ablation is also widely used in gynecology to treat uterine fibroids. Uterine fibroids cause abnormal uterine bleeding, pain, pelvic pressure, dyspareunia, subfertility, and other symptoms. These fibroids are the leading cause of hysterectomy. However, destruction of fibroids by this technology reduces the chances of the onset of hysterectomy. Such broadening range of applications of radiofrequency ablation technology is driving the growth of the radiofrequency ablation devices market.
Radiofrequency Ablation Devices Market: Segmental Overview
Based on product, the radiofrequency ablation devices market is segmented into devices and disposables. The disposables segment accounted for more than 63.11% of the market share in 2019. In terms of application, the radiofrequency ablation devices market is segmented into surgical oncology, cardiology, cosmetology, gynecology, and pain management.The surgical oncology segment held the largest share of the market in 2019.
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The COVID-19 outbreak has disturbed various trades and businesses across the world. . Due to coronavirus spreading, many cities are shutting down causing treatments and doctor’s appointment cancellation. Patients with serious health conditions, such as cancer and cardiac arrythmia needs physical distancing with others, however, delays in such chronic disease treatments is distressing. According to the Breastcancer.org, In the United States, many doctors, hospitals and other healthcare facilities are delaying or canceling the breast cancer procedures, surgeries and sometimes screenings or other treatments, if it is not considered urgent, emergencies, or otherwise indicated for life-threatening conditions. Cancer patients are requested to social distancing as they are more prone to get infected with coronavirus due to weak immune system. Therefore, it is likely to affect radiofrequency ablation devices market owing to above mention points.
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