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Nov-2021

Radiofrequency Ablation Devices Market Size To Grow USD 7.16 bn by 2026

Global Radiofrequency Ablation Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Application & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)

As per the research report published by Market Data Forecast, the size of the global radiofrequency ablation devices market is to grow at a CAGR of 12.14% from 2021 to 2026 and worth USD 7.16 billion by 2026.

Impact of COVID-19 on the global radiofrequency ablation devices market:

The pandemic has resulted in the postponement of all non-essential treatment procedures since the volume of outpatient cases has decreased significantly between 2020 and 2021. This has affected the radiofrequency ablation devices market. However, recovery can be observed in most regions in the coming years. In addition, the increasing number of chronic diseases and high safety protocols are expected to drive market growth in the years to come.

MARKET DYNAMICS:

Radiofrequency ablation uses heat and electrical energy to destroy cells and other abnormal tissue growth. These devices use RF energy to destroy abnormal tissue growth, such as benign or metastatic growth and arteriovenous malformations (AVMs), providing a shorter, less painful, and less invasive treatment option than conventional open surgeries.

Radiofrequency ablation is a minimally invasive technique that is also used to treat patients with cancer of the adrenal gland, breast, bone, kidney, liver, lungs, pancreas, and thyroid. It is also used to treat precancerous cells in the esophagus, like Barrett’s esophagus, and remove fibroids. Along with cancer treatment, radiofrequency ablation technology is also used to treat patients with heart disease as a last treatment option. For example, it is used to treat cardiac arrhythmia, which destroys a small area of heart tissue and causes an irregular heartbeat. The destruction of these cells helps restore a regular heartbeat. According to the United Nations (UN) report on the aging of the world population in 2019, the number of people aged 65 and over will reach nearly 1.6 billion by 2050. As a result, the increase in the geriatric population and the prevalence of chronic diseases among the elderly drive the market growth.

Radiofrequency ablation technology has attracted much attention for other medical purposes like in the dermatological mainstream of medical science. For example, it has been used for the surgical treatment of skin lesions, benign skin conditions such as freckles, dermatitis, removal of papules, reducing acne, and extraction of skin tags. This wide range of applications of radiofrequency ablation technology is driving the growth of the global radiofrequency ablation devices market.

However, several factors, such as the high cost of treatment, uncertain reimbursement laws, lack of knowledge of the procedure, and the availability of other treatments such as electrocautery, surgical approach, etc., may restrain the growth of the global radiofrequency ablation devices market.

KEY MARKET INSIGHTS:

Based on the product, the disposable products segment held the largest share of the global radiofrequency ablation devices market in 2020. Disposable products are used in all radiofrequency ablation surgeries. These products transmit electric current to the target tissue and, therefore, are crucial components of the radiofrequency ablation procedure. In addition, market players are developing advanced products to reduce errors, providing precision and more control over the device.
Based on the application, in 2020, the surgical oncology segment held the majority of the markets due to the wide application in surgical oncology and the growing cancer incidence across the globe. Furthermore, the same segment is estimated to have the highest CAGR during the forecast period.
Based on the end-user, the hospital segment held the largest share in 2020. The hospital end-user segment is driven by the increasing prevalence of chronic pain disorders. In addition, the increase in the number of hospitalizations, favorable reimbursement policies, and the availability of high-grade medical products are projected to boost this segment.
Based on the region, the United States regional market is estimated to reach USD 356 million by 2027. An increase in the elderly population will lead to more cases of chronic diseases, which will result in the use of RF ablation devices. According to the 2019 United Nations report on the aging of the world population, people aged 65 and over in Asia will be 955 million by 2050. Therefore, the aging population drives the studied market in this region.
Major players are focusing on diversifying their product portfolios to make compact and portable devices. AngioDynamics, Ethicon, ZenoMed, AtriCure, Inc, Baren-Boym, Huaian Aofu Surgical Instruments Co., Ltd, MedSphere, and Medtronic are a few of the noteworthy companies operating in the global radiofrequency ablation devices market.

MARKET SEGMENTATION:

By Product: