USD 4.34 Billion
Report ID:
SQMIG35A2903 |
Region:
Global |
Published Date: September, 2024
Pages:
200
|Tables:
0
|Figures:
0
Global Radiofrequency Ablation Devices Market size was valued at USD 4.34 Billion in 2022 and is poised to grow from USD 4.85 Billion in 2023 to USD 11.66 Billion by 2031, growing at a CAGR of 11.6% in the forecast period (2024-2031).
As the name suggests, the radiofrequency ablation devices market includes medical devices or equipment that treat different conditions like chronic pain, tumors, and other severe diseases through the application of radiofrequency energy to aim the damaging tissues. The market is significantly progressing on the back of the rising incidences of chronic disorders, the increasing demand for less invasive surgeries, and improvements in technologies. The market is also propelled by the mounting number of cancer cases and a significant inclination to outpatient procedures. Nonetheless, the market is restrained by significantly priced radiofrequency ablation devices, which could restrict their adoption in the middle income and underdeveloped nations. The market is also negatively impacted by the lack of skilled experts in several developing regions. Despite these restraints, the radiofrequency ablation devices market is opportune to the speedily developing markets and continuous advancements in RFA technologies like integration with imaging systems and enhanced electrodes design.
Global Market Size
USD 4.34 Billion
Largest Segment
Disposable Equipment
Fastest Growth
Surgical Oncology
Growth Rate
11.6% CAGR
To get more reports on the above market click here to Buy The Report
The Global Radiofrequency Ablation Devices Market is segmented based on Product, Application, and Region. Based on Product, the market is divided into Disposable Equipment, Capital Equipment, Reusable Equipment. Based on Application, the market is divided into Surgical Oncology, Cardiology & Cardiac Rhythm Management, Cosmetology, Gynecology, Pain Management. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis by Product
Based on product, the radiofrequency ablation devices market is segmented as disposable equipment, capital equipment, reusable equipment. The disposable equipment segment registered for a larger market share in 2023 and is anticipated to lead over the estimated period as well owing to the increasing need for disposable products for optimal safety and better prevention of cross-contamination. Disposable equipment includes catheters, electrodes, and probes that generally lead in terms of preference. They are comparably less priced than capital equipment and contribute to major recurring returns. These factors along with their compliance with hygiene standards are propelling the segment’s growth.
Conversely, the reusable equipment segment is expected to emerge as the fastest-growing segment owing to its higher preference since they reduce overall expenses. Reusable equipment is comparatively economical compared to disposable equipment replaced after every surgery. Clinics and hospitals increasingly use reusable products, mainly for used devices like probes and electrodes. The segment growth is also fueled by the rising focus on sustainability and lessening medical wastage since reusable equipment complies with these objectives.
Analysis by Application
Based on application, the radiofrequency ablation devices market is categorized into surgical oncology, cardiology & cardiac rhythm management, cosmetology, gynecology, pain management. The cardiology & cardiac rhythm management segment held a dominant share of the market in the previous years and will lead in the future as well owing to the increasing cases of cardiac arrhythmias. The growing patient population of arrhythmias like atrial fibrillation is fueling the need for RFA surgeries. The said procedure is highly effective in curing these disorders by ablating irregular heart tissues, increasing its preference for cardiac rhythm management. Moreover, innovations and advancements in RFA equipment have increased its safety and efficiency in cardiac surgeries, thus the segment’s growth.
Conversely, the surgical oncology segment is anticipated to hold a leading market share over the estimated period owing to increasing cases of cancers like lung, liver, and kidney. RFA ablates tumors and is comparatively less painful than former surgery techniques for specific cancer forms. In addition, RFA holds advantages for tumor ablation since it is highly effective for curing localized, small, and for patients who have not undergone traditional surgeries. These factors will drive the growth of the segment in the coming years.
To get detailed analysis on other segments, Request For Free Sample Report
Geographically, North America is the dominating region among others and is expected to lead over the forecast period owing to well-developed healthcare infrastructure, especially in Canada and the United States that have easy access to technologically improved medical technologies like RFA devices. The regional growth is also impacted by growing cases of chronic diseases that demand efficient and safe radiofrequency ablation treatments and heavy investments in innovation and research and development. Also, favorable reimbursement policies and high healthcare spending is contributing to the adoption of improved medical devices like RFA devices. The prominent players operating in North America include AngioDynamics, Boston Scientific Corporation, Ethicon Inc., Medtronic, Philips, and more.
Asia-Pacific is the fastest-growing region among others due to growing healthcare infrastructure in key nations like India, China, and Japan. Growing investments in healthcare technology and speedy development are economies that drive the adoption and availability of RFA devices. Moreover, the rising cases of chronic illnesses like cardiovascular and cancer are propelling the demand for RFA treatments. The growing patient population is also offering a major boost for RFA devices, thus the market growth in the region.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Minimally Invasive Procedures and Growing Elderly Population
Regulatory Approvals and R&D
Restraints
Side-Effects and Complication Risks
Availability of Substitute Treatments
Request Free Customization of this report to help us to meet your business objectives.
The global radiofrequency ablation devices market is a highly competitive global market driven by many international competitors. Prominent corporations with cutting-edge AI and ML technology are Google, IBM, Microsoft, and NVIDIA. To support a wide range of applications across industries, these industry experts concentrate on creating cutting-edge algorithms, scalable platforms, and reliable infrastructure. Rapid advances in technology, strategic alliances, and large expenditures on research and development define the competitive environment.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, radiofrequency ablation devices market is progressing at a notable rate supported by drivers like the growing number of less invasive procedures, increasing acceptance and adoption of RFA technologies, and developing healthcare infrastructure. Nevertheless, the market is negatively affected by reimbursement and limited coverage issues, technological variability and limitations, and access to competitive alternatives. North America is projected to dominate the market due to the growing patient population of chronic illnesses, strong healthcare spending, and innovations. Yet, increasing outpatient population, growing awareness and education about the said technology, and trend towards personalized medicines are a few opportunities in the radiofrequency ablation devices market.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 4.34 Billion |
Market size value in 2031 | USD 11.66 Billion |
Growth Rate | 11.6% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Radiofrequency Ablation Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Radiofrequency Ablation Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Radiofrequency Ablation Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Radiofrequency Ablation Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG35A2903