Dublin, Oct. 13, 2023 (GLOBE NEWSWIRE) -- The "Radiofrequency Ablation Devices Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The global Radiofrequency Ablation Devices Market is projected to achieve a remarkable valuation of US$ 8.18 billion by 2030, according to a comprehensive market analysis.
Radiofrequency ablation, a medical technique that employs high-frequency electric currents to generate heat for precise tissue treatment, is gaining traction worldwide. The increasing prevalence of chronic diseases, especially cardiovascular diseases and cancers, coupled with a growing elderly population and technological innovations in these devices, is fueling the demand for radiofrequency ablation devices.
Key Market Drivers:
- Cardiovascular Diseases: A major cause of global mortality, driving the demand for radiofrequency ablation devices.
- Cancer Prevalence: Radiofrequency ablation is a treatment option for various types of cancer.
- Minimally Invasive Surgery: Preference for less invasive procedures propels market growth.
- Technological Advancements: Ongoing innovations in product development.
Radiofrequency Ablation Devices Market to Grow at a CAGR of 10.50% from 2022 to 2030
Cardiovascular diseases, including atrial fibrillation and ventricular tachycardia, represent a significant health burden globally, with approximately 17.9 million lives lost annually, as reported by the World Health Organization. The escalating incidence of cardiovascular diseases is expected to drive the demand for radiofrequency ablation devices, especially in the treatment of atrial fibrillation.
Additionally, the rising prevalence of cancer, particularly liver cancer, further contributes to the market's expansion. Radiofrequency ablation is a valuable treatment option for liver cancer patients. According to GLOBOCAN 2020, there were over 905,000 new cases of liver cancer worldwide, leading to around 830,000 deaths. While radiofrequency ablation may not be the primary treatment for all cancers, it plays a crucial role as an adjunctive therapy in many cases, bolstering the market's growth.
Healthcare Expenditure and Minimally Invasive Procedures: Key Market Drivers
The growing expenditure in the healthcare sector, coupled with a preference for minimally invasive surgical procedures, is a significant driver of market growth. The global healthcare spending is projected to reach USD 18.28 trillion by 2040, with a compound annual growth rate (CAGR) of 2.6%, according to the U.S. Census Bureau. This increase in healthcare spending is expected to have a positive impact on the revenue generated from radiofrequency ablation devices.
Moreover, the rising prevalence of chronic pain conditions like arthritis and osteoporosis, combined with improvements in healthcare infrastructure, further propels the demand for radiofrequency ablation devices. As the number of patients seeking relief from chronic pain conditions continues to rise, the radiofrequency ablation device market is poised for significant growth.
Disposable Radiofrequency Ablation Devices Lead the Market
The Radiofrequency Ablation Devices Market includes Capital Equipment, Disposable Equipment, and Reusable Equipment. Disposable radiofrequency ablation devices dominate the market due to the healthcare industry's preference for single-use devices. They enhance safety by reducing the risk of cross-contamination and infection transmission, streamline healthcare workflows, and eliminate the need for time-consuming and costly sterilization processes. Disposable devices are also more cost-effective and convenient for hospitals, clinics, and surgical facilities.
Cardiology Segment Dominates Market
In terms of application, the cardiology segment holds a significant share in the Radiofrequency Ablation Devices Market. Radiofrequency ablation is highly effective in treating various cardiovascular diseases, including atrial fibrillation and ventricular tachycardia. As the incidence of cardiovascular diseases continues to rise worldwide, along with advancements in ablation techniques and technologies, the cardiology segment is expected to grow substantially in the future.
Ambulatory Surgical Centers (ASCs) Play a Vital Role
Ambulatory Surgical Centers (ASCs) occupy a dominant position in the Radiofrequency Ablation Devices Market. Patients choose ASCs for radiofrequency ablation procedures due to shorter wait times and outpatient convenience. ASCs excel in performance and are ideal for minimally invasive procedures. The growing demand for radiofrequency ablation, driven by factors such as an aging population and increasing cardiac arrhythmias, significantly contributes to the industry's growth.
United States and China Lead the Market
The United States has witnessed remarkable growth and innovation in the Radiofrequency Ablation Devices Industry, driven by the increasing prevalence of chronic pain conditions, cardiac arrhythmias, and a strong healthcare ecosystem. China's market is also poised for substantial growth due to its expanding healthcare sector, awareness of minimally invasive treatments, and a growing elderly population. Radiofrequency ablation devices are widely used in oncology and cardiology to treat conditions such as tumors and arrhythmias.
Key Players:
- Boston Scientific Corporation Inc
- Abbott Laboratories
- AtriCureInc
- Medtronic Plc
- Stryker
- Smith & Nephew Plc
- Conmed Corporation
- Hologic Inc
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 170 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $3.68 Billion |
| Forecasted Market Value (USD) by 2030 | $8.18 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Global Radiofrequency Ablation Devices Market
6. Share Analysis - Global Radiofrequency Ablation Devices Market
6.1 By Product
6.2 By Application
6.3 By End User
6.4 By Country
7. Product - Global Radiofrequency Ablation Devices Market
7.1 Capital Equipment
7.2 Disposable Equipment
7.3 Reusable Equipment
8. Application - Global Radiofrequency Ablation Devices Market
8.1 Oncology
8.2 Cardiology
8.3 Cosmetic Surgery
8.4 Gynecology
8.5 Others
9. End User - Global Radiofrequency Ablation Devices Market
9.1 Hospital
9.2 Ambulatory Surgical Centers
9.3 Others
10. Country - Global Radiofrequency Ablation Devices Market
10.1 North America
10.1.1 United States
10.1.2 Canada
10.2 Latin America
10.2.1 Mexico
10.2.2 Brazil
10.3 Europe
10.3.1 United Kingdom
10.3.2 Germany
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Netherlands
10.4 Asia Pacific
10.4.1 China
10.4.2 Japan
10.4.3 India
10.4.4 South Korea
10.4.5 Australia
10.5 Middle East & Africa
10.5.1 United Arab Emirates
10.5.2 South Africa
10.6 Rest of the World
11. Porter's Five Forces Analysis - Global Smart Parking Market
12. SWOT Analysis-Global Smart Parking Market
13. Key Players
For more information about this report visit https://www.researchandmarkets.com/r/z6n1s7
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