Radiofrequency Ablation Devices A Boon for Pain Management Market Players
The second half of the past century has
been a relatively peaceful duration for the humanity and populations
have prospered across developed and emerging economies. As a result,
geriatrics are now constituting for a prominent chunk of the world’s
population. And with that – the healthcare industry is flourishing, as
geriatrics are prone to several bodily disorders, especially arthritis,
chronic low-back pain, and joint pain. The advent of radiofrequency
ablation devices has paved a minimally invasive surgical procedure that
can adequately serve pain management, and the market for the same is
primed to excel in the near future.
According to the findings of this
business intelligence report, the demand in the global radiofrequency
ablation devices market for pain management will expand at an impressive
CAGR of 12.9% during the forecast period of 2017 to 2024. Revenue-wise,
the vendors of pain management market will generate a demand for RF
ablation devices worth of US$1,114.5 million by the end of 2024,
substantially more than the market’s evaluated worth of US$477.3 million
as of 2017.
Apart from the increasing population of
geriatrics and strong prevalence of chronic pain, increased investments
by multinational medical device companies to harness the concept of
minimally invasive surgeries and recent approvals and launches of
technological advanced devices are expected to drive the demand for
radiofrequency ablation devices. On the other hand, regulatory hurdles
and availability of other low-cost therapeutics for pain management are a
few restraints obstructing this market from attaining greater
profitability. Nevertheless, the analyst of the report foresees the
emerging economies of China, India, and Brazil to open vast new
opportunities in the near future.
RF Ablation Devices Emerging as Key Product Segment
On the basis of product type, the market
for RF ablation devices market for pain management has been segmented
into RF generators, reusable products including electrodes and probes,
and disposable products, which have been further bifurcated into
needles, cannulas, and single-use probes and electrodes. As of 2017, the
sub-segments of disposable products generated the most prominent chunk
of demand, which was worth US$204.5 million. Benefits of disposable
cannulas and probes include reduction in sterilization costs.
Additionally, connector cables provided for single use probes are long
enough to stay out of the sterile field, thus preventing infection.
On the other hand, the RF generators
segment is poised to expand at an above-average CAGR of 13.1% during the
period of 2017 to 2024. Technological advancement such as cooled
radiofrequency technology platforms which allow creation of larger
lesions without excessive heating at the electrode fuels the growth of
the segment. By the end of 2024, the pain management market is expected
to produce a demand for RF generators worth of US$401.1 million.
The report has also evaluated the demand
potential from the end users: hospitals, specialty clinics, and
ambulatory surgical centers, with the former poised to provide for a
demand worth of US$538.4 million by 2024, which will represent nearly
half of the overall demand.
North America to Overtake Europe as Most Lucrative Region by 2024
North America is projected to continue to
dominate the market, accounting for 38.3% share by 2024. The segment is
anticipated to reach value of US$426.4 million by 2024. The U.S.
dominated the market in North America due to the existence large
population base, higher awareness, significant health care spending in
overall national budgets, early availability of advanced technologies,
and higher penetration of health care services across the country.
Europe, on the other hand, is estimated to offer 33.5% of the overall
demand by the end of the aforementioned forecast period.
St. Jude Medical, Inc., Boston Scientific
Corporation, and Halyard Health, Inc. have been identified as the three
companies currently dominating the RF ablation devices market for pain
management. The report profiles these and several other companies in its
featured section on competitive landscape.
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