The radiofrequency ablation devices market has been witnessing robust growth, as indicated by TechSci Research’s comprehensive report, “Radiofrequency Ablation Devices Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. This market stood at USD 4.25 billion in 2022 and is projected to grow at a CAGR of 11.60% during the forecast period of 2024-2028. The soaring market value can be attributed to several key factors driving adoption and technological advancements in this field.
Definition of Radiofrequency Ablation Devices
Radiofrequency Ablation Devices (RFADs) are medical instruments used in a minimally invasive procedure to treat certain conditions by using heat generated from medium-frequency alternating current (in the range of 350-500 kHz). These devices are primarily utilized in the treatment of chronic and cardiovascular diseases, such as atrial fibrillation, chronic pain disorders, cancer, and more.
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Market Drivers and Growth Factors
- Cost-Effectiveness: Radiofrequency ablation is increasingly considered a cost-effective alternative to traditional surgical methods. It leads to shorter hospital stays, reduced post-operative care requirements, and significant cost savings for both patients and healthcare systems.
- Technological Advancements: Emergence of new energy sources like microwave ablation and irreversible electroporation (IRE) offers faster ablation times and the ability to treat larger tissue volumes, contributing to the market’s growth.
- Rising Incidence of Chronic Diseases: The escalating incidence of chronic and cardiovascular diseases globally, coupled with the expanding elderly population, is a significant growth driver. Aged individuals, more prone to chronic ailments, drive demand for efficient treatments, boosting the RF ablation market.
- Increasing Healthcare Expenditure: With a surge in healthcare spending globally, countries like Germany, the UK, Sweden, Norway, and Italy allocating significant percentages of their GDPs to healthcare, there’s a positive impact on revenue generated from RFADs.
- Prevalence of Chronic Pain Disorders: The prevalence of conditions like arthritis and osteoporosis, combined with improving healthcare infrastructure, propels the expansion of the RFAD market.
Benefits of the Research Report
- Insightful Market Analysis: The report provides a comprehensive analysis of market dynamics, including drivers, restraints, and opportunities, aiding stakeholders in making informed decisions.
- Market Segmentation: Detailed segmentation based on component types, applications, end-users, regional distribution, and key companies enables a nuanced understanding of different market segments and their growth potential.
- Trend Analysis: The report offers a comprehensive outlook on emerging trends, technological advancements, and innovations shaping the RFAD market landscape.
- Competitive Landscape: In-depth competitive analysis of key players, their strategies, product portfolios, and market positioning assists companies in strategizing and staying competitive.
- Forecast and Growth Prospects: Accurate forecasts and growth projections for the market up to 2028 empower businesses and investors to identify growth opportunities and plan investments strategically.
The global radiofrequency ablation devices market is witnessing significant growth, driven by factors such as cost-effectiveness, technological advancements, increasing chronic diseases, healthcare expenditure, and the prevalence of chronic pain disorders. The forecasted CAGR of 11.60% between 2024-2028 indicates promising opportunities for stakeholders. TechSci Research’s comprehensive report serves as a valuable resource, offering detailed insights, market segmentation, competitive analysis, and growth projections for informed decision-making in this burgeoning industry.
This analysis lays a solid foundation for understanding the RFAD market’s landscape, its growth trajectory, and the opportunities it presents for stakeholders across various segments and regions.
Major companies operating in Global Radiofrequency Ablation Devices Market are:
- Boston Scientific Corp
- Medtronic PLC
- Stryker Corp
- Abbott Laboratories Inc
- Smith & Nephew PLC
- Johnson & Johnson
- AngioDynamics Inc
Customers can also request for 10% free customization on this report.
“The Global Radiofrequency Ablation Devices Market is on the cusp of exciting innovations and trends that promise to reshape the landscape of minimally invasive medical procedures. From an expanded role in oncology to the integration of artificial intelligence and telemedicine, the future of RFA holds great promise. As these trends continue to develop, the RFA market is poised to improve patient outcomes, expand access to care, and transform the way various medical conditions are treated, making it a dynamic and evolving sector of modern healthcare,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Radiofrequency Ablation Devices Market By Component Type (Disposable equipment, Capital equipment, Reusable equipment), By Application (Surgical oncology, Cardiology & cardiac rhythm management, Cosmetology, Gynecology, Pain management), By End Use (Hospitals, Ambulatory surgery centers, Research laboratories, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Radiofrequency Ablation Devices Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Radiofrequency Ablation Devices Market.
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