June 25, 2020
As per the report titled ‘Radiofrequency Ablation Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product Application, available with Market Study Report LLC, global radiofrequency ablation devices market garnered USD 3302.55 million in 2019 and is projected to amass USD 7711.72 million by the year 2027, recording an year-over-year growth rate of 11.5% over the forecast period.
Global radiofrequency ablation devices market is primarily driven by broadening application area of these devices and growing inclination towards minimally invasive procedures, cites the report.
Notably, smaller incisions, less pain, shorter hospitalization period, faster recovery, less scarring, and high accuracy are the prime benefits driving patient attention towards minimally invasive procedures. Furthermore, due to reduced pain and discomfort, patients require less doses of painkillers in comparison to other conventional surgical procedures.
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Radiofrequency ablation is a minimally invasive procedure wherein local anesthesia is injected, after which a thin needle is inserted through the tiny incision for passage of heat and electrical energy. It eliminates the need for large cuts and minimize other risks linked with traditional procedures, making it preferable for extremely sick or aged patients who cannot endure open surgeries. Hence, benefits of minimally invasive surgeries in conjunction with radiofrequency ablation technique are fueling the industry growth.
On the contrary, side effects associated with radiofrequency ablation devices may hinder the industry growth over the estimated timeframe.
Based on product terrain, disposables segment attained majority of the market share in 2019 and is expected to expand at rapid pace over the forecast duration.
Speaking of the application spectrum, surgical oncology segment accounted for the largest share of radiofrequency ablation devices market in 2019, however, cardiology segment is anticipated to register the highest growth rate in the forthcoming years.
As per the regional analysis, North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America are the key contributors of global radiofrequency ablation devices market. Asia Pacific market is slated to record substantial growth over the analysis period. Developing healthcare infrastructure in emerging nations of APAC is expected to present significant opportunities for business expansion.
Prominent industry players include Stryker Corporation, Avanos Medical Inc., Medtronic, Hologic, Inc., Boston Scientific Corporation, BD, AngioDynamics Inc., Merit Medical Systems Inc., AtriCure Inc., and Abbott.