Press release
Radiofrequency Ablation Devices Market to Reach Approximately US$1,114.5 Million by 2024
St. Jude Medical’s position of dominance in this market is due to the company’s diversified product portfolio, extensive geographical presence, and acquisition strategies that it frequently undertakes. Additionally, the Company has a strong focus on research and development to offer innovative and efficient medical device product to their customers. On the other hand, with increasing competition and decreasing reimbursement rates, Boston Scientific Corporation competes on the basis of price, value, and efficiency in the radiofrequency ablation devices market for pain management. Current trends in health care are likely to exert pressure on the company’s offerings having differentiated clinical and economic outcomes. As for the new players, high cost of production and significant capital and expertise in R&D activities is expected to keep the entry barriers high.
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Demand Projected to Expand at CAGR 12.9% during 2017–2024
According to the estimations of the TMR report, the global radiofrequency ablation devices market for pain management will be worth US$1,114.5 million by the end of 2024, with the demand projected to increment at a CAGR of 12.9% during the forecast period of 2017 to 2024. As of 2017, the disposables were the key product segments whereas hospitals generated most of the demand in terms of end-users. Geographically, Europe and North America are expected to produce the most prominent chunk of demand, although the Asia Pacific radiofrequency ablation devices market is primed to prosper at a much stronger growth rate.
Increasing Percentage of Geriatrics to Sustain Strong Demand
Numerous factors are expected to formulate a healthy progress in the RF ablation devices market for pain management, but none bigger than the growing percentage of geriatrics who commonly suffer from joint disorders such as arthritis. According to the United Nations, people aged over 60 years constituted for 13% of the world’s population as of 2017 and the percentage will continue to mount in the near future. The analyst of the report has also observed that the demand for minimally invasive procedures are on the rise as they offer quick relief without the need for longer hospital stay. The field is being rigorously researched thanks to increased investments by multinational companies and new products are being approved and launched, which will bear fruits in the near future.
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Availability of Alternatives Obstructing Market’s Growth
On the other hand, compliance with the laws and regulations set by regulatory authorities that are associated with clinical trials, product approval, commercialization, design, and development has been a major concern among ablation device manufacturers. Ablation devices fall under class III medical devices category in the U.S. and Europe. Hence, safety and efficacy of devices such as generators and catheters and other associated products are paramount for regulatory agencies. Such stringent regulations not only delay the approval and launch of the product, but also increase the cost of the devices to meet the set standards of the FDA, CE, and other regulatory agencies. Availability of various other pain management therapeutics such as opioids, NSAIDs, anticonvulsants, and antidepressants are also restraining the market from attaining its true potential.
Key Takeaways:
A few global companies have a stronghold over the competitive landscape of the RF ablation devices market for pain management, with little scope for new entrants
Escalating cases of arthritis and growing preference of minimally invasive surgeries will drive the demand in the near future
Availability of alternative therapies and high cost obstructing the market from flourishing
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About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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