Industry Insights
As per the analyses of International Osteoporosis Foundation, osteoporosis causes 8.9 million fractures annually, resulting in a fracture every 3 seconds. Furthermore, lower risk of infection, lower damage to surrounding tissues, shorter hospital stay, cost effectiveness of the devices, and rising demand of minimally invasive surgeries, are the major drivers for the radiofrequency ablation devices market. Rising geriatric population base is also leading to spurred use of ablation procedures as the people of this age group are more prone to disorders related to chronic pain such as arthritis and cardiac problems such as cardiac dysrhythmia.
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Product Insight
Key products of radiofrequency ablation devices analyzed in this study include disposable equipment, capital equipment, and reusable equipment. Disposable equipment segment includes single-use electrodes, cannulas, single-use probes and needles. Reusable equipment segment consists of probes and electrodes. Disposable equipment market emerged as the largest market in terms of revenue share in 2013 and is expected to grow at a CAGR of more than 20.0% during the forecast period. Rise in government initiatives to curb the hospital acquired diseases post surgery and the rising demand of minimally invasive surgeries is leading to the rapid growth of this segment. Increase in demand for reusable radiofrequency ablation devices is attributed to the rising demand for laparoscopic and endoscopic interventions and the cost effectiveness associated with these devices.
Application Insights
Key applications of radiofrequency ablation devices include cosmetology, gynecology, pain management, cardiology, surgical oncology, hypertension, and cardiac rhythm management. Surgical oncology segment dominated the overall radiofrequency ablation devices market in 2013 owing to increased prevalence of various types of cancers and high procedure volumes and the ease it provides to the patients in terms of recuperation after the surgery. Furthermore, the radiofrequency ablation devices for treating hypertension will grow at the highest CAGR of over 26% during the forecast period, on account of increasing R&D initiatives and increasing demand from patients as it causes no serious complication post surgery
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Regional Insights
North America was the largest user of radiofrequency ablation devices in 2013. Sophisticated healthcare infrastructure, high health expenditure and rising prevalence pain related problems owing to the increasing geriatric population base and unhealthy lifestyle, accounted for the growth of this region. North America was followed by Europe as the second largest region in 2013. Asia Pacific market for is expected to grow at a CAGR of more than 20.0% from 2014 to 2020. Rapidly improving economic conditions and implementation of government initiatives for improving healthcare infrastructure in the emerging markets of India and China contributed to the growth of this region.
Hike in use of radiofrequency ablation procedures in the developing economies such as Russia, Brazil, India and China is an expected future growth opportunity for the radiofrequency ablation devices market. Presence of unmet medical needs, increasing disposable income and awareness levels among patients in these countries are expected to spur the use of minimally invasive surgeries and thus consequently lead to increased demand in these regions.
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