Radiofrequency ablation is a minimally invasive procedure for shrinking tumors, nodules, and other growths in the body. RFA is used to treat illnesses such as benign and malignant tumors, chronic venous insufficiency in the legs, and persistent back and neck pain. The radiofrequency ablation devices market value was worth $3.9 billion in 2021 and will reach $10.7 billion by 2030 at an 11.2% CAGR.
RFA inserts a needle electrode into a malignant tumor with the help of ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT) equipment. This method is also commonly utilized in the treatment of cardiovascular illnesses and the control of pain.
Key Industry Drivers
The rise in the number of incidences of cardiovascular disease and cancer (Lung Cancer, liver cancer, kidney cancer, bone cancer, hepatocellular carcinoma, pancreatic cancer, bile duct cancer, and so on) around the world is one of the key factors driving the market’s overall expansion. The cardiac ablation market is increasing steadily with a CAGR of 12.78% and overall revenue of USD 996.173 million, considerably driving the market growth.
Aside from the increasing number of cancer and CVD cases, the rise in demand for pain management (such as treatment for arthritis and other chronic pain disorders by pharmaceuticals) is also driving overall market expansion to a large extent. During the anticipated period of 2020-2030, the market will increase at a CAGR of 5.017%.
In addition, the growing senior population, together with rising life expectancy, is predicted to drive growth. Geriatric persons are more prone to chronic diseases, which drives the desire for more effective therapy, boosting the RF ablation market.
Market restraints
Damage to the nerve and surrounding blood vessels caused by needle insertions, hyperesthesia, damage to structures next to the target nerve, muscular tissue damage, and excessive itching at the injection site are the key problems hampering market expansion.
Key opportunity
Advantages in RFA of Cardiac Arrhythmias over the world have opened up new avenues for procedural safety. The introduction of both ICE imaging and EAM techniques has greatly improved the capacity of RFA devices to treat arrhythmias with or without the use of fluoroscopy. As a result, its future demand is expected to expand at an exponential rate.
Segmentation analysis
Product insights
On the basis of product, the RFA device market is segmented into RF Generators, reusable products, and disposable products.
With a consistent CAGR, the disposable category ruled the market in 2020. The overall expansion of this market is being driven by the worldwide decline in morbidity and mortality rates as well as the RFA devices’ capacity to deliver treatment in an outpatient setting.
Application Insights
In terms of application, the radiofrequency ablation devices market is segmented into gynecology, cosmetology, cardiology & cardiac rhythm management, pain management, and surgical oncology.
In 2020, the market was largely dominated by the Surgical Oncology segment. The removal of malignant tissues from the body is the main goal of surgical oncology (Surgical Biopsy). Over 1 million biopsies are performed annually using EUS fine-needle devices worldwide, according to BIBB INSTRUMENTS.
End-user analysis
On the basis of end-user, the market is segmented into ambulatory surgical centers, hospitals, and others.
In 2020, the hospital segment recorded the maximum share in the radiofrequency ablation devices market. According to DEFINITIVE HEALTHCARE, US hospitals spent a total of USD 36 billion on medical supplies in 2018, with an average of over USD 11.9 million per facility.
Regional Insights
Regionally, the radiofrequency ablation devices market is studied across North America, Europe, Asia Pacific, and the Rest of Asia Pacific.
North America ruled the market in 2020, with a CAGR of 11.973% and total revenue of 1.513 billion. Rapid technological improvements in RFA and other medical equipment, the rising prevalence of cancer cases, and increased government spending on healthcare institutions are all driving the overall expansion of this market.
The Asia-Pacific area, on the other hand, had the fastest CAGR from 2020 to 2030. The introduction of innovative technologies such as multi-needle electrodes, as well as substantial improvements in healthcare facilities in China and India, are significantly boosting market expansion in this area.
Major players
