Radiofrequency Ablation Devices Market Analysis

Radiofrequency ablation is a minimally invasive medical procedure involving the ablation of targeted dysfunctional tissues via the generation of heat from high frequency alternative current. It functions by converting electrical energy to heat energy and then utilizing the concepts of hyperthermia to burn the unwanted or affected tissue, leaving behind a scar which eventually heals in time.

Statistics:

The global radiofrequency ablation devices market for pain management is estimated to account for US$ 1,465.1 Mn in 2020 and is expected to reach US$ 5,075.1 Mn in terms of value by the end of 2027.

Global Radiofrequency Ablation Devices Market for Pain Management: Drivers

High prevalence of chronic arthritis is expected to propel growth of the global radiofrequency ablation devices market for pain management over the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC)’s May 2019 report, an estimated 54.4 million US adults have diagnosed arthritis, which accounted for around 1 in 4 people in the U.S. 

Moreover, increasing geriatric population is also expected to aid in growth of the global radiofrequency ablation devices market for pain management. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

Disposables held dominant position in the global radiofrequency ablation devices market for pain management in 2019, accounting for 44.5% share in terms of value, followed by equipment and reusables, respectively.

Figure 1. Global Radiofrequency Ablation Devices Market for Pain Management Market Share (%), by Value, by Product, 2019

Global Radiofrequency Ablation Devices Market for Pain Management: Restraints

Side effects of radiofrequency ablation for pain management are expected to hinder growth of the global radiofrequency ablation devices market for pain management. Some of the side effects associated with radiofrequency ablation for pain management procedures are discomfort, tissue charring and swelling.

Moreover, highly selective group of patients is compatible for the procedure, which is also expected to limit growth of the global radiofrequency ablation devices market for pain management. Radiofrequency ablation for pain management is not applicable for a large number of people suffering from chronic back pain, since there are several associated conditions which prevent use of this procedure as an option.

Radiofrequency Ablation Devices Market for Pain Management Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2020:	US$ 1,465.1 Mn
Historical Data for:	2016 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	19.4%	2027 Value Projection:	US$ 5,075.1 Mn
Geographies covered:	North America: U.S., Canada Latin America: Brazil, Argentina, Mexico, Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific Middle East: GCC Countries, Israel, Rest of Middle East Africa: South Africa, North Africa, Central Africa
Segments covered:	By Product: Equipment Reusables: Probes, Electrodes. Disposables: Cannulas, Needles, RF- Single Use Probe, RF- Single Use Electrodes. By End User: Hospitals, Ambulatory Surgical Centers, Clinics.
Companies covered:	Accuray, Inc., Avanos Medical, Inc., Boston Scientific Corporation, Biosense Webster, Inc., Cosman Medical, Inc., Diros Technology, Inc., Kimberly-Clark Corporation, NeuroTherm, Inc., St. Jude Medical, Inc., and Stryker Corporation.
Growth Drivers:	Technological advancement Increasing use of ablation technique
Restraints & Challenges:	High costs Low awareness of ablation technique

Global Radiofrequency Ablation Devices Market for Pain Management: Opportunities 

Increasing demand for minimally invasive procedures is expected to offer lucrative growth opportunities for players in the global radiofrequency ablation devices market for pain management. Minimally invasive surgeries suit the patient’s preferences due to factors such as it has less post-surgery complications and side effects and entails shorter patient recovery span and minimal pain.

Moreover, increasing prevalence of diabetes is also expected to aid in growth of the global radiofrequency ablation devices market for pain management. For instance, according to the study, “Global and regional diabetes prevalence estimates for 2019 and projections for 2030 and 2045: Results from the International Diabetes Federation Diabetes Atlas, 9th edition”, published in the journal Diabetes Research and Clinical Practice, in September 2019, 463 million people are expected to suffer from diabetes in 2019 worldwide and the number is expected to reach 578 million by 2030 and 700 million by 2045.

The global radiofrequency ablation devices market for pain management was valued at US$ 1,226.8 Mn in 2019 and is forecast to reach a value of US$ 5,075.1 Mn by 2027 at a CAGR of 19.4% between 2020 and 2027.

Figure 2. Global Radiofrequency Ablation Devices Market for Pain Management Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027

Market Trends/Key Takeaways

Increasing prevalence of osteoarthritis is expected to propel growth of the global radiofrequency ablation devices market for pain management over the forecast period. For instance, according to the study ‘Osteoarthritis in Europe: Impact on health status, work productivity and use of pharmacotherapies in five European countries’ that examined the impact of peripheral joint osteoarthritis across five European countries, UK (43.6%), France, (25.6%), Germany, (15.2%), Spain, (8.4%), and Italy (7.1%) recorded high prevalence of peripheral joint osteoarthritis, with majority of cases aging 55-74 years.

Moreover, increasing number of pain management clinics is also expected to aid in growth of the global radiofrequency ablation devices market for pain management. For instance, in August 2020, Mays & Schnapp Neurospine and Pain, a Memphis pain management clinic, started its second location on the corner of Airways Boulevard and Rasco Road.

Global Radiofrequency Ablation Devices Market for Pain Management: Competitive Landscape

Major players operating in the global radiofrequency ablation devices market for pain management include, Accuray, Inc., Avanos Medical, Inc., Boston Scientific Corporation, Biosense Webster, Inc., Cosman Medical, Inc., Diros Technology, Inc., Kimberly-Clark Corporation, NeuroTherm, Inc., St. Jude Medical, Inc., and Stryker Corporation.

Global Radiofrequency Ablation Devices Market for Pain Management: Key Developments

Major players operating in the global radiofrequency ablation devices market for pain management are focused on adopting M&A strategies to expand their product portfolio. For instance, in May 2019, Boston Scientific Corporation entered into a definitive agreement to acquire Vertiflex, Inc., a developer of minimally-invasive devices for pain management.