Global Radiofrequency Ablation Devices Market For Pain Management, By Product [Equipment, Reusables (Probes, Electrodes), Disposables (Cannulas, Needles, RF-Single Use Probe, RF- Single Use Electrodes)], By Application (Cardiology, Oncology, Gynecology, Pain Management, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,493.4 Million in 2023 and is expected to exhibit a CAGR of 19.4% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focusing on adopting growth strategies, such as the launch of new products, which will drive the global radiofrequency ablation devices market for pain management. For instance, in June 2020, Boston Scientific Corporation, a medical device company, announced the U.S. launch of DIRECTSENSE Technology, a tool for monitoring the effect of Radiofrequency (RF) energy delivery during cardiac ablation procedures. Available on the RHYTHMIA HDx Mapping System, DIRECTSENSE Technology is the only tool to monitor changes in local impedance - electrical resistance - around the tip of the INTELLANAV MiFi Open-Irrigated (OI) ablation catheter, offering physicians additional measurement of therapy effect during an ablation.
Global Radiofrequency Ablation Devices Market For Pain Management - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
Catheter ablation procedures for Atrial Fibrillation (AF) were significantly curtailed during the peak of the COVID-19 pandemic to conserve healthcare resources and limit exposure. According to the study "Rebooting atrial fibrillation ablation in the COVID-19 pandemic," published in February 2021, there were no cases of ablation-related COVID-19 transmission in the study population. However, there were a smaller number of transesophageal echocardiography procedures performed in 2020 as compared to 2019 despite a greater prevalence of persistent arrhythmia in 2020, indicating that healthcare resources were reutilized for COVID-19 care. As a result, fewer ablation procedures were performed, thereby negatively impacting the market growth.
Global Radiofrequency Ablation Devices Market For Pain Management: Key Developments
On February 2, 2023, Abbott, a pharmaceutical company, announced that the company’s TactiFlex Ablation Catheter, Sensor Enabled, received Conformité Européenne (CE) Mark approval for treating people with abnormal heart rhythms like atrial fibrillation (AFib). Abbott’s TactiFlex catheter is now available in Europe, Africa, Japan, and Australia.
In April 2022, AtriCure, a company provides innovative atrial fibrillation (Afib) treatment solutions, announced the launched of the EnCompass Clamp as part of its Isolator Synergy ablation system. The platform includes parallel closure, uniform pressure, and custom power using synergy radiofrequency, which will be used for the ablation of cardiac tissue during cardiac surgery to make concomitant surgical ablations more efficient.
In August 2022, Medtronic, a leader in healthcare technology, announced that it has completed the acquisition of Affera, Inc., a medical technology company. This acquisition expands the company's cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform that encompasses a differentiated, fully integrated diagnostic, focal pulsed field, and radiofrequency ablation solution.
Browse 38 Market Data Tables and 33 Figures spread through 225 Pages and in-depth TOC on “Global Radiofrequency Ablation Devices Market For Pain Management”- Forecast to 2030, Global Radiofrequency Ablation Devices Market For Pain Management, By Product [Equipment, Reusables (Probes, Electrodes), Disposables (Cannulas, Needles, RF-Single Use Probe, and RF-Single Use Electrodes)], By Application (Cardiology, Oncology, Gynecology, Pain Management, and Others), By End User (Hospitals, Ambulatory Surgical Centers, and Clinics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Key Takeaways of the Global Radiofrequency Ablation Devices Market For Pain Management:
- The global radiofrequency ablation devices market for pain management is expected to exhibit a CAGR of 19.4% during the forecast period owing to increasing inorganic growth strategies such as acquisition by key market players to expand their product portfolio. For instance, in December 2021, Becton, Dickinson and Company, a medical technology company, announced that it has acquired Venclose, Inc., a provider of solutions for the treatment of Chronic Venous Insufficiency (CVI), a disease that is the result of malfunctioning valves and can lead to varicose veins. The Venclose System is compactly designed and provides two heating length sizes (2.5 cm and 10 cm) in one 6 FR sized catheter.
- Among application, the cardiology segment is expected to hold a dominant position in the global radiofrequency ablation devices market for pain management during the forecast period, and this is attributed to the increasing inorganic growth strategies such as acquisition by key market players to expand their product portfolios. For instance, in February 2022, Boston Scientific Corporation, a medical device company, announced the acquisition of Baylis Medical Company Inc., a company that offers advanced transseptal access solutions as well as guidewires, sheaths and dilators used to support catheter-based left-heart procedures. This acquisition allows Boston Scientific Corporation to integrate the Baylis platform with existing electrophysiology and structural heart offerings, further strengthening its position within the highest growth cardiology markets.
- Among region, North America is expected to be the dominant region in the global radiofrequency ablation devices market for pain management, owing to the key players focusing on inorganic strategies such as acquisition to expand their market presence. For instance, in January 2020, Stratus Medical, a U.S. based medical device company, announced that it has acquire the assets of NimbusRF from Biomerics, a medical device contract manufacturer to support the continued global expansion of the Nimbus RF Multitined Expandable Electrode for chronic pain.
- Major players operating in the global radiofrequency ablation devices market for pain management are Boston Scientific Corporation, Accuray, Inc., Avanos Medical, Inc., Biosense Webster, Inc., Cosman Medical, Inc., Diros Technology, Inc., Kimberly-Clark Corporation, NeuroTherm, Inc., Stryker, AngioDynamics, Medtronic, Sutter Medizintechnik GmbH, Bramsys, Epimed International, sfm medical devices GmbH, Baylis Medical, AtriCure, Inc., ENDO-FLEX GmbH, Hologic, Inc.