PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419054
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419054
Radiofrequency Ablation Devices Market size was valued at USD 4,304.5 Million in 2022, expanding at a CAGR of 12.1% from 2023 to 2030.
Radiofrequency Ablation (RFA) is a minimally invasive medical procedure that employs high-frequency electrical currents to generate heat and treat specific tissues like tumors or abnormal growths. It involves the use of electrodes inserted through the skin to deliver targeted heat, controlled by a generator that regulates the energy. RFA is commonly used in treating various cancers (e.g., liver, kidney, lung) and managing cardiac arrhythmias. Its advantages include precision in targeting tissues, reduced invasiveness compared to surgery, and shorter recovery times for patients.
Factors such as escalating healthcare expenditures and a growing inclination towards minimally invasive procedures are key drivers behind the market's expansion. Radiofrequency ablation stands out as an effective treatment for small cancers, offering the possibility of repetition in case of recurring cancer instances. The U.S. Census Bureau forecasts that global healthcare spending will reach USD 18.28 trillion by 2040, growing at a CAGR of 2.6%. Notably, according to the WHO Global Health Expenditure Database of 2021, healthcare spending in various countries such as Germany, the UK, Sweden, Norway, and Italy accounted for 12.8%, 11.9%, 11.3%, 10.1%, and 9.5% of their respective Gross Domestic Product (GDP). This surge in expenditure is expected to have a positive impact on revenue generation from radiofrequency ablation devices.
The Global Radiofrequency Ablation Devices Market is segmented on the basis of Product type, Application, End Use, and Region.
The market is divided into three categories based on product type: disposable, capital, and reusable equipment, with disposable equipment seizing the largest market share in 2022, mainly driven by advanced technology facilitating controlled creation of sizable regions of coagulative necrosis, low toxicity levels, and decreased risk of complications. Additionally, Oculus Inc. announced its collaboration with Luvo for the U.S. launch of Lucent, providing intense pulsed light therapy, and Darwin, which combines IPL with radiofrequency, at Vision Expo West in 2023.
The market is divided into five categories based on application: surgical oncology, cardiology and cardiac rhythm management, pain management, gynecology, and cosmetology, with surgical oncology holding the dominant market share in 2022. The prominence of surgical oncology stems from the escalating utilization of radiofrequency ablation (RFA) to address cancerous cells, notably benefiting high-risk patients with unresectable and refractory tumors, thus improving survival rates. RFA's advantages, including reduced potential side effects, shorter recovery periods, and its applicability for patients with multiple untreatable tumors through conventional surgery, contribute to its growing traction in the field.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies operating in the radiofrequency ablation (RFA) market deploy diverse strategies to maintain competitiveness and foster growth. These strategies encompass continual innovation in product development, focusing on enhancing device technology, precision, and safety features. Establishing strategic alliances and partnerships with healthcare institutions and technology firms facilitates market expansion and access to novel technologies. Moreover, market players emphasize extensive marketing campaigns to raise awareness among both healthcare practitioners and patients about the advantages of RFA procedures over traditional treatments. Ensuring regulatory compliance, investing in customer support and training programs, and exploring cost-effective solutions are pivotal tactics employed to sustain market presence, navigate regulatory complexities, and meet the varied needs of healthcare facilities and patients.
In October 2023, Oculus Inc. announced its collaboration with Luvo for the U.S. launch of Lucent, providing intense pulsed light therapy, and Darwin, which combines IPL with radiofrequency, at Vision Expo West in 2023.
The scope of this report covers the market by its major segments, which include as follows: