Radiofrequency Ablation Devices Market (2023 - 2030)

Radiofrequency Ablation Devices Market Summary

According to the Centers for Disease Control and Prevention (CDC), Atrial Fibrillation (AF) is projected to affect 17.9 million in Europe by 2060 and 12 million people in the U.S. by 2050. In addition, the growing geriatric population and rising life expectancy are expected to boost the growth. Geriatric people are more susceptible to chronic diseases, driving the demand for highly effective treatment and boosting the radiofrequency (RF) ablation market. According to the World Health Organization (WHO), the world’s population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. The demographic tends to have the highest disability rate and maximum need for effective care and treatment, which is anticipated to propel the growth.

An increase in healthcare-related expenditure and a rising preference for minimally invasive surgeries are some of the major factors driving the market growth. Radiofrequency ablation is an effective treatment for small cancers and can be repeated if new cancer appears. According to the U.S. Census Bureau, global healthcare spending is anticipated to reach USD 18.28 trillion by 2040, at a CAGR of 2.6%. According to the WHO Global Health Expenditure Database 2021, Germany spent 12.8% of its Gross Domestic Product (GDP) on healthcare, the UK spent 11.9%, Sweden spent 11.3%, Norway spent 10.1%, and Italy spent 9.5%. This increase in spending is expected to positively influence revenue generation from radiofrequency ablation devices.

The rising prevalence of chronic pain disorders such as arthritis and osteoporosis and improving healthcare infrastructure will propel market growth. According to the Centers for Disease Control and Prevention, approximately 58.5 million people have been medically diagnosed with arthritis, and by 2040 an estimated 78.4 million (26%) U.S. adults aged 18 years and above are anticipated to be diagnosed with arthritis.

Component Type Insights

Based on the product, the market is trifurcated into disposable, capital, and reusable equipment. Disposable equipment accounted for the largest market share of 42.7% in 2022 and is expected to witness the fastest CAGR of 12.2% over the forecast period from 2023 to 2030. Advanced technology capable of creating large regions of coagulative necrosis in a controlled manner, being relatively low toxic, and decreasing the risk of complications drive the growth of the disposable RF ablation devices market.

New product launches by local and global players are expected to drive market growth over the forecast period. In June 2020, Boston Scientific Corporation launched DIRECTSENSE Technology to monitor RF's effects during cardiac ablation treatment after receiving approval from Food and Drug Administration (FDA) in April 2020. In April 2017, Medtronic launched the OsteoCool RF Ablation system in Canada to indicate bone metastases. This is the only RF ablation system with dual-probe capabilities that provides customized, flexible, and predictable treatment.

Application Insights

Based on the application, the market is segmented into surgical oncology, cardiology, cardiac rhythm management, pain management, gynecology, and cosmetology. Surgical oncology held the largest market share in 2022. Surgical oncology is gaining traction as radiofrequency ablation can be used to treat cancerous cells to improve the survival of high-risk patients with unresectable and refractory tumors. RF ablation reduces the potential side effects, has lesser recovery time, and can be used on patients suffering from multiple tumors that cannot be treated via open surgery.

According to the International Agency for Research on Cancer (IARC), in 2020, 19.6 million people were diagnosed with cancer; breast cancer is the most common, with 2.3 million cases, followed by lung cancer, with 2.2 million cases, and colorectum cancer the third most common cancer with 1.9 million cases. The increasing prevalence of cancer across the globe is expected to add to the market during the forecast period.

The cardiology and cardiac rhythm management segment are expected to expand at the fastest CAGR during the forecast period owing to the increase in the risk of developing Atrial Fibrillation (AF). According to the Department of Health, National Service Framework for Coronary Heart Disease, AF is the most common arrhythmia, and the catheter ablation method is anticipated to be one of the most commonly performed electrophysiological procedures in the upcoming years, driving the market growth.

End-use Insights

The RF ablation market is further segmented based on end use in hospitals, ambulatory surgery centers (ASCs), and research laboratories. The hospital segment accounted for the largest share of 46.3% in 2022, owing to hospitals being the primary setting for RF ablation, favorable reimbursement policies, and suitable infrastructure to perform RF ablation.

The research laboratories segment is expected to grow at a lucrative CAGR of 11.9% over the forecast period. Research laboratories are conducting various studies and trials to evaluate radiofrequency ablation's safety, efficacy, and outcomes for different indications, such as cancer, cardiac arrhythmias, pain management, and cosmetic dermatology. Radiofrequency ablation devices and research laboratories can provide valuable insights and data to support developing and innovating new products and technologies. Moreover, research laboratories can also benefit from the cost-effectiveness and convenience of radiofrequency ablation devices, as they can reduce the need for surgical interventions and hospitalizations. Therefore, the research laboratories segment is expected to boost the demand for radiofrequency ablation devices and contribute to the market's growth.

One of the key factors driving the growth of the radiofrequency ablation market is the increasing demand for ambulatory surgery centers (ASCs). ASCs provide outpatient surgical procedures, such as radiofrequency ablation, without requiring hospital admission. ASCs offer several benefits to patients and providers, such as lower costs, shorter recovery times, greater convenience, and higher patient satisfaction. According to the National Hospital Ambulatory Medical Care Survey 2020, ASCs in the U.S. had 5.6 million visitors for cancer, which equated to 4.3% of total visitors approximate.

Regional Insights

North America accounted for the largest revenue share of 31.2% in 2022 and is expected to maintain its dominance over the forecast period. Major factors contributing to regional growth are the high prevalence of cancer, technological advancements, high purchasing power, and government support for quality healthcare. According to the IARC, in 2020, Canada had 274,364 people diagnosed with cancer, with prostate cancer being the most common, with 29,972 new cases, followed by breast cancer with 28,026 new cases, and lung cancer with 25,574 new cases.

Asia Pacific is anticipated to exhibit the fastest CAGR of 12.1% over the forecast period. The introduction of advanced technology, such as multi-needle electrodes showcasing accuracy, portability, and cost-effectiveness, is expected to impact the regional market positively. Also, increasing disposable income, improving healthcare infrastructure, and rapidly growing economic conditions in the emerging markets of China and India are responsible for fueling the growth in the Asia Pacific.

Furthermore, the prevalence of chronic diseases in this region can further boost the need for radiofrequency ablation devices. According to the American College of Cardiology (ACC), over half of the global deaths due to CVDs occur in the Asia Pacific region. CVD deaths have increased from 5.6 million in 1990 to 10.8 million in 2019; 39% of the deaths were under the age of 70.

Key Companies & Market Share Insights

The key players are strengthening their position in the industry through activities such as collaborations, mergers, and acquisitions. For instance, in February 2019, Medtronic launched Accurian RF ablation, featuring chip-enhanced probes and independent channel management for ease of detection on-screen and downloadable procedure reports for better convenience and efficiency. In September 2018, AngioDynamics acquired BioSentry Tract Sealant System technology from Surgical Specialities, LLC, and RadiaDyne and its proprietary OARtrac radiation dose monitoring platform to build a continuum of care within the oncology space. This strategy helps the company to expand the oncology business.

Similarly, in July 2017, Boston Scientific Corporation acquired Cosman Medical, Inc., a manufacturer of RF ablation systems. This further expands Boston Scientific’s portfolio with Spinal Cord Stimulator and Deep Brain Stimulation Systems. The following are some of the major participants in the global radiofrequency ablation devices market:

• Boston Scientific Corporation

• Medtronic

• Stryker

• Abbott.

• Smith & Nephew

• Johnson & Johnson Services, Inc.

• AngioDynamics

Radiofrequency Ablation Devices Market