According to the research experts of Strategic Market Research the market for Radio Frequency Ablation Devices was worth USD 3.531 billion in 2020 and is likely to reach a landmark of nearly USD 10.726 billion in 2030 with a robust CAGR of 11.732 %.
New York, United States, May 18, 2022 (GLOBE NEWSWIRE) -- Rising geriatric population and chronic diseases worldwide are the key factors that are driving the Radio Frequency Ablation Devices Market exponentially. According to the World Health Organization, the number of people aged 60 years and above will rise from 900 Million to 2 Billion between the years 2015 to 2050. In terms of End-User, the Hospital market segment possessed the maximum share of the entire market in the year 2020 with 48.12 %, and it is anticipated to do so over the forecasted period of 2020-2030. Moreover, on a regional basis, North America held the greatest proportion of the entire market, with a CAGR of 11.9% in the year 2020. However, on the other hand, the Asia-Pacific region subsumed the highest CAGR of the market throughout the projected period of 2020-2030.
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The segmentation outline of the latest report published by Strategic Market Research on Radio Frequency Ablation Devices Market are as follows:
Cardiology & Cardiac Rhythm Management
Ambulatory Surgical Centers
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The Market for Global Radio Frequency Ablation Devices is predicted to reach a market value of USD 10.726 billion by 2030 from USD 3.531 billion in 2020, at a CAGR of 11.73 percent during the forecasted period. Apart from the growing number of cases of CVDs and cancer, the increase in the overall demand for pain management (such as relief from arthritis and various other chronic pain disorders by medicines) is also augmenting the overall growth of the market to a great extent. Also, the market for Global Pain Management is growing smoothly at a CAGR of about 5.017 % all over the forecasted timeline of 2020-2030.
By Product, the Disposable segment held the largest share of the Radio Frequency Ablation Devices market
In terms of Product, the ‘Disposable’ market segment had the largest market share in the year 2020 with a steady CAGR. The minimization of mortality and morbidity rates worldwide & the overall ability of the RFA devices to provide treatment in an outpatient setting are all propelling the growth of this entire market segment.
By Application, the ‘Surgical Oncology’ market segment possessed the highest share of the market
In terms of Applications, the ‘Surgical Oncology market segment possessed the largest market share in the year 2020. The sole aim of surgical oncology is to eradicate the cancerous tissues that are present within the whole body. In accordance with the BIBB INSTRUMENTS, over 1 Million biopsies are well-conducted each year all throughout the globe with the assistance of EUS fine-needle instruments. Also, in the U.S itself, there are over 1200 hospitals which are busy in implementing the endoscopy ultrasound to diagnose the cancer patients particularly.
By End-User, the ‘Hospitals’ dominated the entire Radio Frequency Ablation Devices Market
In terms of End-User, the ‘Hospital market segment comprehensively dominated the entire market in the year 2020 with an overall share of 48.12 percent, and it is expected to continue to do so all over the forecasted period of 2020-2030. As per Definitive Healthcare, the hospitals in the United States spent a total sum of USD 36 Billion on medical supplies in the year 2018, with an average of almost USD 11.9 Million per hospital.
North America held the maximum portion of the Radio Frequency Ablation Devices Market share
On a regional basis, North America contained the largest proportion of the total market with an overall CAGR of 11.973% and overall revenue of 1.513 Billion in the year 2020. It is mostly because of the crucial factors like rapid growth in the technological advancements in RFA & other medical devices, the continuous rising prevalence of cancer cases, and the expenditure by the governmental bodies on the healthcare facilities that are widely stimulating the total growth of this market. However, on the other hand, the Asia-Pacific region held the highest CAGR of the market all over the projected period of 2020-2030. It is mainly because of the introduction of new technologies like multi-needle electrodes and quick improvements of the whole healthcare infrastructures in China and India, which are all widely stimulating the growth of the market in this entire region.
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The major players that are covered in the Global Radio Frequency Ablation Devices Market report are:
Boston Scientific Corporation
St. Jude Medical
C. R. Bard
Johnson & Johnson
Inomed Medizintechnik GmbH
Bramsys Indústria e ComércioLtda
Sutter Medizintechnik Gmbh
Sfm Medical Devices Gmbh
Global Radiofrequency Ablation Devices Market: Recent Developments
On the 1st of June, 2020, Boston Scientific introduced the DIRECTSENSE Technology, which has mainly provided the electrophysiologists with the first-ever visualization and local measurement of the tissue responses to the RFA.
On the 27th of Feb, 2019, Medtronic received the FDA clearance to inaugurate the Accurian radiofrequency ablation platform, which is highly efficient in terms of conducting RF ablation of the nerve tissues.
On the 29th of Apr, 2021, AtriCure received the FDA approval for the introduction of its Epi sense system primarily for the treatment purposes of patients who are diagnosed with persistent and long-standing Atrial Fibrillation. In accordance with the National Library of Medicine, Atrial fibrillation is one of the most frequent types of cardiac arrhythmia. It has been estimated that around (6 to 12) Million people all over the globe will suffer from this condition in the U.S. by the year 2050 and approximately 17.9 Million people in Europe by the year 2060.
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