Major companies have shifted their focus on R&D activities in the RFAD market, resulting in large number of product developments (approvals & launches), and in turn contributing to the market growth. Acquisition is the another key strategy adopted by larger companies to acquire smaller and emerging companies, owing to the presence of large number of small- to mid-sized companies in the radiofrequency ablation devices market
Portland, OR -- (SBWIRE) -- 06/23/2017 -- Radiofrequency Ablation Devices Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $3,785 million by 2022, registering a CAGR of 11.8% during the period 2016-2022. The disposable devices segment dominated the market in 2015 and is expected to lead throughout analysis period.
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The global radiofrequency ablation devices (RFAD) market has witnessed an unprecedented growth in the past few years. The rise in the incidence of patients with chronic pain due to the increase in the prevalence of obesity, diabetes, osteoarthritis, cancer, and rheumatoid arthritis have contributed towards the market growth. Factors such as large undiagnosed patient population, increasing urbanization, and growing awareness about radiofrequency ablation devices in the Asia-Pacific and Latin American is expected to contribute significantly towards the market growth. The market growth is expected to mainly rely on the rising disposable income, leading to increased adoption of RFAD in the developing regions.
The cardiology application segment dominated the RFAD market due to the well-established adoption of radiofrequency devices to treat cardiac arrhythmias. RFA is one of the most widely used methods in the electrophysiology market with a success rate of over 90%, as per clinical trials. In cardiology, irrigated RF ablation catheters are projected to grow at a CAGR of 11.6% due to their wide acceptability in the treatment of atrial fibrillation.
Oncology would be the fastest growing application market owing to the increasing preference for RFAD over chemotherapy (considering its side effects) and projected to grow at a CAGR of 14.2%. Breast cancer was the leading application for the oncology radiofrequency ablation devices market; whereas, kidney cancer would be the fastest growing segment. This is due to the fact that breast cancer is the second most common type of cancer and accounted for around one-fourth share of all cancer cases in 2015.
Among product types, the disposable devices segment occupied the majority of the market share, and is expected to maintain its market position throughout the forecast period. This is owing to the fact that use of disposables helps in eliminating cross-contamination of the infectious disease. Also, the use of disposable devices eliminates capital investment, sterilization, and replacement costs.
North America is the largest market for radiofrequency ablation devices. Newest technologies having tremendous potential and precision are developed, tested, and launched in North America, thus making it a premier market for radiofrequency ablation devices. Europe was the second leading regional market with majority revenue contribution from Germany, U.K., and France.
Key Findings of the Radiofrequency Ablation Devices Market
Cardiology was the leading segment in 2015, and is expected to maintain the lead throughout the analysis period.
Disposables dominated the market with over two-thirds of the total market share in 2015.
Radiofrequency ablation devices used for oncology is estimated to be the fastest growing segments.
Radiofrequency ablation devices market in Russia is projected to grow at a high CAGR of 14.3% and would reach $23 million by 2022.
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Asia-Pacific market for radiofrequency ablation devices will be the fastest growing regional market.
The key players profiled in this report include Halyard Health, Inc., Stryker Corporation, St. Jude Medical, Inc., Medtronic Plc, Boston Scientific Corporation, C. R. Bard, Inc., AngioDynamics, Inc., Hologic, Inc., AtriCure, Inc., and Johnson & Johnson. Other players in the RFAD market include Baylis Medical, Arthrex, Inc., inomed Medizintechnik GmbH, Sutter Medizintechnik GmbH, Bramsys Indstria e Comrcio Ltda, ENDO-FLEX GmbH, Epimed International, and sfm medical devices GmbH.