Albany, NY -- (SBWIRE) -- 02/22/2017 -- Radiofrequency Ablation Devices for Pain Management Market: Snapshot
Increased awareness about non-invasive method of ablation for pain management has increased the global acceptance of radiofrequency (RF) ablation devices for a variety of pain indications over other treatment options in the past few years. High availability of numerous product varieties, easy access, increased awareness, cost-effectiveness, and quick relief provide RF ablation devices a cutting edge over other treatment options. In developed economies, radiofrequency ablation procedures have emerged as the most adopted pain management techniques lately. In developing economies as well, the adoption of these procedure is increasing at a rapid pace.
Transparency Market Research estimates that the global radiofrequency ablation devices for pain management market will exhibit a remarkable 13.0% CAGR from 2016 through 2024. Considering that the numbers hold true, the market will rise from a valuation of US$372.7 mn in 2015 to US$1,114.5 mn in 2024.
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Disposable RF Ablation Devices to Continue Enjoying Widespread Adoption
Based on product type, the market has been examined for RF generators, reusable products, and disposable products. Of these, the segment of disposable products, comprising radiofrequency ablation devices such as electrodes and probes, accounted for over 40% of the global market in 2015. Several hospitals perform multiple RF procedures in a single day due to increasing patient pool of chronic diseases and the widening awareness about available procedures. Therefore, it is more convenient to use disposable devices than re-sterilizing devices in between procedures.
The segment of RF generators ranked second in line to the segment of disposable products in terms of revenue contribution to the global radiofrequency ablation devices for pain management market in 2015. Development of novel and technologically advanced product varieties is a major driver of the segment. Easy availability of products that enable smooth and fast procedure for both physicians and patients and rising incidence of diseases associated with chronic pain are expected to fuel the growth of the RF generators segment in the next few years.
Emerging Economies to Lead to Promising Returns
The North America radiofrequency ablation devices for pain management market presently holds the top position in the global market, commanding a share of over 42% of the global market in 2015. High prevalence of chronic pain conditions in the U.S. and increasing demand for minimally invasive procedures are attributed to the growth of market in the region. Moreover, increasing number of deaths associated with opioid-related overdose are also prompting the usage of alternative therapies. Early availability of advanced technologies and higher penetration of health care services across the region will help North America retain its dominance in the near future as well.
The region is, however, expected to lose promise to emerging economies across regional markets such as Latin America and Asia Pacific over the forecast period. Asia Pacific presently holds a small share of the market; however, the region has significant growth potential owing to high population, rising prevalence of chronic diseases, and rising awareness about available products among consumers. Improvement in health care reforms in select countries in Asia Pacific, such as China, India, and Indonesia, has also enabled access to novel health care solutions, which has increased life expectancy of the population.
According to a report by the United Nations, geriatric population is expected to account for 40% of the total population of Japan by 2060. In addition, Singapore is aging rapidly, and hence prevalence of chronic pain conditions is expected to significantly rise in the region as there exists strong relationship between old age and pain. As such, countries in Asia with high geriatric population are likely to trigger the growth of radiofrequency procedures for pain management in the next few years. Countries in Latin America will lead to promising returns due to rising investment in healthcare and increasing prevalence of chronic pain conditions.
In the largely consolidated global market for radiofrequency ablation devices for pain management, few notable large and small vendors dominate. Some of these are Diros Technology, Inc., Boston Scientific Corporation, St. Jude Medical, Inc., and Halyard Health, In
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