Albany, NY -- (SBWIRE) -- 08/10/2016 -- Halyard Health, Medtronic, and AngioDynamics were the top three providers of radiofrequency ablation devices for pain management in 2014, racking up a collective market share of 53.2% in revenue. A key area of interest for most globally prominent producers of radiofrequency ablation devices for pain management is Asia Pacific. The high population density, the rapid rate of economic and healthcare industry development, and the growing percentage of the elderly are creating a high demand for minimally invasive surgical devices and ablation devices.

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According to a new report published by Transparency Market Research, the threat of new entrants is expected to remain moderate over the coming years. While the upcoming development of key pipeline devices by prominent companies is expected to increase the overall competitive edge, the sheer capital need to maintain top class R&D efforts and product development is deterring most small and medium sized players from expanding further.

Growth in Geriatric Population Raises Demand for Pain Management Devices

"Census bureaus from all key countries and the WHO concur that the geriatric demographic is increasing across the world," states a TMR analyst. "The elderly are currently creating the largest proportion of demand for radiofrequency ablation devices market for pain management. Manufacturers need to focus on the regions that possess a larger percentage of the elderly in order to generate the highest number of opportunities."

The geriatric are the most prone to diseases and are highly sensitive to pain from both the disease and the invasive treatments that are commonly offered today. The introduction of RF ablation devices in pain management can vastly benefit them in terms of recovery and healing.

Market for RF Ablation Devices Slowed by Long Approval Waits

Ablation devices belong to the Class III medical devices category in Europe and the U.S., the two key regions for consumption of the pain management devices. Regulatory agencies are highly concerned about the safety and efficacy of all Class III devices and take their screening procedures at length.

The stringency of these procedures therefore not only delays the launch of a device that can be highly beneficial, but also increase the expenses incurred by the manufacturers in order to meet the regulatory policies proposed by agencies such as the FDA and the CE.

Asia Pacific Shows Fastest Growth Rate in Demand for Pain Management RF Ablation Devices

Between 2015 and 2023, the global radiofrequency ablation devices for pain management market is expected to progress at a CAGR of 12.9%. By the end of 2023, it is expected to be valued just over US$1 bn. A large chunk of this revenue comes from the segment of disposable devices. It is expected to continue in its leading position in terms of revenue generated till 2023, while expanding at a CAGR of 13.4% from 2015 to 2023. Asia Pacific is expected to show the fastest growth rate among all key regions, expanding at a CAGR of 16.8% from 2015 to 2023.