Global Radiofrequency Ablation Market will increase by CAGR 11.60% till 2020
Deerfield Beach, FL -- (SBWIRE) -- 12/04/2017 -- According to the report, global demand for radiofrequency ablation devices market is expected to reach USD 696.5 million in 2020, growing at a CAGR of around 11.60% till 2020.
Ablation is practice for the exclusion of aberrant tissue from the body by using minimal invasion to restore blood flow. Ablation is utilized for the treatment of coronary heart disease. Radiofrequency Ablation is the type of ablation which is based on electrical energy. The electric energy is used for generating the heat and used in particular region for a specific time that results in the killing of the certain tissue. Ablation either eliminates tumors or reduces the size of the tumor by the less invasive treatment. Radiofrequency can be used for the tumors of sized 7 cm and can be performed repeatedly for removal of tumors to reduce the complications.
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Radiofrequency ablation has evolved into a vital therapeutic tool for treating primary and secondary liver tumors. Rising incidence of cancer and increasing adoption of minimally invasive processes globally is the driving factor for the growth of radiofrequency ablation device market. Surging number of patients suffering from the different disease had spurred the practice of radiofrequency ablation in pain management. Though, high maintenance cost for the radiofrequency ablation device along with the high cost of the procedure is affecting the growth of radiofrequency ablation market. Nevertheless, raising awareness about ablation method rather than the use of conventional surgical methods is expected to open new growth opportunities for the radiofrequency ablation market. Moreover, increase in demand for the radiofrequency ablation is estimated from the emerging countries.
Some of the key product segments of the radiofrequency ablation devices market are capital equipment, disposable equipment, and reusable equipment. Reusable equipment includes RF electrodes and probes.
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The disposable equipment comprises needles, cannulas, single-use electrodes and single-use probes. Disposable equipment emerged as a prominent segment with 42.16% market share in 2014 owing to the growing number of minimally invasive medical procedures. The use of needles and cannulas had also triggered the demand for disposable equipment resulting into the growth of radiofrequency ablation market.
Geographically, North America dominated the market for radiofrequency ablation devices in 2014 followed by Europe. North America accounted for 42.10% market share in 2014. Adoption of advanced technologies, high awareness for treatment of various diseases by using ablation technique is some of the major drivers of this market. Asia Pacific is likely to experience high-growth over the estimated period. A Large pool of patients with unmet medical requirements and support from the government for development of healthcare sector are some reasons accounting for the growth of the market in this region.
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Some of the key participants in this market are Angiodynamics, Boston Scientific, Covidien, CardioFocus, St Jude Medical, and Stryker. Boston Scientific is one of the global leaders for tumor ablation market due to the adoption of strategies like new product launch, advance manufacturing facilities, joint venture, and acquisitions.