What is Biggest Trend Currently Witnessed in Radiofrequency Ablation Devices Market?

The global radiofrequency (RF) ablation devices market reached a value of $3,173.5 million in 2019, and it is expected to progress at a CAGR of 12.6% between 2020 and 2030. Furthermore, the market will generate a revenue of $11,080.3 million by 2030, as per the estimates of the market research company, P&S Intelligence. The factors driving the expansion of the market are the surging geriatric population, increasing healthcare expenditure, growing incidence of chronic diseases, and rapid technological advancements.

Another important factor propelling the growth of the radiofrequency ablation devices market is the surging population of geriatric people around the world. Because of their weak immune systems, geriatric people need minimally invasive treatments for various chronic diseases such as cardiovascular diseases (CVDs) and cancer. As per the UN World Population Ageing 2019 report, the population of people in the age bracket- 65 years or above will rise from 703 million in 2019 to 1.5 billion by 2050.

Besides the aforementioned factors, the increasing incidence of cancer is also driving the progress of the radiofrequency ablation devices market. Depending on component, the market is classified into generators, accessories, and catheter systems. Out of these, the catheter systems category held the largest share in the market in 2019. This was primarily because of the fact that these devices were heavily used in minimally invasive procedures and are easily disposable, unlike the generators and the reusable times.

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The market is also segmented, on the basis of end user, into ambulatory surgical centers (ASCs) and hospitals. Of these, the hospitals category is expected to exhibit the faster growth in the market in the forthcoming years, primarily because of the increasing patient pool and the number of ablation procedures being conducted in these settings. Across the globe, North America dominated the radiofrequency ablation devices market between 2014 and 2019, and this trend will continue in the future as well.

This is credited to the increasing prevalence of cancer and heart diseases, surging healthcare expenditure, and the provision of favorable reimbursement policies in the region. As per the Centers for Medicare & Medicaid Services (CMS), the total healthcare spending in the U.S. in 2018 stood at $3.6 trillion or $11,172 per person, registering an increment of 4.6% from the previous year. Moreover, the total healthcare expenditure in the country accounted for 17.7% of the gross domestic product (GDP).

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