Radiofrequency Ablation Devices for Pain Management Market is Estimated to Reach US$1,087.9 mn by 2023; led by Rise in Geriatric Population Globally - TMR

ALBANY, New York, August 10, 2016 /PRNewswire/ --

Global market for radiofrequency ablation devices for pain management 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.

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.

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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.

Browse Regional PR:  

http://www.europlat.org/asia-pacific-to-register-fastest-growth-in-global-radiofrequency-ablation-devices-for-pain-management-market.htm

North America Leads Demand for Pain Management Devices 

RF ablation devices for pain management offer a key advancement in healthcare, especially in regions that hold a particularly higher percentage of geriatric people. At the same time, multiple factors need to be considered while obtaining the overall feasibility of these devices in an economy. These include the demand, rate of adoption, the quality of current healthcare infrastructure, and the affordability of these devices with or without the option of reimbursement policies.

As a result, North America, with its advanced healthcare industry, key reimbursement policies, and a high target population, provides the best ground for growth of radiofrequency ablation devices market manufacturers. Similar conditions are present in Europe. On the other hand, Asia Pacific, Latin America, and the Middle East and Africa are lagging behind in RF ablation device implementation due to their high costs.

The information presented in this review is based on a Transparency Market Research report, titled, "Radiofrequency Ablation Devices for Pain Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023."

Key Takeaways: 

• Disposable radiofrequency ablation devices for pain management expected to reach US$496.1 mn by 2023.
• North America expected to generate US$417.7 mn of the total revenue in the global radiofrequency ablation devices for pain management market in 2023.
• US$1,087 mn expected to be generated in the global market for radiofrequency ablation devices for pain management by 2023.

Key Segments of the Radiofrequency Global Ablation Devices for Pain Management Market 

Radiofrequency Ablation Devices Market for Pain Management, By Product 

• Capital Equipment (RF Generators)
• Reusable Devices
• Disposable Devices

Radiofrequency Ablation Devices Market for Pain Management, By Geography 

• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the World

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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SOURCE Transparency Market Research