ALBANY, New York, November 23, 2015 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Radiofrequency Ablation Devices for Pain Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023," the global radiofrequency ablation devices for pain management market was valued at US$ 358.7 million in 2014 and is expected to reach US$1,087.9 million by 2023, growing at a CAGR of 12.9% during the forecast period from 2015 to 2023.
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The burden of pain is phenomenally high for most countries, impacting the health care system in terms of health care expenditure, loss of productive (patient with disability unable to work), and higher comorbidity. Radiofrequency (RF) ablation technology for pain management involves ablation of nerves and affected tissues via the generation of heat from high frequency current. It is a minimally invasive therapy, ideally used for refractive pain in which even nerve blocks have been failed. As the prospects of this therapy are bright, the market for RF ablation devices for pain management is expected to record a high growth rate of 12.9% during the forecast period due to minimally invasive nature and high procedural efficiency.
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Chronic lower back pain is a major problem worldwide, particularly in the developed nations prone to sedentary lifestyle. It is mainly caused due to dysfunction in lumbar intervertebral discs, facet joints, sacroiliac joints, ligaments, fascia, muscles, or nerve roots that are capable of transmitting pain to the lumbar spine. The increase in the number of individuals suffering from different forms of pain had let to surge in the usage of radiofrequency devices in pain management. Major pain-causing diseases or disorders among patients that can be efficiently treated with radiofrequency ablation include diabetic neuropathy, complex regional syndrome, sacroiliac pain, and other specific conditions such as disc herniation.
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The global radiofrequency ablation devices for pain management market has been broadly segmented on the basis of product type into Capital Equipment (RF generators), Reusables (RF probes, and RF electrodes), and Disposables (Cannulae, Needles, single-use RF probe, and single-use RF Electrodes). The market for capital equipment is quite large due to high cost of acquisition for these devices. These equipment are available in the form of single-level or multiple-level devices, depending upon the number of ports they possess for electrodes and the number of lesions that can be generated independently. Advancements in RF generators such as wireless functionality, advanced software-driven technologies, patient record keeping options, and easy-to-operate touch screen interface have helped increase efficiency of ablation procedures in pain management. Further product developments that enable a smooth, speedy procedure for both the physician and patient are key to the future market growth of radiofrequency ablation devices for pain management.
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Key players in the global radiofrequency ablation devices for pain management market include are Halyard Health, Inc., St. Jude Medical, Covidien (Medtronic, Inc.), Boston Scientific Corporation, and Cosman Medical, Inc.
The global radiofrequency ablation devices for pain management market is segmented into the following categories:
Radiofrequency Ablation Devices for Pain Management Market, by Product
- Capital Equipment (RF Generators)
- Single-use Probes
- Single-use Electrodes
Radiofrequency Ablation Devices for Pain Management Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Rest of the World
Other Related Market Research Reports:
- Growing Demand for Minimally Invasive Devices Boosts Global Pain Management Devices to US$5.0 bn by 2018
According to the report, the global pain management devices market will reach an estimated US$5.0 bn by 2018, should the market hold consistently to the specified growth rate, rising from a recorded value of US$2.0 bn in 2018.Drivers of the global pain management devices market, as listed in the report, include developments in technology that help create desirable expansions to accommodate a larger consumer base, and measures available against the pain that resurfaces after a few years of some surgeries. A TMR analyst said, "Patients are demanding better pain management devices and are preferring those that come with minimally invasive procedures. This includes implantable analgesic pumps and neurostimulators".
- Owing to Patent Expiry of Blockbuster Drugs Browse the full Pain Management Therapeutics Market (Anticonvulsants, Antidepressants, Anesthetics, NSAIDs, Opioids, Other Non-Narcotic Analgesics and Anti-Migraine Agents) - Global Ind will Decline at 5.5% CAGR
According to the report, the global pain management therapeutics market stood at US$40.93 billion in 2011. Declining at a -5.5% CAGR between 2012 and 2018, the market is expected to reach US$29.47 billion in 2018. The report analyzes the global market for pain management therapeutics based on three perspectives vis-à-vis geographic analysis, therapeutic classes of drugs, and pain management indications.
Chronic pain is one of the most common health concerns registered around the world. Due to the debilitating effect of chronic pain, the demand for pain management therapeutics has always remained significantly high. Several methods of pain management such as physiotherapy, chiropractor therapy, and minimally invasive procedures of pain management are easily available to patents.
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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