The Asia Pacific radiofrequency ablation devices market is anticipated to reach US$ 1,705.06 Mn by 2027 from US$ 699.62 Mn in 2019. The market is projected to grow at a CAGR of 12.1% from 2020 to 2027
NEW YORK, May 22, 2020 /PRNewswire/ -- Asia Pacific Radiofrequency Ablation Devices Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Product and Application
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The Asia Pacific radiofrequency ablation devices market is anticipated to reach US$ 1,705.06 Mn by 2027 from US$ 699.62 Mn in 2019. The market is projected to grow at a CAGR of 12.1% from 2020 to 2027. In a radiofrequency ablation procedure, the physicians use a device that transmits the energy of radiofrequency waves and destroys the target tissue. This technology has been widely in use to treat solid tumors, arrhythmias, uterine fibroids, and other medical conditions. The radiofrequency ablation devices market growth is primarily attributed to the rising prevalence of chronic diseases, emerging applications of radiofrequency ablation technology, and increasing preference for minimally invasive procedures in Asia Pacific. However, side-effects associated with radiofrequency ablation, and high tendency of reusing and reprocessing the devices due to the high cost of new devices hamper the growth of the market in this region. Additionally, business expansion in emerging markets in Asia Pacific, and consistent radiofrequency ablation product launches and approvals provide opportunities to the market player to grow their presence in this region during the forecast period.
Increasing the prevalence of chronic pain conditions such as arthritis, combined with osteoporosis, is likely to drive the market development in the coming years.Chronic pain is long-lasting and is resilient to most medical treatments; it might lead to severe physiological and mental problems that affect the quality of life.
In 2008, the prevalence of arthritis in China was 31.4% of the total population in middle-aged people or older. Moreover, as per Chinese Census 2010, there were 526 million cases of atrial fibrillation in China. The growing geriatric population, coupled with rising life expectancy, is expected to boost the healthcare sector growth in the region during the forecast period. Geriatric people are more prone to chronic diseases, driving the demand for highly effective treatments, such as RF ablation. For instance, ~40% people in Japan are likely to age more than 65 by 2060. The demographics tend to have maximum need for adequate care and treatment due to highest disability rate, which is anticipated to propel the growth of the market for new therapeutic technologies such as radiofrequency ablation. Pain leads to severe complications if proper care or treatment is not taken for a long time. Highly adverse effects and lower efficiency of alternate pain relief procedures and therapeutics such as opioids, acupuncture, and acupressure have led to the surge in the adoption of radiofrequency ablation devices. Hence, high availability, easy access, increased awareness, cost-effectiveness, and quick relief provide RF ablation devices a cutting edge over other treatment options for pain management.
Radiofrequency ablation is an effective treatment for chronic pain management and small cancers, and the procedure can be repeated in case of reoccurrence of cancer.Rising chronic pain disorders such as arthritis and osteoporosis, coupled with improving healthcare infrastructure, would propel the market growth in the coming years.
The high success rate of radio frequency ablation in cancer treatment and advantages offered (such as generation of larger ablation zones and less impact of the heat sink effect) are the major factors contributing to the growth of radiofrequency ablation devices market. The radiofrequency ablation technology has gained a lot of attention in applications such as pain management and dermatology, and it is also widely being used in gynecology to treat uterine fibroids.
In 2019, the disposables segment accounted for a larger share of the radiofrequency ablation devices market in Asia Pacific, based on product.Disposables help in transmitting the electric current to the target tissue and, hence, are the crucial component of the radiofrequency ablation procedure.
In addition, advanced technology with the capability of creating large regions of coagulative necrosis in a controlled manner, with the positive effects of low toxicity and minimized risk of complication is driving the growth of the disposable radiofrequency ablation devices market. Moreover, the market players are developing innovative products to reduce errors and carry out the procedure efficiently.
In 2019, the surgical oncology segment held the largest share of the Asia Pacific radiofrequency ablation devices market, by application, in 2019. However, the cardiology segment is estimated to register the highest CAGR of 12.8% in the market during the forecast period. The RFA technology has been widely used in the surgical oncology. It has been widely in use in the surgical oncology; the procedure involves using heat and electrical current to destroy cancer cells. The technology is also used to treat Barrett's esophagus, which is the precancerous condition of the esophagus. Thus, wide application of RFA in surgical oncology and increasing number of cancer patients is contributing a significant market share to the radiofrequency ablation devices market, and the trend expected to continue during the forecast period.
The countries in Asia Pacific are witnessing huge challenge currently due to growing COVID-19 infection spread.The healthcare sectors in respective countries have been hit adversely due to this outbreak, especially as a result of collapsing economies.
Restrictive measures have been taken to control the spread of the COVID-19; however, with the most focus on the management of this disease, the treatment of patients with cancer, and cardiologic and gynecological conditions has ultimately become the second priority, which is putting the demand for radiofrequency ablation procedures down.
A few of the significant secondary sources studied for preparing the Asia Pacific radiofrequency ablation device market report are the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), Chinese Census, Malaysia Healthcare Travel Council and National Family Health Survey (India).
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