Radiofrequency Ablation Devices for Pain Management Fueled by Alarming Prevalence of Arthritis
Transparency Market Research Report Added "Radiofrequency Ablation Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023"
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$1,087.9 million by 2023, growing at a CAGR of 12.9% during the forecast period from 2015 to 2023.
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Radiofrequency (RF) ablation is a minimally invasive surgical procedure that involves a local anesthetic and mild sedation. This procedure is primarily used to reduce chronic low-back and neck pain caused due to degeneration of joints (due to arthritis and other spinal conditions). The procedure involves heating a small area of nervous tissue under controlled temperature. This results in blockage of pain signals transmitting from that area, thereby relieving the patient from chronic pain. The global RF ablation devices for pain management market was valued at US$ 358.7 Mn in 2014 and is projected to reach US$ 1,087.9 Mn by 2023 at a CAGR of 12.9% during the forecast from 2015 to 2023. The global radiofrequency ablation devices for pain management market has been broadly segmented on the basis of product type (capital equipment, reusables, and disposables) and geography (North America, Europe, Asia Pacific, Latin America, and Rest of the World).
Over the years, several techniques have been used to selectively destroy nervous tissue in the spinal axis, brain, and other locations in the body. However, the radiofrequency ablation devices have been proven to be the most effective and widely adopted technique to achieve pain relief for longer durations. The revolutionary changes in technology are being reflected through products such as cooled radiofrequency technology platforms which allow creation of larger lesions without excessive heating at the electrode. For instance, COOLIEF Cooled RF System from Halyard Health, Inc. (formerly Kimberly-Clark Health Care) can be used for pain management of hip, knee, cervical, thoracic, sacroiliac, transdiscal, and lumbar pain.
The global radiofrequency ablation devices for pain management market have been categorized into three segments based on type: capital equipment, reusables, and disposables. The capital equipment, i.e., RF generators are utilized to provide heat energy to destroy selective nerves carrying pain impulses from the affected organ. Products in the reusables and disposables segment are priced less in terms of US$, but garner substantial revenue in the global RF ablation devices for pain management market owing to high volume sales. These products are initially provided as part of ablation device package, but can be procured separately.
Geographically, North America held the largest share in the global radiofrequency ablation devices for pain management market in 2014, while Europe was the second largest regional market. One of the major factors responsible for the continued growth in these markets include aging population more susceptible to arthritis. According to a report by the World Health Organization, growth rate of aging population is expected to be higher in developed nations, especially in the U.S., Japan, and several countries in Europe. Hence, the market for RF ablation devices for pain management in North America and Europe will continue to progress at a healthy growth rate during the forecast period from 2015 to 2023.
Asia Pacific will be the growth driver for global radiofrequency ablation devices for pain management market in the near future. According to the World Bank, India is likely to record the strongest economic recovery among other major developing nations from 2013 to 2016. The country is expected to witness a growth rate of 7.1% in 2016, up 2.3% from 4.8% recorded in 2013. China’s economic growth has been more than 7.5% during 2013 and is expected to continue at a similar rate in future as well. This economic growth is expected to increase the disposable income of the patient population and in turn increase the health care expenditure on novel therapies such as radiofrequency ablation devices. The rapidly aging population in Japan is also likely to contribute to the growth of the market in the region during the forecast period from 2015 to 2023.
Full Research Report on Global Radiofrequency Ablation Devices Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/radiofrequency-ablation-devices.html
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