Radiofrequency-Based Devices Industry Market 2021 Competitive Dynamics, COVID Impact, Segmentation and Key Players Strategies by 2030

In a recent published report, Kenneth Research has updated the market report for Radiofrequency-Based Devices Industry Market  for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Radiofrequency-Based Devices Industry Market  products.

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“In 2021, the global radiofrequency ablation equipment/devices market is estimated to be valued at ~USD 4 billion and is expected to grow at a compound annual growth rate of ~12% during the forecast period 2022-2030. The market is mainly driven by the increasing prevalence of chronic and cardiovascular diseases and the preference for minimally invasive surgery. According to data from the US Centers for Disease Control and Prevention (CDC), it is estimated that by 2060, atrial fibrillation (AF) will affect 17.9 million people in Europe and 12 million people in the United States in 2050, respectively. It is expected to drive growth. 

The elderly are more likely to suffer from chronic diseases, driving the demand for efficient treatments, which in turn promotes the radiofrequency ablation market. According to data from the World Health Organization (WHO), it is estimated that by 2050, the world’s population of 60 years and over will reach 2 billion, compared with 900 million in 2015. Population groups tend to have the highest disability rates and the greatest demand for effective care and treatment, and this is expected to drive growth.

Increasing healthcare costs and preference for minimally invasive surgery have become important factors driving market growth. Radiofrequency ablation is an effective method to treat small cancers. If new cancers appear, it can be repeated. 

According to data from the US Census Bureau, by 2040, global healthcare expenditures are expected to reach 18.28 trillion U.S. dollars, with a compound annual growth rate of 2.6%. This is expected to have a positive impact on the revenue generation of radiofrequency ablation equipment. The increasing prevalence of chronic pain diseases such as arthritis and osteoporosis, as well as improvements in medical infrastructure, will drive market growth. According to data from the US Department of Health and Human Services, 15 million adults suffered severe joint pain due to arthritis in 2015, and by 2040, an estimated 78 million (26%) American adults 18 years and older will be diagnosed Suffer from arthritis.

Product information:

According to different products, the market is divided into disposable equipment, capital equipment and reusable equipment. Disposable equipment had the largest market share in 2020 and is expected to witness the fastest compound annual growth rate during the forecast period. Advanced technology can produce large areas of coagulative necrosis in a controlled manner, while being relatively non-toxic and reducing the risk of complications, which promotes the growth of the disposable radiofrequency ablation equipment market. Product releases will drive market growth during the forecast period. In April 2017, Medtronic launched the OsteoCool radiofrequency ablation system in Canada to indicate bone metastasis. This is the only radiofrequency ablation system with dual probe capabilities that can provide personalized, flexible and predictable treatment.

Application Information : 

According to application, the market is segmented into oncology surgery, cardiology and heart rhythm management, pain management, gynecology and cosmetology. Surgical oncology had the largest market share in 2020. Because radiofrequency ablation can be used to treat cancer cells to improve the survival rate of high-risk patients with unresectable and refractory tumors, surgical oncology is gaining attention. Radiofrequency ablation reduces potential side effects and shortens recovery time. It can be used for patients with multiple tumors that cannot be treated by open surgery. 

The main factors that promote regional growth are the high prevalence of cancer, technological advancement, high purchasing power, and government support for quality medical care. According to the American Cancer Society, approximately 1,762,450 people will be diagnosed with new cancer cases in the United States in 2019, and 606,880 people will die from the disease. The Asia-Pacific region is expected to show the fastest compound annual growth rate during the forecast period. The introduction of advanced technologies such as multi-needle electrodes shows precision, portability and cost-effectiveness, and is expected to have a positive impact on the regional market. In addition, rising disposable incomes in emerging markets in China and India, improvements in medical infrastructure, and fast-growing economic conditions have promoted growth in the Asia-Pacific region.

Radio frequency ablation equipment market share information:

Major industry players include Boston Scientific; Medtronic; Stryker; Cosman Medical; St. Jude Medical; Smith and Nephew; Johnson & Johnson (J&J) Services LLC; and Vascular Dynamics. Major players are strengthening their position in the industry through cooperation, mergers and acquisitions. For example, in September 2018, AngioDynamics acquired BioSentry Tract Sealant System technology and its proprietary radiation dose monitoring platform OARtrac from Surgical Specialties, LLC and RadiaDyne to establish continuous care in the field of oncology. 

This strategy helps the company expand its oncology business. Similarly, in July 2017, Boston Scientific acquired Cosman Medical, Inc., a manufacturer of radiofrequency ablation systems. This further expands Boston Scientific’s product portfolio to include systems such as spinal cord stimulators and deep brain stimulation systems. In November 2016, OSYPKA AG launched the HAT500 radio frequency (RF) ablation system in Europe for the treatment of ventricular tachycardia.

Market segments covered by the report: 

The report forecasts global, regional, and national revenue growth, and analyzes the latest industry trends in each sub-segment from 2022-2030. In this research, Kenneth Research has subdivided the global radio frequency. According to the product, application and region ablation equipment market report: Product outlook (revenue, millions of dollars, 2022-2030) disposable equipment capital equipment reusable equipment Application prospects (income, millions of dollars, 2022-2030 Surgical Oncology Cardiology and Heart Rhythm Management Cosmetic Gynecology Pain Management”

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