Radiofrequency Ablation Devices Market To Reach $11,080.3 Million by 2030
The radiofrequency (RF) ablation devices market stood at $3,173.5 million in 2019, and it is projected to reach $11,080.3 million by 2030, exhibiting a 12.6% CAGR during the forecast period (2020–2030).
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One of the prime factors supporting the radiofrequency ablation devices market is the growing preference for minimally invasive procedures. Patients across the globe are opting for such treatments as they result in less scarring and pain and reduce the chances of infections, which are an ever-present risk of open surgeries. Hence, the minimally invasive character and lower risk of complications during and after RF ablation procedures are escalating the demand for RF ablation devices.
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In 2019, the North American radiofrequency ablation devices market generated the highest revenue, and it is projected to maintain its dominance throughout the forecast period. This can be primarily attributed to the widening installation base of RF ablation devices in the U.S. Besides, several research institutes and private healthcare facilities are deploying RF ablation equipment. Moreover, the rising incidence of cancer and heart disorders, favorable reimbursement policies, and surging healthcare expenditure are adding to market growth.
During the forecast period, the Asia-Pacific (APAC) region is expected to register the fastest growth in the global radiofrequency ablation devices market. This can be ascribed to the increasing burden of chronic diseases and surging elderly population in the region. As per the 2019 World Population Ageing report of the United Nations, the population of people aged 65 years or above in Asia will be 954.7 million in 2050. A rise in the population of the elderly will result in more cases of chronic ailments, thereby driving the usage of RF ablation equipment.
Thus, the shift to minimally invasive procedures from open surgeries is propelling the market growth throughout the world.