The radiofrequency ablation devices for pain management market
features a markedly high level of consolidation, with the top three
vendors, St. Jude Medical, Inc., Halyard Health, Inc., and Boston
Scientific Corporation, accounting for a share of over 88% in 2015,
observes Transparency Market Research. “These companies have
strengthened their hold on the market owing to diversified product
portfolios, extensive geographical presence, and strategic
acquisitions over the past few years,” states a TMR analyst.
Increased focus on emerging economies and increase in product
launches are some of the most popular strategies adopted by top
players.
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Transparency Market Research states that the global radiofrequency
ablation devices for pain management market, which valued at US$372.7
mn in 2015, is expected to rise to US$1,114.5 mn in 2024. This
translates to a potential 13.0% CAGR over the period between 2016 and
2024.
In terms of product varieties, the segment of disposable RF products
dominated, accounting for a 40% of the overall market in 2015. The
segment of RF generators is expected to exhibit expansion at the most
promising pace over the forecast period. From a geographic
perspective, the market in North America dominated in 2015,
accounting for over 40% of the global market in 2015. However, the
global market is expected to witness most lucrative growth
opportunities in emerging economies across regions such as Asia
Pacific and Latin America over the forecast period.
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The rising prevalence of chronic pain conditions and the rising
geriatric population of the world are among the key factors leading
to the rising global demand for pain management therapies such as the
ones that use radiofrequency ablation devices. The global market for
these devices for pain management is also highly influenced by the
rising demand for minimally invasive procedures across the globe.
Benefits such as lesser post-surgery complications, low chances of
side effects, and shorter span of recovery work in favor of minimally
invasive surgeries and related devices. Radiofrequency ablation
devices for pain management are also gaining increased focus owing to
the higher known side effects and lower efficiency of alternate pain
relief procedures and therapeutics options such as acupressure,
acupuncture, and opioids. The easy availability, cost-effectiveness,
and easy access to highly effective radiofrequency ablation devices
for pain management have also propelled the market for these devices
of late.
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The need to comply with stringent laws and regulations set by
regulatory authorities that are closely associated with product
approvals, clinical trials, design, development, and
commercialization hamper the overall development of the market to a
sizable extent. Ablation devices come under class III medical device
category in Europe and the U.S. Owing to this, the efficacy and
safety of devices such as catheters and generators are paramount to
gain approval. Strict regulations do not only delay approval, launch,
and marketing of these products but also lead to increased prices.
Decisions of regulatory authorities and cost containment measures
undertaken by government authorities also have a negative impact on
the reimbursement scenario and restrain the market for radiofrequency
ablation devices for pain management. Along with these factors, the
low costs of several pain management therapeutic options such as
anticonvulsants, antidepressants, and NSAIDs also significantly
impact and restrain the overall development of the global
radiofrequency ablation devices for pain management market.
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