Radiofrequency Based Devices Market, Global Forecast 2022-2027, Growth, Size, Share, Outlook, Company Analysis
According to latest report by Renub Research, titled “Radiofrequency Based Devices Market, Global Forecast 2022-2027, Industry Trends, Growth, Size, Impact of COVID-19, Company Analysis” the Radiofrequency Based Devices Market is expected to reach US$ 6.6 Billion by 2027. Healthcare experts have discovered radiofrequency is one of the most rapidly evolving technologies. In the last few decades, reducing the impact of surgical interventions on patients has been the direction of evolution for surgery. Recognizing the benefits, such as low post-operative recovery time, low blood loss, complications, the lower possibility for post-operative infections, and above all, the lower chance of requirement of a revision procedure, minimally invasive surgical technologies have been witnessing remarkable growth in demand for Radio frequency-based devices across the globe.
Radiofrequency Based Devices Market
Furthermore, the growing demand for MIS procedures has resulted in massive demand for image-guided ablation treatments. One of the predominant image-guided treatments is radiofrequency ablation (RFA) in minimally invasive surgical techniques. RFA has appeared as the most commonly used technology for thermal ablation in the kidney, liver, lung, bone, heart, breast, lymph nodes, nerves, and soft tissues. Radio frequency-based devices are also utilized in aesthetic treatments, such as skin tightening, body contouring, wrinkle reduction, skin and neck laxity, and others in a non-invasive manner.
Moreover, the market is driven by certain factors, including advancing the geriatric population, rising incidence of chronic disorders, increasing demand for minimally invasive surgical procedures, growing healthcare spending in developing economies, and technological advancements in ablation and aesthetic treatments.
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Worldwide Radiofrequency Based Devices Market Size was US$ 3.4 Billon in 2021
On the basis of product type, the radio frequency-based devices industry has been segmented into radiofrequency generators, applicators, needles, electrodes, cannulas, probes, and others. The radiofrequency generators have a significant market. In pain management, a radiofrequency generator sends small magnitude radiofrequency current using insulated needle electrodes to deaden nerves transmitting pain signals to the brain. Further, RF micro-needling is a minimally invasive procedure using a conventional micro-needling technique with radiofrequency energy for skin rejuvenation.
Pain Management Segment have Significant Market Share
Among the application, the radio frequency-based devices market includes aesthetics devices, pain management devices, gynaecology devices, cardiology devices, oncology devices, and others. The pain management segment accounted for a considerable market. Radiofrequency treatment is considered to be very useful in long-term chronic pain management. Radiofrequency ablation produces the benefits of being accurate, effective, and reproducible to a great extent.
In addition, radiofrequency-based aesthetic devices are used for minimally invasive treatments such as RF micro-needling, which is used to rejuvenate the formation of skin. Additionally, advancements in radiofrequency-based aesthetic devices feature mixtures of multiple technologies. These technological advancements make significant market players develop products to serve radiofrequency ablation and aesthetic procedures.
North America Radiofrequency Based Devices Market to be one of the Largest Market Globally
Geographically, North America is the most substantial market for RF devices, attributed to the growing investment in research and development of advanced radiofrequency appliances, rising plurality of chronic diseases, and increased healthcare expenditure. In addition, the RF ablation devices industry in this region is overpowered by the U.S. due to a wide installation base for such devices in the country.
The Asia Pacific radiofrequency-based devices market has significant growth due to the large patient pool suffering from chronic pain, increasing demand for cosmetic skincare and growing geriatric population. For instance, the World Population Ageing report states that there were 395.3 million ageing people aged 65 years or overhead, and the number will reach 954.7 million by 2050.
COVID-19 Impact on Radiofrequency Based Devices Market Growth Trends
The COVID-19 outbreak has disturbed various trades and businesses across the world. Due to coronavirus spreading, many cities are shutting down, causing treatments and doctor’s appointment cancellations. Nevertheless, the coronavirus pandemic has harmed the RF devices market due to the sudden shift in the focus toward COVID-19 treatment. In addition, the concerned activities on radiofrequency-based surgeries stopped and were postponed; the market encountered a fall.
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The key players such as Abbott Laboratories, ALMA Lasers (Sisram Medical Ltd), AtriCure, Inc., Medtronic plc, Stryker, Conmed Corporation, Smith & Nephew plc, Boston Scientific Corporation, Inc have launched new products, predominantly involved in M&A activities, and ventured into synergistic collaborations aimed at either co-developing new technologies or supporting consumer reach by integrating marketing efforts of both the companies.
Product - We have covered Market breakup by 4 viewpoints by- product (Generators, Radiofrequency Probes, Electrodes and Cannulas)
Application – Our report have covered Market breakup by 6 viewpoints by application (Aesthetics Devices, Pain Management Devices, Oncology Devices, Gynecology Devices, Cardiology Devices, and Others)
End User - Our Report covers by End Users in the 3 viewpoints (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics)
Region - This Report covers Global Radiofrequency Based Devices Market breakup by 5 Region (North America, Europe, Asia Pacific, Latin America and Middle East Africa)
All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Abbott Laboratories, ALMA Lasers (Sisram Medical Ltd), AtriCure, Inc., Medtronic plc, Stryker, Conmed Corporation, Smith & Nephew plc, Boston Scientific Corporation, Inc
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