Radiofrequency-based devices are revolutionizing pain management, cardiology, and oncology treatments, with North America leading the market for minimally invasive procedures
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The global radiofrequency-based devices market size is expected to reach USD 9,595.9 Million in 2028 and register a revenue CAGR of 13.2% over the forecast period, according to latest analysis by Emergen Research.
One of the most popular and quickly expanding subsectors of the medical device market is radiofrequency-based equipment. Numerous medical procedures, including as the treatment of chronic pain, cosmetic surgery, dermatology, and cardiology, include the use of these devices. High-frequency electromagnetic waves are used by radiofrequency-based devices to generate heat and have therapeutic effects on the tissues they are intended to treat. Several factors are expected to contribute to the huge growth of the global market for radiofrequency-based devices in the upcoming years.
The market for radiofrequency-based devices is being fuelled in part by the rising popularity of minimally invasive and non-invasive procedures. Less intrusive procedures that speed up patient recovery and enhance patient outcomes are becoming more and more necessary as the population ages. Without requiring surgery, radiofrequency-based devices provide a less invasive alternative for treating a number of medical issues. For patients who might not be good candidates for conventional surgical procedures, this is especially crucial.
The rising incidence of chronic pain is a significant market factor for radiofrequency-based products. Millions of people experience chronic pain globally, which can significantly reduce quality of life. By focusing on the nerves that convey pain signals, radiofrequency-based devices provide a non-invasive approach for treating chronic pain. Without the use of drugs or procedures, these devices can offer long-lasting pain relief.
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Despite the market for radiofrequency-based products having a substantial growth potential, there are a number of difficulties and growth inhibitors. The high price of these devices is one of the main difficulties. The high cost of radiofrequency-based devices may prevent their widespread use in some areas. In addition, reimbursement issues and regulatory barriers may have an impact on market expansion.
The market for radiofrequency-based devices is anticipated to develop in the next years due to a number of other factors as well. One of them is the growing use of smart devices in developing economies. There is a rising need for cutting-edge medical technologies, such as radiofrequency-based devices, as healthcare infrastructure in emerging nations keeps getting better.
Due to the rising demand for minimally invasive procedures and the rising prevalence of chronic pain, the market for radiofrequency-based devices is expected to experience considerable expansion in the upcoming years. While there are difficulties and hindrances to expansion, such as high costs and legal requirements, there are also a number of growth factors, such as the growing use of these devices in developing nations.
Radiofrequency-Based Devices Market Segmentation:
The medical radiofrequency-based devices market is segmented by product type, application, and end-use. In terms of product type, the market includes radiofrequency generators, applicators, electrodes, cannulas, probes, needles, and others. Among these, the needles segment is expected to register a rapid growth rate over the forecast period. This is due to the increasing demand for minimally invasive procedures and the growing prevalence of chronic pain.
The market is also segmented by application, which includes aesthetics, pain management, oncology, gynecology, cardiology, and others. Among these, the cardiology segment is expected to register the fastest growth rate over the forecast period. This is due to the increasing prevalence of cardiovascular diseases, such as arrhythmias, atrial fibrillation, and heart failure, and the use of radiofrequency-based devices for the minimally invasive treatment of these conditions.
Finally, the market is segmented by end-use, which includes hospitals and clinics, ambulatory surgical centers, and others. The hospitals and clinics segment accounted for the largest revenue share in 2020 due to the increasing demand for radiofrequency-based devices in pain management and other applications. However, the ambulatory surgical centers segment is expected to register the fastest growth rate over the forecast period due to the increasing trend towards outpatient surgeries and the growing demand for minimally invasive procedures.
Overall, the medical radiofrequency-based devices market is expected to experience significant growth over the forecast period. The market drivers include the increasing prevalence of chronic pain, the growing demand for minimally invasive procedures, and the favorable reimbursement landscape in North America. These factors are expected to continue to drive the growth of the market in the coming years, especially in the cardiology and ambulatory surgical center segments.
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Some Key Highlights from the Report
In January 2020, Stratus Medical announced the completion of a private placement to acquire the assets of NimbusRF from Biomerics. NimbusRF is a company that specializes in the development of innovative radiofrequency technology for the treatment of chronic pain. Stratus Medical, a medical device company focused on developing and commercializing products for the treatment of chronic pain, saw the acquisition of NimbusRF’s assets as a strategic move to strengthen its portfolio of radiofrequency-based products.
By product type, the needles segment revenue in the medical radiofrequency-based devices market is expected to register a rapid growth rate over the forecast period. There are several factors driving this growth, including the increasing demand for minimally invasive procedures and the growing prevalence of chronic pain.
Among the application segments, the cardiology segment revenue in the medical radiofrequency-based devices market is expected to register the fastest growth rate over the forecast period. This is due to several factors driving the demand for radiofrequency-based devices in cardiology. One of the primary factors driving the growth of the cardiology segment is the increasing prevalence of cardiovascular diseases, such as arrhythmias, atrial fibrillation, and heart failure. These conditions affect millions of people worldwide and can lead to serious complications if left untreated.
The medical radiofrequency-based devices market in North America accounted for the largest revenue share in 2020. There are several factors that contributed to this, including the presence of a large patient population with chronic pain, increasing demand for minimally invasive procedures, and a favorable reimbursement landscape. North America has a large patient population with chronic pain, which has driven the demand for radiofrequency-based devices for pain management.
Some major companies included in the global market report are AngioDynamics Inc., ArtiCure Inc., CONMED Corporation, Smith & Nephew PLC, BVM Medical Limited, Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, Stryker Corporation, and Cutera Inc.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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