The surging population of geriatric people is one of the biggest factors responsible for the mushrooming demand for radiofrequency ablation devices across the world. As geriatric people are highly vulnerable to various disorders and abnormalities, the requirement for minimally invasive treatments for different chronic diseases such as cardiovascular diseases and cancer is quite high among them. This is subsequently boosting the demand for radiofrequency ablation devices all over the world.
According to the UN World Population Ageing 2019 report, the total population of people in the age bracket- 65 years or above will increase from 703 million in 2019 to 1.5 billion by 2050. Apart from the surging geriatric population, the growing popularity of minimally invasive treatment procedures, on account of their ability to cause less pain and scarring, is also positively impacting the demand for radiofrequency ablation devices across the world.
Moreover, the chances of infections, usually associated with open surgeries, are very low in these treatment procedures. For example, a person suffering from chronic back pain and getting no relief from physiotherapy or medication can undergo radiofrequency ablation for removing the nerve fibers located in the spine so that the pain signals arising from the spine do not reach the brain. Due to these factors, the demand for radiofrequency ablation devices is surging sharply across the globe.
This is, in turn, driving the advancement of the global radiofrequency ablation devices market. The market valuation is predicted to grow from $3,173.5 million in 2019 to $11,080.3 million by 2030. Furthermore, the market is predicted to advance at a CAGR of 12.6% between 2020 and 2030. Catheter systems, accessories, and generators are the major components of radiofrequency ablation devices. Out of these, the demand for catheter systems was the highest in the world during the last few years.
This was because of the fact that these systems are heavily used in minimally invasive procedures and are highly disposable in nature, unlike the generators and the various reusable items. The biggest end users of radiofrequency ablation devices are ambulatory surgical centers (ASCs) and hospitals. Amongst these, the requirement for these devices will soar in hospitals in the future. This will be because of the increasing patient pool and the ballooning number of ablation procedures being performed in these settings.
Globally, the sales of radiofrequency ablation devices will be the highest in North America in the forthcoming years, as per the estimates of the market research company, P&S Intelligence. This will be due to the growing prevalence of cancer and heart diseases and the soaring healthcare expenditure in the region. As per the Centers for Medicare & Medicaid Services (CMS), in the U.S., the total healthcare spending grew by 4.6% from the previous year.
Hence, it can be said with full confidence that the demand for radiofrequency ablation devices will soar all over the world in the forthcoming years, mainly because of the rising popularity of minimally invasive treatment procedures and the surging geriatric population in several countries.