The latest report compiled by Transparency Market Research talks about the dynamics of the global radiofrequency (RF) ablation devices for pain management market. As per the report, the radiofrequency ablation devices for pain management market is projected to reach an overall valuation worth US$1,114.5 mn by the end of 2024. This growth of the market is expected to be achieved with the help of a strong CAGR of 12.9% over the course of the given forecast period of 2017 to 2024.
As per the findings of the report published by TMR, the global radiofrequency ablation devices for pain management market was dominated by the end-user segment of hospitals. From a geographical outlook, the market is projected to be led by North America and Europe in the coming years of the forecast period. On the other hand, the Asia Pacific region of the global radiofrequency ablation devices for pain management market is projected to show high growth potential during the forecast period of 2017 to 2024.
The competitive landscape of the radiofrequency ablation devices for pain management market is highly consolidated. This is mainly due to the presence of a handful of companies operating in this domain. Some of the key players in the global radiofrequency ablation devices for pain management market include names such as Diros Technology Inc., Halyard Health Inc., St. Jude Medical Inc., Stryker Corporation, and Boston Scientific Corporation among others.
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Of these above-mentioned names, St. Jude Medical Inc. has emerged to be a clear market leader. The company boasts a strong and diversified business portfolio, accurate marketing and acquisition strategies, and vast geographical presence. In addition to this, the company has also invested heavily on the research and development to provide efficient and innovating medical equipment and devices to their end users. Boston Scientific Corporation, another leading company in the global radiofrequency ablation devices for pain management market, has immense expertise in offering services that are cost-effective and highly reliable. The company is also trying to invest more in R&D activities to enhance its business portfolio.
Growing Geriatric Population Boosting Marketing Growth
There are several factors that are influencing the growth of the global radiofrequency ablation devices market for pain management. One key driving factor for the growth of the global market is the increasing number of geriatrics who suffer from a disorder such as arthritis. As per the findings published by the United Nations in 2017, people over the age of 60 account for nearly 13% of the global population. This number is only expected to grow in the coming years. This is also expected to play an important role in the growth of the global radiofrequency ablation devices for pain management market in the near future.
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Another important factor that is driving the growth of the global market is the increasing preference of the patients to undergo minimally invasive surgical procedures. Such procedures offer fast relief and also cut down the number of days in the hospital. Additionally, several industry leaders and investing heavily to enhance current technologies. This is also expected to boost the growth of the market in the near future.
High Compliance Issues Hampering Market Development
A key factor that is slowing down the growth of the global radiofrequency ablation devices for pain management market is the huge compliances associated with the regulations set by the governmental bodies. These ablation devices are a class III medical devices and thus need high compliances. Furthermore, the availability of several other pain relief therapeutics is also hampering the growth of the global radiofrequency ablation devices for pain management market.
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