Market Challenges And Opportunities

Rising Prevalence of Chronic Pain to have sizeable positive impact on market growth

According to The American Academy of Pain Medicine, in 2012, 1.5 billion people were estimated to suffer from chronic pain globally, with the incidence rate increasing complementary to age. Rising incidence of cancerous tumors, arrhythmia, tachycardia and chronic pain in the global population ensures the global radiofrequency ablation device market to grow steadily. The presence of high procedure volumes ensuring non-surgical procedures and fast recovery of the patients is a key factor attributing to the rising demand of radiofrequency ablation. The radiofrequency ablation market is driven by its feature of specificity that targets only the particular sites within the tissue, causing negligible damage to the surrounding tissues. Additionally, increasing usage in ambulatory surgical centers owing to lesser number of complications post-surgery is expected to boost the growth of global radiofrequency ablation devices in the forecast period.

The emergence of innovative portfolios to address multiple applications targeting single medical condition fuels the demand by some manufacturers

Key players of the radiofrequency ablation device market include Boston Scientific, St Jude Medical, Medtronic, Covidien and Stryker. Other prominent vendors include Imricor Medical Systems, AtriCure, BIOTRONIK, MicroPort Scientific and Spacelabs Healthcare. The strategies adopted by the manufacturers include addressing multiple applications like tumor ablation with pain management for treating single medical condition. For instance, St Jude Medical's portfolio addresses arrhythmia through devices such as denervation system and neuromodulation for chronic pain.