Radiofrequency ablation is a minimally-invasive procedure that is used to minimize chronic neck and lower-back pain caused by the degeneration of joints. Thanks to revolutionary changes in technology, there are a number of advanced and effective techniques to carefully destroy nervous tissues in the brain, spinal axis, and other areas of the human body. However, radiofrequency ablation devices have proven to be the most widely adopted as well as the most effective technique in the area of pain management.
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Growing Demand for Pain Management Boosts Radiofrequency Ablation Devices Market
One of the most significant factors driving the global radiofrequency ablation devices for pain management market is the surge in cases of lower back pain, osteoarthritis, and rheumatoid arthritis. According to the World Health Organization, osteoarthritis is one of the 10 most disabling diseases in developed nations, with an estimated 18.0% of women and 9.60% of men over the age of 60 presenting symptomatic osteoarthritis worldwide. In the US alone, an estimated 52.5 million adults suffer from one or the other form of arthritis and approximately one in every 250 children suffer from rheumatic conditions or arthritis.
An article in the Journal of the American Medical Association states that the prevalence of chronic, impairing lower back pain in the US rose from 3.90% in 1992 to 10.20% in 2006, making it the second most common cause of disability in adults in the country. The article also indicates that at some time during their lives, over 80.0% of the US population will experience lower back pain.
Radiofrequency Ablation Devices for Pain Management Market to Register Strong Growth
A report by Transparency Market Research indicates that the global radiofrequency ablation devices market for pain management is likely to expand at a strong CAGR of 12.90% from 2015 to 2023, growing from a value of US$358.7 mn in 2014 to US$1,087.9 mn in 2023. As indicated above, North America, particularly the US, forms the largest market for radiofrequency ablation devices owing to the rise in aging population more prone to arthritis. Europe is also a major market for such devices owing to similar reasons and both these regions are projected to develop at a healthy growth rate over the next eight years.
Asia Pacific is a key region possessing immense scope for growth mainly due to strong economic recovery. The economy in countries such as China and India has been witnessing a growth rate of over 7.0% over the past couple of years, which has resulted in higher disposable income of the population. A consequent rise in healthcare expenditure, growing patient pool, rising awareness about novel therapies, and a rapidly aging population are all responsible for the growth of the Asia Pacific radiofrequency ablation devices for pain management market.
Companies that have been making a significant contribution towards the growth and development of the radiofrequency ablation devices in pain management market include Cosman Medical, Inc., Medtronic (Covidien), Stryker Corporation, Diros Technology, Inc., St. Jude Medical, Inc., Boston Scientific Corporation, and Halyard Health, Inc.
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