PORTLAND, Oregon, July 19, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Endoscope + Radiofrequency Ablation (RFA) Market by Application: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global endoscope + radiofrequency ablation (RFA) market was valued at $3,567 million in 2017 and is projected to reach $7,471 million by 2025, growing at a CAGR of 9.6% from 2018 to 2025. North America was the highest revenue contributor in 2017 and is expected to maintain this trend throughout the forecast period.
Radiofrequency ablation (RFA) utilizes thermal energy to accomplish targeted tissue destruction. RFA was initially studied for the treatment of dysplastic Barrette's esophagus (BE) within the gastrointestinal (GI) tract, and this is still considered to be a common application of RFA. In addition, the indications for endoscopic RFA continue to evolve.
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The global endoscope + RFA market is anticipated to grow at a significant rate during the forecast period, owing to factors, such as increase in the prevalence of cancer and cardiac ailments across the globe, surge in adoption of RFA devices in pain management, and high efficacy and short duration of the procedure. However, high costs associated with the RFA treatment and limited awareness towards available endoscopic RFA devices are anticipated to hamper the market growth. On the contrary, the emerging indications for the endoscopic radiofrequency ablation are expected to offer lucrative growth opportunities for the market players.
On the basis of application, the market is classified into cardiology application, pain management, oncology application, and other application. Among these, the cardiology application segment accounted for the largest share of the revenue generated in 2017 and is anticipated to maintain this trend throughout the forecast period. However, the oncology application segment is expected to grow at the fastest pace from 2018 to 2025.
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Key Findings of the Study
- The pain management segment accounted for approximately 29% of the global market share in 2017.
- Europe accounted for more than 30.0% share of the global endoscope + RFA market in 2017 and is expected to maintain this trend throughout the forecast period.
- India is anticipated to grow at the fastest pace in the Asia-Pacific market, registering a CAGR of 12.8% from 2018 to 2025.
- U.S. has generated the highest revenue in 2017 in the North America market and is expected to maintain this dominance throughout the forecast period.
North America was the leading revenue contributor to the global market in 2017 and is expected to maintain this dominance throughout the forecast period. This is attributed to the fact that North America is an established market for radiofrequency device ablation technologies, wherein countries in this region adopt novel RFA devices including endoscope + RFA devices at the earliest. However, Asia-Pacific is expected to grow at the highest CAGR from 2018 to 2025, because this region is home to the world's most diverse population groups and encompasses both developing and underdeveloped economies. With increase in burden of diseases across these countries, Asia-Pacific is anticipated to offer profitable opportunities for the market players focusing on expansion.
The major companies profiled in this report include Boston Scientific Corporation Conmed Corporation, Medtronic Plc (Covidien Plc), Smith & Nephew Plc, Stryker Corporation, Halyard Health, Inc., Abbott Laboratories (St. Jude Medical, Inc.), AngioDynamics, Inc., Hologic, Inc., and AtriCure, Inc. Other prominent players in the value chain include Diros Technology, Inc., Arthrex, Inc., Biotronik, Cosman Medical, Inc., Fcare Systems, Johnson & Johnson (Biosense Webster & DePuy Mitek), Stockert GmbH, and ENDO-FLEX GmbH.
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SOURCE Allied Market Research