How Are Older People Driving Radiofrequency Ablation Device Demand?
The World Health Organization (WHO) estimates that by 2030, one in six people around the world will be aged 60 years or more. As per this organization, this population will surge from 1 billion in 2020 to 1.4 billion by 2030 and 2.1 billion by 2050. It also predicts that the number of individuals aged 80 years or more will reach 426 million by 2050. The weak immune system of this populace makes it extremely susceptible to chronic diseases, such as cardiovascular diseases (CVDs) and cancer, which are increasingly being treated minimally invasively.
Thus, the increasing preference for minimally invasive surgeries (MISs), owing to the booming geriatric population, is expected to help the radiofrequency ablation devices market advance at an exponential CAGR of 12.6% during 2020–2030. The market was valued at $3,173.5 million in 2019, and it is projected to generate $11,080.3 million revenue by 2030. In comparison to open surgeries, minimally invasive treatments cause lesser scarring and pain and have a lower risk of complications and infections.
They are manufactured by Stryker Corporation, Diros Technology Inc., Boston Scientific Corporation, AtriCure Inc., Baylis Medical Company Inc., MedSphere International Inc., Medtronic Plc, RF Medical Co. Ltd., Johnson & Johnson, Abbott Laboratories, Avanos Medical Inc., AngioDynamics Inc., and Smith & Nephew Plc. Presently, these companies are pursuing product approvals and mergers and acquisitions to cater to the needs of a greater number of end users. Moreover, since product approvals take a lot of time, mergers and acquisitions allow companies to offer more products in less time.
Furthermore, the Asia-Pacific (APAC) region is expected to observe a large-scale procurement of RF ablation devices in the forthcoming years. This will be due to the surging population of the elderly, mounting investments being made by RF ablation device manufacturers in developing countries, and rising preference for minimally invasive procedures. According to the WHO, nearly 13.7% and 20.3% of the population of Southeast Asia will be aged 60 years or above by 2030 and 2050, respectively.
Therefore, the soaring aging population and rising preference for minimally invasive treatments will encourage the adoption of RF ablation devices globally.