April 20, 2024

Radio Frequency Generator Market is Estimated to Witness High Growth Owing to Rising Prevalence of Chronic Pain Conditions

The radio frequency generator market has been growing rapidly over the past decade owing to the increasing demand for minimally invasive procedures for conditions like chronic pain, tumor ablation, and skin tightening. Radio frequency generators are medical devices that generate radio waves and are used during surgical procedures such as radiofrequency ablation (RFA) to treat various diseases, including chronic pain, cancer, and cosmetic conditions. Radio frequency ablation procedures are preferred over other conventional treatments as they are minimally invasive and allow for faster recovery. There has been a substantial rise in chronic pain disorders like lower back pain and arthritis over the years due to changing lifestyles and aging population. This has boosted the adoption of radio frequency ablation procedures, fueling the demand for radio frequency generators.

The global radio frequency generator market is estimated to be valued at US$ 1.44 Mn  in 2024 and is expected to exhibit a CAGR of 5.4%  over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the radio frequency generator market are Novartis AG, Abbott Laboratories, Mylan N.V., Merck KgaA, Bayer AG, Pfizer Inc., Novo Nordisk A/S, QuatRx Pharmaceuticals, Teva Pharmaceutical Industries Ltd., Amgen, Inc., and Eli Lilly and Company. These leading players are focusing on new product launches and geographic expansions to gain a competitive edge in the market.

There are significant growth opportunities for Global Radio Frequency Generator Market Size manufacturers in emerging economies owing to improving healthcare infrastructure and increasing healthcare spending in these countries. Growing medical tourism industry in countries like India and Thailand is also supporting the market growth.

The rising awareness about minimally invasive surgical procedures and increasing preference for outpatient surgeries are fueling the demand for radio frequency generators across major markets globally. Leading players are actively collaborating with hospitals and ambulatory surgical centers to increase the adoption of their radio frequency generators.

Market drivers

The increasing prevalence of chronic pain disorders like lower back pain, arthritis, and cervical spondylosis is a major factor driving the adoption of radio frequency ablation procedures. According to the National Health Interview Survey 2018, around 25.3 million Americans suffer from daily chronic pain. This rising disease burden has increased the demand for minimally invasive treatments like radio frequency ablation, thereby fueling the radio frequency generator market growth.

PEST Analysis:

Political: Regulations focusing on patient safety and product quality are expected to drive the radio frequency generator market. Certain laws and directives related to medical devices pave the way for design, development and commercialization of safe devices.

Economic: Higher healthcare spending worldwide and increasing affordability is slated to boost the radio frequency generator market. Growing geriatric population undergoing various treatments increases demand.

Social: Rise in lifestyle diseases and chronic conditions spur market growth. Patients opting for non-invasive treatments and minimal pain drive popularity of radio frequency procedures.

Technological: Continuous R&D in improving functionality, reducing device size and making procedures minimally invasive accelerate market revenues. Remote monitoring through wireless connectivity and software upgradation facilitate procedures. Advancements in design enable multi-purpose functionality.

Radio frequency technology finds widespread application across North America due to the large volumes of minimally-invasive surgeries performed annually. Presence of key industry players also consolidates the market leadership of the region. Asia Pacific is anticipated to experience highest gains owing to rising medical tourism, improving healthcare infrastructure and increasing medical applications of radio frequency generators in countries like China, India and Japan. Growth is further encouraged by the large patient pool seeking cost-effective treatments.

Europe constitutes sizable revenues attributable to growing elderly population undergoing age-related medical procedures using radio frequency energy. Market growth is supplemented by technical collaborations between device manufacturers and research institutes. Latin America and Middle East & Africa represent emerginglucrative regions presenting untapped potential driven by ongoing government initiatives for universal healthcare access.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it