The European radiofrequency ablation devices market is forecasted to grow at a CAGR of 11.28% from 2022 to 2027 and will be worth USD 2.07 billion by 2027 from USD 1.22 billion in 2022.
The growing number of people suffering from chronic diseases across the European region is expected to drive the European radiofrequency ablation devices market growth. According to the data published by Eurostat, an estimated 35.2% of the European population suffered from a long-standing chronic health condition in 2021. As per WHO, 86% of the total deaths in the European region are due to chronic diseases. These devices treat various diseases and medical applications such as ablation, coagulation, and tissue healing. The rising preference from the patient population suffering from chronic conditions in the European region for less invasive and more effective treatments is anticipated to contribute to the market growth in this region. In addition, the rising awareness among healthcare providers regarding the benefits of radiofrequency ablation devices is expected to boost regional market growth.
The increasing adoption of minimally invasive surgeries is further fuelling the European radiofrequency ablation devices market growth. The benefits of minimally invasive surgeries, such as reduced pain, quicker recovery time, and less scarring over traditional surgeries, drive the adoption of MIS. As a result, Radiofrequency ablation is gaining recognition as a minimally invasive surgical procedure and has proven efficient and effective in treating various diseases.
The growing aging population across the European region is anticipated to fuel the market’s growth rate in Europe. As per Eurostat, an estimated 20.8% of the European population aged more than 65 years in 2021. In addition, the presence of favorable reimbursement policies in Europe and the rapid adoption of technological developments are expected to fuel the growth rate of the European market.
On the other hand, the side effects associated with radiofrequency ablation are one of the major factors hampering regional market growth. Furthermore, the high costs associated with these devices and the scarcity of skilled professionals who have expertise in handling the operations of radiofrequency ablation devices are anticipated to limit the market’s growth rate in Europe. Furthermore, the availability of alternative treatment options is another major obstacle to the European radiofrequency ablation devices market.
This research report on the European radiofrequency medical devices market has been segmented and sub-segmented into the following categories.
The European market accounted for a substantial share of the worldwide market in 2021 and is anticipated to grow at a promising growth rate during the forecast period.
The UK radiofrequency medical devices market accounted for the major share of the European market in 2021 and is anticipated to grow substantially during the forecast period. The growth of the UK market is primarily driven by sophisticated healthcare infrastructure, increasing patient count suffering from cancer and other chronic disorders, and increasing availability of radiofrequency ablation devices in healthcare facilities across the UK. In addition, cancer Research UK mentions that the prevalence of cancer in the UK is growing substantially with each year passing. According to the data published by the American Cancer Society, an estimated 27.5 new million cancer and 16.3 million deaths from cancer are expected to happen annually by 2040.
Germany is another potential market for radiofrequency ablation devices in the European region and is expected to grow at a notable CAGR in the coming years. The increasing number of research institutes and healthcare facilities and rising awareness among people regarding the benefits of minimally invasive surgeries propel the German radiofrequency ablation devices market growth.
KEY MARKET PLAYERS:
AngioDynamics, Ethicon, ZenoMed, AtriCure, Inc, Baren-Boym, Huaian Aofu Surgical Instruments Co., Ltd, MedSphere, and Medtronic dominate the European radiofrequency ablation devices market.
The European radiofrequency ablation devices market is expected to grow at a CAGR of 11.28% from 2022 to 2027.
During the forecast period, the UK is projected to dominate the European market among others.
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