by Radio frequency generators are medical devices used for various surgical procedures such as cardiac catheterization, endoscopy, lithotripsy and electrosurgery. They generate radio waves of high frequencies for therapeutic purposes in various minimally invasive surgeries. The demand for these generators is increasing owing to rise in chronic diseases and growing preference for minimally invasive surgeries. They offer advantages such as reduced blood loss, shorter hospital stays and quicker recovery time compared to traditional open surgeries.
The Global Radio Frequency Generator Market Size is estimated to be valued at US$ 1.44 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growth of the healthcare industry is one of the major factors fueling the demand for radio frequency generators. With rising incidences of chronic diseases and growing geriatric population worldwide, the healthcare industry is witnessing higher investments for advanced medical facilities and equipment. According to the World Health Organization (WHO), chronic diseases accounted for over 70% of all deaths globally in 2020. This has increased the number of surgical procedures and consequently the demand for radio frequency generators in hospitals and clinics. Their widespread adoption in various minimally invasive surgeries for improved outcomes will continue driving the radio frequency generator market during the forecast period.
SWOT Analysis
Strength: The radio frequency generator market is witnessing growth due to increasing adoption of minimally invasive surgical procedures. Advancements in technology is also supporting market growth.
Weakness: High cost of radio frequency generators limits their adoption in resource constrained settings. Lack of reimbursement policies in developing regions pose challenges.
Opportunity: Untapped growth opportunities exist in emerging markets. Rising geriatric population suffering from chronic diseases will drive the market.
Threats: Availability of alternative technologies may hamper the demand. Stringent regulatory framework also poses difficulties for market participants.
Key Takeaways
The global radio frequency generator market is expected to witness high growth in the forecast period owing to benefits such as reduced trauma, minimal scarring and quick recovery time associated with radio frequency procedures. The global Radio Frequency Generator Market is estimated to be valued at US$ 1.44 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the global market and is expected to continue its dominance in the coming years. Factors such as advanced healthcare infrastructure, favorable reimbursement policies and growing geriatric population supports market growth in the region. Asia Pacific is anticipated to witness fastest growth owing to increasing healthcare spending, rising medical tourism and growing awareness about minimally invasive procedures.
Key players: 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 companies are focused on strengthening their product portfolio through mergers, acquisitions and new product launches to enhance market presence.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
