North America Radiofrequency Ablation Devices Market
The North America radiofrequency ablation devices market is anticipated to reach US$ 3,214.24 Mn by 2027 from US$ 1,347.06 Mn in 2019. The market is projected to grow at a CAGR of 11.8% from 2020 to 2027.
The radiofrequency ablation devices transmit the energy of radiofrequency waves and destroy the target tissue. This technology has been widely in use to treat solid tumors, arrhythmias, uterine fibroids, and other medical conditions. The growth of the market in North America is driven by factors such as the increasing incidence of chronic illness and growing preference for minimally invasive proceduresin the region. However, side-effects associated with radiofrequency ablation restrain the market growth to a certain extent.
Growing healthcare expenditure is another factor contributing to growth of the North America radiofrequency ablation device market. The rise in the number of patients getting admitted to hospitals to cure suffering from different types of pain, highinsurance premium policies,and high deductibles in hospitals are among the factors responsible for the surge in healthcare costs. According to a study by the American Medical Association, in 2017,the US spent ~US$3.5 trillion on healthcare.Moreover, as per a study published in the Journal of the American Medical Association (JAMA) in March 2019, healthcare expenditure in the US during 1996–2015 rose nearly by US$ 1 trillion. The study reported that the overall healthcare spending in the US was US$3.5 trillion, i.e., ~US$11,000 per person,in 2017, and these costs are expected to climb to US$6 trillion—i.e., ~US$17,000 per person.Further, the increase in the incidence of chronic conditions has had a direct impact on increases in the cost of medical care, and almost half of the Americans have some form of chronic illness.
The RFA treatment is a prime trend in pain management nowadays, and in treatment of chronic illness associated with advancement in technology and healthcare infrastructure facilities is anticipated to havea positive influence in the revenue generation from radiofrequency ablation devices. Minimally invasive treatment procedures are associated with smaller incisions, less pain, shorter hospital stay, faster recovery, less scarring, and increased accuracy, which is leading to a greater preference for these procedures around the world. Moreover, due to lowered pain and discomfort, patients undergoing minimally invasive surgeries do not require large doses of painkillers. Such procedures have small size of the incision, which helps in healing faster than conventional surgeries, thereby allowing patients to get back to their normal lives as quickly as possible.Ablation is one of the most frequently used minimallyinvasive techniques for the treatment of various tumors, AF, and uterine fibroids.According to the American Society for Aestethic Plastic Surgery,the number of minimally invasive cosmetic procedures in the US increased from ~13.9 million in 2014 to 14.2 million in 2015.
The radiofrequency ablation procedure involves the injection of local anesthesia, followed by the insertion of a thin needle through a tiny incision to pass heat and electrical energy. The technology avoids scars and other risks associated with traditional open surgeries. Moreover, as the procedure is devoid of large cuts, it can be carried on extremely sick or old patients, as they cannot bear the stress associated with open surgeries. The completion of the total procedure takes 30–90 minutes, and the patients are monitored for a day, or in several cases, they are discharged on the same day. Further, they can recover in less time and can get back to daily life in ~1–3 weeks. Thus, the benefits associated with the minimal invasiveness of theprocedure of radiofrequency ablation treatment are driving the growth of the market.
North America is witnessing the rapidly growing number of COVID-19 cases; for instance, in the US, the number of cases has been increased to 614,246, with 26,064 deaths reported. According to the Breastcancer.org, in the country, many doctors, hospitals, and other healthcare facilities are delaying or canceling the breast cancer procedures and surgeries, as well as screenings or other treatments if they are not considered urgent, emergencies, or otherwise indicated for life-threatening conditions. Thus, the prevailing COVID-19 pandemic is likely to affect the radiofrequency ablation devices market growing in the coming months.
Strategic insights for the North America Radiofrequency Ablation Devices provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 1,347.06 Million |
| Market Size by 2027 | US$ 3,214.24 Million |
| Global CAGR (2020 - 2027) | 11.8% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Radiofrequency Ablation Devices refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
NORTH AMERICARADIOFREQUENCY ABLATION DEVICES MARKET– MARKET SEGMENTATION
By Product
By Applications
By Country
Companies Profiled
The List of Companies - North America Radiofrequency Ablation Devices Market
The North America Radiofrequency Ablation Devices Market is valued at US$ 1,347.06 Million in 2019, it is projected to reach US$ 3,214.24 Million by 2027.
As per our report North America Radiofrequency Ablation Devices Market, the market size is valued at US$ 1,347.06 Million in 2019, projecting it to reach US$ 3,214.24 Million by 2027. This translates to a CAGR of approximately 11.8% during the forecast period.
The North America Radiofrequency Ablation Devices Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Radiofrequency Ablation Devices Market report:
The North America Radiofrequency Ablation Devices Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Radiofrequency Ablation Devices Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Radiofrequency Ablation Devices Market value chain can benefit from the information contained in a comprehensive market report.
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