The Latin American radiofrequency ablation devices market is forecasted to be worth USD 0.64 billion by 2028 from USD 0.35 billion in 2023, growing at a CAGR of 13.09% from 2023 to 2028.
The growing prevalence of cancer in the Latin America region majorly propels the radiofrequency ablation devices market in Latin America. Cancer is one of the significant concerns causing numerous deaths in the Latin American region. As per the data published by the European Society for Medical Oncology, approximately 1.5 million new cancer cases and 700,000 cancer deaths have been recorded every year in Latin America and the Caribbean region. Lifestyle changes, hereditary issues and increased consumption of alcohol and tobacco have been majorly resulting in the incidence of cancer among the population of Latin America. As the cancer patient population increases in the Latin American region, the demand for radiofrequency ablation devices is expected to fuel and contribute to regional market growth.
The growing number of people suffering from chronic venous insufficiency in the legs, chronic back and neck pain in Latin America further contribute to the regional market growth. Radiofrequency ablation devices have gained recognition to be effective in treating medical conditions such as chronic venous insufficiency in the legs, chronic back and neck pain and the adoption of these devices to treat these conditions by healthcare professionals has seen a spike in recent years. Radiofrequency ablation treatment is an effective treatment option and helps in the return of blood flow to the heart to patients suffering from chronic venous insufficiency. The demand for radiofrequency ablation treatment procedures is expected to rise in the coming years due to the increasing patient population with back pain issues, thus boosting regional market growth.
Factors such as technological advancements, the growing aging population, an increasing number of initiatives from the Latin American governments to promote the usage of advanced medical technologies such as radiofrequency ablation devices, rising healthcare expenditure and growing disposable income in Latin America boost the growth rate of the Latin American market.
On the other hand, the absence of proper reimbursement policies for radiofrequency ablation procedures and the high cost of radiofrequency ablation devices primarily hampers the Latin American market growth. The shortage of skilled healthcare professionals who are trained to use radiofrequency ablation devices, stringent regulatory policies in some Latin American countries and risks associated with radiofrequency ablation procedures, such as damage to nearby organs, bleeding and infections inhibit the growth rate of the Latin American market.
This research report on the Latin American radiofrequency medical devices market has been segmented and sub-segmented into the following categories.
Latin America accounted for a considerable share of the global market in 2022 and is expected to grow healthy during the forecast period. Brazil dominated the market in Latin American in 2022 and will continue the trend during the forecast period. The domination of the Brazilian market is attributed to the growing awareness among the Brazilian population regarding the radiofrequency ablation treatment options, growing healthcare expenditure and increasing investments by the market participants.
Mexico is another noteworthy regional market for radiofrequency ablation devices and is estimated to hold a substantial share of the Latin American market during the forecast period.
KEY MARKET PLAYERS:
AngioDynamics, Ethicon, ZenoMed, AtriCure, Inc, Baren-Boym, Huaian Aofu Surgical Instruments Co., Ltd, MedSphere, and Medtronic are a few of the dominating companies in the Latin American radiofrequency ablation devices market profiled in this report.
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