The radiofrequency ablation devices market in North America was worth USD 2.65 billion by 2028 from USD 1.53 billion in 2023, growing at a CAGR of 11.53% during the forecast period.
Y-O-Y growth in the prevalence of chronic diseases, the increase in healthcare spending, and technological advancements are a few of the major factors promoting the radiofrequency ablation devices market in the North American region. In addition, the number of people suffering from chronic pain disorders is significantly growing across North American countries, which is expected to promote the usage of radiofrequency ablation devices and result in regional market growth. As mentioned by the Centers for Disease Prevention and Control (CDC), one in every four adults who have adults are suffering from severe joint pain the United States, and an estimated 58.5 million adults in the U.S. have arthritis.
The population turning 65 years of age is growing considerably in North American countries such as the U.S. and Canada, which is anticipated to promote the growth of the radiofrequency ablation devices market in North America. According to the statistics published by the U.S. Census Bureau, 78 million people in the U.S. are expected to be aged more than 60 years by 2030. There were around 6 million people of more than 65 years in Canada in 2014, and the number is expected to reach 10 million by 2030. The aged people are likely to get diagnosed with chronic diseases such as diabetes, and is expected to showcase a favorable impact on the market’s growth rate in the North American region. According to the International Diabetes Federation (IDF), 537 million adults worldwide lived with diabetes in 2021, which is anticipated to reach 643 million by 2030 and 783 million by 2045.
Furthermore, the growing availability of radiofrequency ablation devices in various parts of the world, the growing awareness regarding the advantages associated with RF ablation devices, the cost-friendly nature associated with the devices, and the growing number of minimally invasive surgeries are accelerating the growth of the RF ablation devices market in North America in the coming years.
However, side effects associated with the usage of radiofrequency ablation devices, such as discomfort, redness, tissue charring, scar formation, and swelling one of the notable factors inhibiting the market growth in the North American region.
This research report on the North American radiofrequency medical devices market has been segmented and sub-segmented into the following categories.
Geographically, the North American region accounted for the largest share of the worldwide market in 2022 and is expected to showcase domination in the market during the forecast period. The U.S. market had a significant share of the North American region in 2022. The growing adoption of technological developments, the increasing patient population, and rising healthcare expenditure propel the market growth in the United States. According to the U.S. Census Bureau, healthcare spending worldwide is expected to reach USD 18.3 trillion by 2040, growing at a CAGR of 2.7%. Y-O-Y growth in cancer incidence across the U.S. is fuelling the market growth. According to the statistics published by the American Cancer Society, 1.9 million new cancer cases were estimated to come from the United States in 2022.
On the other hand, the Canadian market is anticipated to hold a considerable share of the North American market during the forecast period and grow at a healthy CAGR. The growing penetration of technology in manufacturing effective medical devices, the increasing efforts of the Canadian government to provide quality healthcare, and rising healthcare expenditure.
KEY MARKET PLAYERS:
AngioDynamics, Ethicon, ZenoMed, AtriCure, Inc, Baren-Boym, Huaian Aofu Surgical Instruments Co., Ltd, MedSphere, and Medtronic are a few of the prominent companies operating in the North American radiofrequency ablation devices market.
The North American radiofrequency ablation devices market size is predicted to be USD 2.65 billion by 2028.
Geographically, the U.S. radiofrequency ablation devices market is expected to lead the North American market during the forecast period.
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