North America Radiofrequency Ablation Devices Market to Grow at a CAGR of 11.8% to reach US$ 3,214.24 Mn by 2027 from 2019 to 2027

North America Radiofrequency Ablation Devices Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Product (Devices and Disposables) Application (Surgical Oncology, Cardiology, Gynecology, Cosmetology, and Pain Management), and Geography

Publication Month : May 2020

  • Report Code : TIPRE00010856
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 120
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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.

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NORTH AMERICARADIOFREQUENCY ABLATION DEVICES MARKET– MARKET SEGMENTATION


By Product

  • Devices
  • Disposables


By Applications

  • Surgical Oncology
  • Cardiology
  • Cosmetology
  • Gynecology
  • Pain Management


By Country

  • US
  • Canada
  • Mexico


Companies Profiled

  • Avanos Medical, Inc.
  • Stryker
  • Abbott
  • Boston Scientific
  • Bard (BD)
  • Angiodynamic
  • Hologic
  • Articure
  • Merit medical
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Application, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada

The List of Companies - North America Radiofrequency Ablation Devices Market

  1. Avanos Medical, Inc.
  2. Stryker
  3. Abbott
  4. Boston Scientific
  5. Bard (BD)
  6. Angiodynamic
  7. Hologic
  8. Articure
  9. Merit medical

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

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  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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