Why Does North America Dominate Radiofrequency Ablation Devices Market?

Factors such as the soaring elderly population, surging healthcare expenditure, rising technological advancements, and increasing incidence of chronic illnesses will drive the radiofrequency (RF) ablation devices market at a CAGR of 12.6% during the forecast period (2020–2030). According to P&S Intelligence, the market was valued at $3,173.5 million in 2019, and it is projected to reach $11,080.3 million by 2030. This growth will also be steered by the surging preference for minimally invasive surgical procedures, owing to their high accuracy, fewer scars, and reduced risk of damage to surrounding nerves and tissues.

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Moreover, the surging geriatric population will also fuel the radiofrequency ablation devices market growth in the forecast years. As per the World Population Ageing 2020 report by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years and over will rise from 727 million in 2020 to 1.5 billion by 2050. The weak immune system of the elderly population often causes cancer and heart diseases among them, owing to which they are opting for minimally invasive surgical procedures, which require RF ablation devices in abundance.

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Globally, the North American radiofrequency ablation devices market generated the highest revenue in 2019, and it will continue this trend throughout the forecast period as well. This can be ascribed to the mounting cases of cancer and heart ailments, rising healthcare expenditure, and increasing favorable reimbursement policies, in the region. Additionally, the easy availability of RF ablation procedures at specialty centers and hospitals also contributes to the market growth. The North American market is dominated by the U.S. because of the growing prevalence of cancer and cardiovascular diseases (CVDs) in the country.

Whereas, Asia-Pacific (APAC) market is expected to register the fastest growth in the radiofrequency ablation devices market during the forecast period, due to the soaring geriatric population, who are highly susceptible to chronic disorders. For instance, according to the United Nations Population Fund (UNFPA), one in four people in the region will be over 60 years by 2050. Moreover, hefty investments being made by leading market players in APAC also facilitates the market growth.

Therefore, the booming geriatric population and the surging public awareness about minimally invasive surgical procedures will complement the market growth, globally.

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