The North America Ablation Devices Market is expected to register a CAGR of nearly 8.5 % during the forecast period. Rising incidences of diseases such as cancer and cardiac ailments are expected to boost the demand for ablation procedures. The technological advancements to design high-end products and growing demand for treatment procedures, which are minimally invasive are also expected to boost the ablation technologies market.
Furthermore, the rising number of the ageing population having a higher risk of target diseases is another vital factor driving the demand for ablation procedures.
According to the Canadian Cancer Statistics 2019 report, it is estimated that nearly 1 in 2 Canadians will be diagnosed with cancer in their lifetime. An estimated 220,400 new cases of cancer are diagnosed in Canada in 2019. The number of cases in males (113,000) was expected to be slightly higher than in females (107,400).
Therefore, the rising prevalence of cancer and other chronic diseases is expected to show significant growth over the forecast period. However, stringent regulatory framework leading to an increase in the gestation period for product launches is also a market challenge which is hindering the market growth.
Key Market Trends
Cancer Treatment Segment is Expected to Hold Significant Market Share in the North America Ablation Devices Market
According to the estimates of the American Cancer Society, in 2018, there were about 1,735,350 new cancer cases diagnosed and 609,640 deaths, due to cancer in the United States. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colorectum cancer, bladder cancer, and skin cancer.
North America has a better healthcare infrastructure, as compared to other regions around the world. The increasing spending on research and development on cancer treatment is expected to drive the market in North America. The National Cancer Institute (NCI) has stated that the national spending on cancer care is expected to reach USD 156 billion, by 2020 in the United States.
Thus, owing to the rising R&D, increasing prevalence of cancer, and the presence of better healthcare infrastructure in North America, the market is expected to witness a high growth rate over the forecast period.
The North America Ablation Devices market is moderately competitive and consists of a few major players. Companies like Abbott, AngioDynamics, Inc., AtriCure, Inc., Boston Scientific Corporation, BTG plc, Conmed Corporation, Johnson and Johnson, Medtronic PLC, Olympus Corporation, Smith & Nephew PLC, among others, hold the substantial market share in the Ablation Devices market.
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