Setting

Global Radiofrequency-Based Devices Market 2021-2031 by Product (Generators, Electrodes, Applicators, Probes, Cannulas, Needles, Others), Application (Pain Management, Aesthetics, Oncology, Cardiology, Gynecology, Others), End User (Hospitals, ASCs, Specialty Clinics, Others), and Region: Trend Forecast and Growth Opportunity

Published: 31 Aug 2022 | Report Code: 10248749 | Pages: 163

Global radiofrequency-based devices market will reach $12,158.3 million by 2031, growing by 12.5% annually over 2021-2031, driven by the increasing prevalence of chronic diseases along with the growing geriatric population, an increasing focus on enhancing physical appearance, a rising preference for minimally invasive and non-invasive procedures, and technological advancements supported by the rising R&D investment in healthcare domain. Highlighted with 82 tables and 78 figures, this 163-page report “Global Radiofrequency-Based Devices Market 2021-2031 by Product (Generators, Electrodes, Applicators, Probes, Cannulas, Needles, Others), Application (Pain Management, Aesthetics, Oncology, Cardiology, Gynecology, Others), End User (Hospitals, ASCs, Specialty Clinics, Others), and Region: Trend Forecast and Growth Opportunity” is based on a comprehensive research of the entire global radiofrequency-based devices market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2018-2021 and provides forecast from 2022 till 2031 with 2021 as the base year. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.) In-depth qualitative analyses include identification and investigation of the following aspects: • Market Structure • Growth Drivers • Restraints and Challenges • Emerging Product Trends & Market Opportunities • Porter’s Fiver Forces The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19 and Russia-Ukraine conflict. The balanced (most likely) projection is used to quantify global radiofrequency-based devices market in every aspect of the classification from perspectives of Product, Application, End User, and Region. Based on Product, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section. • Generators • Electrodes • Applicators • Probes • Cannulas • Needles • Other Products Based on Application, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section. • Pain Management • Aesthetics • Oncology • Cardiology • Gynecology • Other Applications By End User, the global market is segmented into the following sub-markets with annual revenue ($ mn) for 2021-2031 included in each section. • Hospitals • Ambulatory Surgical Centers (ASCs) • Specialty Clinics • Other End Users Geographically, the following regions together with the listed national/local markets are fully investigated: • North America (U.S., Canada, and Mexico) • Europe (Germany, UK, France, Spain, Italy, Netherlands, Rest of Europe; Rest of Europe is further segmented into Russia, Switzerland, Poland, Sweden, Belgium, Austria, Ireland, Norway, Denmark, and Finland) • APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, Taiwan, and Philippines) • South America (Brazil, Chile, Argentina, Rest of South America) • MEA (UAE?Saudi Arabia? South Africa and Rest of MEA) For each aforementioned region and country, detailed analysis and data for annual revenue ($ mn) are available for 2021-2031. The breakdown of all regional markets by country and split of each national market by Product, Application and End User over the forecast years are also included. The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players. Selected Key Players: Abbott Laboratories ALMA Lasers (Sisram Medical Ltd.) AngioDynamics, Inc. AtriCure, Inc. Avanos Medical, Inc. Becton Dickinson and Company Boston Scientific Corporation Bramsys Industria e Comercio Ltda BVM Medical Limited Conmed Corporation Cutera, Inc. Cynosure Diros Technology Inc. Johnson & Johnson Medtronic Plc Merit Medical Systems, Inc. Smith & Nephew plc Stryker Corporation Venus Concept, Inc. YA-MAN Ltd. (Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)

Table of Contents:
1 Introduction 8
1.1 Industry Definition and Research Scope 8
1.1.1 Industry Definition 8
1.1.2 Research Scope 9
1.2 Research Methodology 12
1.2.1 Overview of Market Research Methodology 12
1.2.2 Market Assumption 13
1.2.3 Secondary Data 13
1.2.4 Primary Data 13
1.2.5 Data Filtration and Model Design 14
1.2.6 Market Size/Share Estimation 15
1.2.7 Research Limitations 16
1.3 Executive Summary 17
2 Market Overview and Dynamics 20
2.1 Market Size and Forecast 20
2.1.1 Impact of COVID-19 on World Economy 22
2.1.2 Impact of COVID-19 on the Market 24
2.2 Major Growth Drivers 26
2.3 Market Restraints and Challenges 33
2.4 Emerging Opportunities and Market Trends 36
2.5 Porter’s Fiver Forces Analysis 40
3 Segmentation of Global Market by Product 44
3.1 Market Overview by Product 44
3.2 Generators 46
3.3 Electrodes 47
3.4 Applicators 48
3.5 Probes 49
3.6 Cannulas 50
3.7 Needles 51
3.8 Other Products 52
4 Segmentation of Global Market by Application 53
4.1 Market Overview by Application 53
4.2 Pain Management 55
4.3 Aesthetics 56
4.4 Oncology 57
4.5 Cardiology 58
4.6 Gynecology 59
4.7 Other Applications 60
5 Segmentation of Global Market by End User 61
5.1 Market Overview by End User 61
5.2 Hospitals 63
5.3 Ambulatory Surgical Centers (ASCs) 64
5.4 Specialty Clinics 65
5.5 Other End Users 66
6 Segmentation of Global Market by Region 67
6.1 Geographic Market Overview 2021-2031 67
6.2 North America Market 2021-2031 by Country 71
6.2.1 Overview of North America Market 71
6.2.2 U.S. 75
6.2.3 Canada 78
6.2.4 Mexico 80
6.3 European Market 2021-2031 by Country 82
6.3.1 Overview of European Market 82
6.3.2 Germany 86
6.3.3 U.K. 88
6.3.4 France 90
6.3.5 Spain 92
6.3.6 Italy 94
6.3.7 Netherlands 96
6.3.8 Rest of European Market 98
6.4 Asia-Pacific Market 2021-2031 by Country 100
6.4.1 Overview of Asia-Pacific Market 100
6.4.2 Japan 104
6.4.3 China 107
6.4.4 Australia 109
6.4.5 India 111
6.4.6 South Korea 113
6.4.7 Rest of APAC Region 115
6.5 South America Market 2021-2031 by Country 117
6.5.1 Argentina 120
6.5.2 Brazil 122
6.5.3 Chile 124
6.5.4 Rest of South America Market 126
6.6 MEA Market 2021-2031 by Country 127
6.6.1 UAE 130
6.6.2 Saudi Arabia 132
6.6.3 South Africa 134
6.6.4 Other National Markets 136
7 Competitive Landscape 137
7.1 Overview of Key Vendors 137
7.2 New Product Launch, Partnership, Investment, and M&A 141
7.3 Company Profiles 142
Abbott Laboratories 142
ALMA Lasers (Sisram Medical Ltd.) 144
AngioDynamics, Inc. 145
AtriCure, Inc. 146
Avanos Medical, Inc. 147
Becton Dickinson and Company 148
Boston Scientific Corporation 149
Bramsys Industria e Comercio Ltda 150
BVM Medical Limited 151
Conmed Corporation 152
Cutera, Inc. 153
Cynosure 154
Diros Technology Inc. 155
Johnson & Johnson 156
Medtronic Plc 157
Merit Medical Systems, Inc. 158
Smith & Nephew plc 159
Stryker Corporation 160
Venus Concept, Inc. 161
YA-MAN Ltd. 162
RELATED REPORTS 163
List of Tables:

Table 1.  Snapshot of Global Radiofrequency-Based Devices Market in Balanced Perspective, 2021-2031 18
Table 2. World Economic Outlook, 2021-2031 23
Table 3. Regulatory Organizations by Region 29
Table 4. World Health Spending by Region, $ bn, 2013-2020 29
Table 5.  Main Product Trends and Market Opportunities in Global Radiofrequency-Based Devices Market 36
Table 6. Global Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 44
Table 7. Global Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 53
Table 8. Global Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 61
Table 9. Global Radiofrequency-Based Devices Market by Region, 2021-2031, $ mn 68
Table 10.  Leading National Radiofrequency-Based Devices Market, 2021 and 2031, $ mn 70
Table 11. North America Radiofrequency-Based Devices Market by Country, 2021-2031, $ mn 73
Table 12. U.S. Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 77
Table 13. U.S. Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 77
Table 14. U.S. Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 77
Table 15. Canada Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 79
Table 16. Canada Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 79
Table 17. Canada Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 79
Table 18. Mexico Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 81
Table 19. Mexico Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 81
Table 20. Mexico Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 81
Table 21. Europe Radiofrequency-Based Devices Market by Country, 2021-2031, $ mn 85
Table 22. Germany Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 87
Table 23. Germany Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 87
Table 24. Germany Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 87
Table 25. U.K. Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 89
Table 26. U.K. Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 89
Table 27. U.K. Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 89
Table 28. France Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 91
Table 29. France Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 91
Table 30. France Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 91
Table 31. Spain Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 93
Table 32. Spain Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 93
Table 33. Spain Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 93
Table 34. Italy Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 95
Table 35. Italy Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 95
Table 36. Italy Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 95
Table 37. Netherlands Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 97
Table 38. Netherlands Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 97
Table 39. Netherlands Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 97
Table 40. Radiofrequency-Based Devices Market in Rest of Europe by Country, 2021-2031, $ mn 99
Table 41. APAC Radiofrequency-Based Devices Market by Country, 2021-2031, $ mn 102
Table 42. Japan Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 106
Table 43. Japan Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 106
Table 44. Japan Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 106
Table 45. China Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 108
Table 46. China Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 108
Table 47. China Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 108
Table 48. Australia Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 110
Table 49. Australia Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 110
Table 50. Australia Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 110
Table 51. India Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 112
Table 52. India Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 112
Table 53. India Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 112
Table 54. South Korea Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 114
Table 55. South Korea Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 114
Table 56. South Korea Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 114
Table 57. Radiofrequency-Based Devices Market in Rest of APAC by Country/Region, 2021-2031, $ mn 116
Table 58. South America Radiofrequency-Based Devices Market by Country, 2021-2031, $ mn 119
Table 59. Argentina Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 121
Table 60. Argentina Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 121
Table 61. Argentina Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 121
Table 62. Brazil Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 123
Table 63. Brazil Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 123
Table 64. Brazil Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 123
Table 65. Chile Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 125
Table 66. Chile Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 125
Table 67. Chile Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 125
Table 68. MEA Radiofrequency-Based Devices Market by Country, 2021-2031, $ mn 129
Table 69. UAE Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 131
Table 70. UAE Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 131
Table 71. UAE Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 131
Table 72. Saudi Arabia Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 133
Table 73. Saudi Arabia Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 133
Table 74. Saudi Arabia Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 133
Table 75. South Africa Radiofrequency-Based Devices Market by Product, 2021-2031, $ mn 135
Table 76. South Africa Radiofrequency-Based Devices Market by Application, 2021-2031, $ mn 135
Table 77. South Africa Radiofrequency-Based Devices Market by End User, 2021-2031, $ mn 135
Table 78. Product Offerings of Main Vendors 139
Table 79. Breakdown of World Market by Key Vendor, 2021, 9
Table 80. Abbott Laboratories: Company Snapshot 142
Table 81. Abbott Laboratories: Business Segmentation 143
Table 82. Abbott Laboratories: Product Portfolio 143
List of Figures:

Figure 1. Research Method Flow Chart 12
Figure 2. Bottom-up Approach and Top-down Approach for Market Estimation 15
Figure 3. Global Market Forecast in Optimistic, Conservative and Balanced Perspectives, 2021-2031 17
Figure 4. Industry Value Chain Analysis 20
Figure 5. Global Radiofrequency-Based Devices Market, 2021-2031, $ mn 21
Figure 6. Impact of COVID-19 on Business 24
Figure 7. Primary Drivers and Impact Factors of Global Radiofrequency-Based Devices Market 26
Figure 8.  Leading Causes of Death in the World, 2000 and 2019, million 30
Figure 9.  Worldwide Geriatric Population (60 years and above) by Regions, 2015 & 2030, million 31
Figure 10. World Population 65 and Over, % of Total Population, 1950-2060 31
Figure 11. Primary Restraints and Impact Factors of Global Radiofrequency-Based Devices Market 33
Figure 12. Investment Opportunity Analysis 37
Figure 13. Porter’s Fiver Forces Analysis of Global Radiofrequency-Based Devices Market 40
Figure 14. Breakdown of Global Radiofrequency-Based Devices Market by Product, 2021-2031, % of Revenue 45
Figure 15. Global Addressable Market Cap in 2022-2031 by Product, Value ($ mn) and Share (%) 45
Figure 16. Global Radiofrequency-Based Devices Market by Product: Generators, 2021-2031, $ mn 46
Figure 17. Global Radiofrequency-Based Devices Market by Product: Electrodes, 2021-2031, $ mn 47
Figure 18. Global Radiofrequency-Based Devices Market by Product: Applicators, 2021-2031, $ mn 48
Figure 19. Global Radiofrequency-Based Devices Market by Product: Probes, 2021-2031, $ mn 49
Figure 20. Global Radiofrequency-Based Devices Market by Product: Cannulas, 2021-2031, $ mn 50
Figure 21. Global Radiofrequency-Based Devices Market by Product: Needles, 2021-2031, $ mn 51
Figure 22. Global Radiofrequency-Based Devices Market by Product: Other Products, 2021-2031, $ mn 52
Figure 23. Breakdown of Global Radiofrequency-Based Devices Market by Application, 2021-2031, % of Sales Revenue 54
Figure 24. Global Addressable Market Cap in 2022-2031 by Application, Value ($ mn) and Share (%) 54
Figure 25. Global Radiofrequency-Based Devices Market by Application: Pain Management, 2021-2031, $ mn 55
Figure 26. Global Radiofrequency-Based Devices Market by Application: Aesthetics, 2021-2031, $ mn 56
Figure 27. Global Radiofrequency-Based Devices Market by Application: Oncology, 2021-2031, $ mn 57
Figure 28. Global Radiofrequency-Based Devices Market by Application: Cardiology, 2021-2031, $ mn 58
Figure 29. Global Radiofrequency-Based Devices Market by Application: Gynecology, 2021-2031, $ mn 59
Figure 30. Global Radiofrequency-Based Devices Market by Application: Other Applications, 2021-2031, $ mn 60
Figure 31. Breakdown of Global Radiofrequency-Based Devices Market by End User, 2021-2031, % of Sales Revenue 62
Figure 32. Global Addressable Market Cap in 2022-2031 by End User, Value ($ mn) and Share (%) 62
Figure 33. Global Radiofrequency-Based Devices Market by End User: Hospitals, 2021-2031, $ mn 63
Figure 34. Global Radiofrequency-Based Devices Market by End User: Ambulatory Surgical Centers (ASCs), 2021-2031, $ mn 64
Figure 35. Global Radiofrequency-Based Devices Market by End User: Specialty Clinics, 2021-2031, $ mn 65
Figure 36. Global Radiofrequency-Based Devices Market by End User: Other End Users, 2021-2031, $ mn 66
Figure 37.  Global Market Snapshot by Region 67
Figure 38.  Geographic Spread of Worldwide Radiofrequency-Based Devices Market, 2021-2031, % of Sales Revenue 68
Figure 39. Global Addressable Market Cap in 2022-2031 by Region, Value ($ mn) and Share (%) 69
Figure 40.  North American Radiofrequency-Based Devices Market, 2021-2031, $ mn 72
Figure 41. Breakdown of North America Radiofrequency-Based Devices Market by Country, 2021 and 2031, % of Revenue 73
Figure 42. Contribution to North America 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%) 74
Figure 43. U.S. Radiofrequency-Based Devices Market, 2021-2031, $ mn 76
Figure 44. Canada Radiofrequency-Based Devices Market, 2021-2031, $ mn 78
Figure 45.  Radiofrequency-Based Devices Market in Mexico, 2021-2031, $ mn 80
Figure 46.  European Radiofrequency-Based Devices Market, 2021-2031, $ mn 83
Figure 47. Breakdown of European Radiofrequency-Based Devices Market by Country, 2021 and 2031, % of Revenue 84
Figure 48. Contribution to Europe 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%) 85
Figure 49.  Radiofrequency-Based Devices Market in Germany, 2021-2031, $ mn 86
Figure 50.  Radiofrequency-Based Devices Market in U.K., 2021-2031, $ mn 88
Figure 51.  Radiofrequency-Based Devices Market in France, 2021-2031, $ mn 90
Figure 52.  Radiofrequency-Based Devices Market in Spain, 2021-2031, $ mn 92
Figure 53.  Radiofrequency-Based Devices Market in Italy, 2021-2031, $ mn 94
Figure 54.  Radiofrequency-Based Devices Market in Netherlands, 2021-2031, $ mn 96
Figure 55.  Radiofrequency-Based Devices Market in Rest of Europe, 2021-2031, $ mn 98
Figure 56. Asia-Pacific Radiofrequency-Based Devices Market, 2021-2031, $ mn 101
Figure 57. Breakdown of APAC Radiofrequency-Based Devices Market by Country, 2021 and 2031, % of Revenue 101
Figure 58. Contribution to APAC 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%) 103
Figure 59.  Radiofrequency-Based Devices Market in Japan, 2021-2031, $ mn 105
Figure 60.  Radiofrequency-Based Devices Market in China, 2021-2031, $ mn 107
Figure 61.  Radiofrequency-Based Devices Market in Australia, 2021-2031, $ mn 109
Figure 62.  Radiofrequency-Based Devices Market in India, 2021-2031, $ mn 111
Figure 63.  Radiofrequency-Based Devices Market in South Korea, 2021-2031, $ mn 113
Figure 64.  Radiofrequency-Based Devices Market in Rest of APAC, 2021-2031, $ mn 115
Figure 65. South America Radiofrequency-Based Devices Market, 2021-2031, $ mn 118
Figure 66. Breakdown of South America Radiofrequency-Based Devices Market by Country, 2021 and 2031, % of Revenue 118
Figure 67. Contribution to South America 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%) 119
Figure 68.  Radiofrequency-Based Devices Market in Argentina, 2021-2031, $ mn 120
Figure 69.  Radiofrequency-Based Devices Market in Brazil, 2021-2031, $ mn 122
Figure 70.  Radiofrequency-Based Devices Market in Chile, 2021-2031, $ mn 124
Figure 71.  Radiofrequency-Based Devices Market in Rest of South America, 2021-2031, $ mn 126
Figure 72. Radiofrequency-Based Devices Market in Middle East and Africa (MEA), 2021-2031, $ mn 128
Figure 73. Breakdown of MEA Radiofrequency-Based Devices Market by Country, 2021 and 2031, % of Revenue 128
Figure 74. Contribution to MEA 2022-2031 Cumulative Market by Country, Value ($ mn) and Share (%) 129
Figure 75.  Radiofrequency-Based Devices Market in UAE, 2021-2031, $ mn 130
Figure 76.  Radiofrequency-Based Devices Market in Saudi Arabia, 2021-2031, $ mn 132
Figure 77.  Radiofrequency-Based Devices Market in South Africa, 2021-2031, $ mn 134
Figure 78. Growth Stage of Global Radiofrequency-Based Devices Industry over the Forecast Period 137

Selected Key Players: 
Abbott Laboratories
ALMA Lasers (Sisram Medical Ltd.)
AngioDynamics, Inc.
AtriCure, Inc.
Avanos Medical, Inc.
Becton Dickinson and Company
Boston Scientific Corporation
Bramsys Industria e Comercio Ltda
BVM Medical Limited
Conmed Corporation
Cutera, Inc.
Cynosure
Diros Technology Inc.
Johnson & Johnson
Medtronic Plc
Merit Medical Systems, Inc.
Smith & Nephew plc
Stryker Corporation
Venus Concept, Inc.
YA-MAN Ltd. 
(Please note: The report will be updated before delivery so that the latest historical year is the base year and the forecast covers at least 5 years over the base year.)