The Cryoablation Devices market is estimated to be valued at US$ 3149.33 Mn in 2023 and is expected to exhibit a CAGR of 13. % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryoablation devices are medical instruments used in cryotherapy or cryoablation therapy. Cryoablation uses extreme cold instead of heat to destroy diseased tissue through application of subzero temperature. It is a minimally invasive procedure used in treatment of cancer and some cardiac arrhythmias. Some key applications of cryoablation devices include treatment of prostate cancer, kidney cancer, breast cancer, lung tumors and cardiac arrhythmias like atrial fibrillation.
Market Dynamics:
The Cryoablation Devices market is primarily driven by rising prevalence of cancer across the globe. According to World Health Organization (WHO), cancer burden has risen to 18.1 million new cases and 9.6 million cancer deaths in 2018. Another major driver for this market is growing preference for minimally invasive procedures over conventional surgical treatments. Cryoablation being a minimally invasive treatment has advantages such as shorter recovery time, reduced risk of infection and less pain and scarring compared to traditional open surgeries. Furthermore, increasing applications of cryoablation therapy in treatment of different cancer types such as lung tumors, breast tumors and renal tumors is also fuelling demand for Cryoablation devices.
SWOT Analysis
Strength: Cryoablation devices are minimally invasive in nature, which allows for quicker recovery time compared to traditional invasive surgeries. Cryoablation is also highly effective in destroying diseased tissues with minimal damage to surrounding tissues. Advanced cryoablation devices offer real-time imaging and monitoring capabilities, improving accuracy and safety.
Weakness: Cryoablation procedures often require multiple treatment sessions which increases costs as compared to a single treatment alternative. There is also a lack of long-term clinical evidence for some cryoablation applications.
Opportunity: Rising geriatric population and increasing incidence of cancer and cardiac arrhythmias present a massive growth opportunity. Untapped emerging markets in Asia Pacific and Latin America offer vast potential. Technological advancement is expanding the scope of applications for cryoablation.
Threats: Stringent regulatory approvals and reimbursement policies continue to restrict adoption. Competing minimally invasive treatments such as radiofrequency ablation threaten market share. Economic uncertainty amid the ongoing pandemic poses challenges.
Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing preference for minimally invasive procedures. North America currently dominates the market due to presence of major players, raising uptake in treating cardiac arrhythmias and cancer.
Regional analysis
Europe is the second largest market for cryoablation devices attributed to rising geriatric population base, encouraging regulatory approvals and increasing awareness. Asia Pacific is identified as the fastest growing region on back of surging healthcare expenditures, growing medical tourism and untapped opportunities.
Key players
Key players operating in the cryoablation devices market are HEALTHTRONICS, INC., CPSI BIOTECH, ATRICURE, INC., BVM MEDICAL LIMITED, MEDTRONIC PLC., COOPERSURGICAL INC., METRUM CRYOFLEX SP., SANARUS TECHNOLOGIES, ICECURE MEDICAL, GALIL MEDICAL INC.
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