According to the latest report published by Credence Research, Inc. “Cryoablation Devices Market(Device Type: Cryoablation Systems, Cryoablation Catheters or Probes; Application Type: Cancer, Cardiac Arrhythmia, Obstetrics & Gynecology, Pain Management, Ophthalmic Diseases and Others)– Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global Cryoablation devices market was valued at US$ 0.98 Bn in 2016, and is expected to reach US$1.89 Bn by 2025, expanding at a CAGR of 7.5% from 2017 to 2025.
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Cryoablation is a novel modality in order to destroy diseased cells by freezing it without affecting its surrounding healthy tissues. This promising method is gaining more acceptance in the medical field due to safe and efficient approach, best outcomes, minimal complication rate and lowest risk. Cryoablation procedure is executed by inserting a probe into the affected site which supplies nitrogen or argon gas to get the targeted cells destructed.
Growing prevalence of cancer around the world is the key driver of cryoablation devices market. The study by American Cancer Society predicted that in 2030, the global burden of cancer is estimated to reach 21.7 million. This increasing number of cases positively influence cryoablation devices market worldwide due to its successful clinical result. A research study from American Heart Association on Worldwide Epidemiology of Atrial Fibrillation states that 33.5 million people suffered from atrial fibrillation in 2010, and it is estimated that the affected population will double in U.S. in 2050. This sharply rising trend of cardiac disorder as a result of rapidly changing lifestyle and diet habits is likely to fuel this industry growth. Growing preference for minimally invasive medical intervention, lowest chances of scarring, negligible pain, and rapid recovery support the major growth opportunity of cryoablation devices market. Growing adoption of cryoablation device among physicians and lower pricing are expected to boost the cryoablation device market in the future. However, longer procedure time and chances of recurrence might negatively impact this market.
On the basis of device types, cryoablation catheters and probes are the leading segments of cryoablation devices attributed to usage of multiple probes in a single medical procedure. Among the application type, increasing global burden of cancer is considered to drive the cryoablation devices market worldwide and predicted to hold the maximum share.
Geographically, in the year 2016, North America dominated the cryoablation devices market followed by Europe. Developed healthcare infrastructure, accessible advanced medical technology, and its higher adoption are the primary factors contributing to the growth of the cryoablation devices market in these regions. Asia-Pacific region is anticipated to witness significant growth in cryoablation devices market due to large population pool, increasing health awareness among the public and developing healthcare infrastructure.
Market Competition Assessment:
The cryoablation devices market presently comprises various companies having their products marketed. The manufacturers are developing new innovative products and the market is growing as a result of increasing adoption and accessibilities of these products. The key industry players include Medtronic Plc., Galil Medical Inc., Icecure Medical, Sanarus, AtriCure, Inc., AFreeze and other notable players.
Key Market Movements:
- The increasing public awareness regarding to better health, favorable reimbursement policies, utilization of advanced technologies, devices with improved maneuverability propel the growth of cryoablation devices market.
- Lack of trained healthcare personnel and the high price of the device are some challenging factors for the growth of cryoablation devices market in developing nations.