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Cryoablation Devices Market By Product Type (Tissue Contact Probe Ablators, Epidermal And Subcutaneous Cryoablation Systems, And Tissue Spray Probe Ablators), By Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, Lung Cancer, And Cardiac Arrhythmia), By End-Users (Hospitals, Ambulatory Surgical Centers, And Speciality Clinics) And by geography is estimated to register appreciable CAGR forecast till 2027 owing to the increasing prevalence of chronic diseases such as cancer, rising number of cardiovascular cases and the higher availability of customzied probes for the purpose of cryoablation among others
Global cryoablation devices market is estimated to advance at a CAGR of 8.8% during the forecast period from 2022 to 2027. The demand for cryoablation devices is primarily being boosted by the rising number of patients suffering from cardiovascular disorders, the increase in the number of patients suffering from chronic disorders such as cancer, higher availability of customized probes for cryoablation, the increasing technological advancements associated with the cryoablation devices will help in contributing in the overall market growth of the cryoablation devices during the forecast period from 2022-2027.
Cryoablation Devices Market Dynamics:
The cryoablation devices market is experiencing increasing product demand owing to a variety of factors. One of the important factors is the growing prevalence of patients affected with cancer. The rising prevalence of cancer across the globe can be attributed to increase the demand of cryoablation devices owing to the use of cryoablation devices in the treatment of cancer. As per the data published by the World Health Organization 2020, there were approximately 10 million people suffering from cancers across the world.
Also as per the above mentioned source, the most common cancer types include breasts, colon, lung, rectum and prostate cancers.
Furthermore, as per the GLOBOCAN Statistics 2020, worldwide an estimated 19.3 million new cancer cases, including 18.1 million excluding non-melanoma skin cancer and approximately 10 million cancer deaths had occurred in the year 2020.
Also, as per the above source, female breast cancers had surpassed lung cancer as the most commonly diagnosed cancer, with an estimated number of 2.3 new million cases (11.7%), followed by lung (11.4%), colorectal (10%), prostate (7.3%), and stomach (5.6%).
Furthermore, as per the National Health Statistics, 2021, approximately 1,898,160 new cancer cases and 608,570 cancer deaths had occurred in the United States.
Moreover, as per the GLOBOCAN Europe 2020, the number of new cases in breast cancer in the year 2020 were estimated to be 531 086 and about 519 820 people suffered from colorectal cancer.
The cryoablation devices are used for killing the cancer cells with extreme levels of cold, thus, the rising number of chronic conditions such as cancer could contribute to the Cryoablation Devices market growth in the region.
Furthermore, the rising number of patients affected with cardiovascular diseases will also increase the demand of cryoablation devices, leading to an increase in the overall market growth of the cryoablation devices. According to the World Health Organization 2022, in the year 2021, cardiovascular diseases are the leading cause of death globally affecting about 17.9 million people every year.
However, the lack of skilled and trained professionals and the concerns related to the safety of the cryoablation devices may restrict the cryoablation devices market growth.
The cryoablation devices market has been affected slightly after the emergence of the COVID-19 infections. Due to the outbreak of the COVID-19 pandemic, the market for Cryoablation Devices witnessed slow growth. This is due to the delay in the number of elective procedures during the pandemic. Moreover, temporary shutdown of clinics due to nationwide lockdown, disruption in supply because of logistical restrictions imposed at the time of COVID-19 wave, and hospitals shifting their focus towards COVID management also affected the Cryoablation Devices demand. However, the launch of various vaccines and mass vaccination drives have resume normal operations further leading to the growth of the Cryoablation Devices market during the post-pandemic.
Cryoablation Devices Market Segment Analysis:
Cryoablation devices Market by Product Type (Tissue Contact Probe Ablators, Epidermal and Subcutaneous Cryoablation Systems, Tissue Spray Probe Ablators), by Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, Lung Cancer, Cardiac Arrhythmia), by End-Users (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the product type segment of the cryoablation devices market, the tissue contact probe ablators category is expected to amass a significant share in the market revenue during the forecast period. This can be ascribed to various factors such as the rising prevalence of cardiovascular diseases such as atrial fibrillation and cardiac arrythmia, rising product approvals pertaining to tissue contact probe ablators devices, rising research and development associated with the tissue contact probe ablators devices that are extensively used in delivering the ablating energy to the tissue in contact. A tissue contact probe ablators is a specialized surgical device is widely used during surgeries. The instrument provides several advantages when performing the cryoablation procedure during the surgical process. Apart from that, the instruments help the practitioners in attaining a steady and reliable ablation efficiency. The tissue contact probe is quick when it comes to achieving lethal temperatures and maintaining that same temperature consistently across the probe length. Owing to an increase in the advantages offered by the tissue contact probe ablators, there will be an increase in the demand of the tissue contact probe ablators, leading to an overall increase in the cryoablation devices market growth.
Furthermore, the increase in number of product approvals will also lead to an increase in the demand of tissue contact probe ablators, leading to an overall rise in the cryoablation devices market growth. For instance, on December 23, 2020, the United States Food and Drug Administration had approved AtriCure's CryoICE cryo-ablation probe.
Thus, all the aforementioned factors are likely to propel the tissue contact probe ablators category growth in the cryoablation devices market during the forecast period.
North America is expected to dominate the overall Cryoablation Devices Market:
Among all the regions, North America is estimated to account for the largest share in the cryoablation devices market. Owing to significance of key growth factors such as prevalence of chronic diseases as cardiovascular diseases and cancers across the region, rising research and development owing to the increasing prevalence of chronic disorders, increasing usage of cryoablation devices, the rising availability of customized probes pertaining to cryoablation, growing approvals for Cryoablation devices in the North American region coupled with increasing focus of the government in terms of providing access to healthcare services has also helped the market growth in this region.
For instance, according to the National Institute of Health, in the year 2020, an estimated number of 1,806,590 new cases of cancer were diagnosed in the United States and about 606,520 people were affected from the disease.
Furthermore, as per the Centers for Disease Control and Prevention, 2021, in the United States in 2018, 1,708,921 new cancer cases were reported and about 599,265 people were affected with cancer.
Moreover, according to the American Cancer Society Inc. 2022, there were about 268,490 new cases of prostate cancer and about 34,500 people were affected from prostate cancers in the United States.
Also, as per the American Society of Clinical Oncology (ASCO), 2022, an estimated 81,180 adults (61,700 men and 19,480 women) in the United States were diagnosed with bladder cancer.
Also, as per the same source, American Cancer Society, 2022, about 236,740 new cases of lung cancer (117,910 in men and 118,830 in women) were diagnosed in the year 2020 and about 130,180 people were affected from lung cancers in 2020 in the United States. Thus, all the above mentioned factors will lead to an increase in the North America cryoablation devices market.
Cryoablation Devices Market Key Players:
Some of the key market players operating in the cryoablation devices market includes Medtronic, CPSI BIOTECH, Coopersurgical Inc., Atricure, Inc., Galil Medical Inc., Bvm Medical Limited, Healthtronics, Inc., SANARUS TECHNOLOGIES, METRUM CRYOFLEX SP, Boston Scientific Corporation, Varian Medical Systems, Inc., Biosense Webster, Adagio Medical, Icecure Medical, and others.
Recent Developmental Activities in Cryoablation Devices Market:
- On February 21, 2022, Medtronic had bagged the US FDA approval for Freezor and Freezor Xtra Cardiac Cryoablation catheters.
- On November 10, 2021, Medtronic India had launched the cryoablation catheter, Arctic Front Cardiac Cryoablation Catheter system for the treatment of atrial fibrillation patients.
- On June 21, 2021, Medtronic had received the FDA expanded approval for Arctic Front family of cardiac cryoablation catheters for the initial use of recurrent symptomatic paroxysmal atrial fibrillation.
- On April 29, 2020, the IceCure's ProSense system, a cryoablation device used to destroy cancerous tissue, had been approved for use in India.
Key Takeaways from the Cryoablation Devices Market Report Study
- Market size analysis for current cryoablation devices market size (2021), and market forecast for 5 years (2022-2027).
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the cryoablation devices market.
- Top key product/services/Technology developments, merger, acquisition, partnership, joint venture happened for last 3 years.
- Key companies dominating the Global cryoablation devices Market.
- Various opportunities available for the other competitor in the Cryoablation devices Market space.
- What are the top performing segments in 2021? How these segments will perform in 2027.
- Which is the top-performing regions and countries in the current cryoablation devices market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for cryoablation devices market growth in the coming future?
Target Audience who can be benefited from this Cryoablation Devices Market Report Study
- Cryoablation devices market products providers
- Research organizations and consulting companies
- Cryoablation devices market -related organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders dealing in Cryoablation devices market
- Various End-users who want to know more about the Cryoablation devices market and latest technological developments in the Cryoablation devices market.
Frequently Asked Questions for Cryoablation Devices Market:
1. What are Cryoablation devices Market?
Cryoablation for cancer is a treatment to kill cancer cells with extreme cold. During cryoablation, a thin, wandlike needle (cryoprobe) is inserted through the skin and directly into the cancerous tumour. A gas is pumped into the cryoprobe in order to freeze the tissue. Then the tissue is allowed to thaw. The freezing and thawing process is repeated several times during the same treatment session.
2. What is the market for Global Cryoablation devices Market?
Global cryoablation devices market is estimated to advance at a CAGR of 8.8% during the forecast period from 2022 to 2027.
3. What are the drivers for Global Cryoablation devices Market?
The demand for cryoablation devices is primarily being boosted by increasing prevalence of cancers, rising prevalence of cardiovascular disorders, rising technological advancements pertaining to the cryoablation devices, and the rising geriatric population susceptible to developing chronic disorders thereby contributing in the overall growth of the cryoablation devices market during the forecast period from 2022-2027.
4. Who are the key players operating in Global Cryoablation devices Market?
Some of the key market players operating in the cryoablation devices market includes Medtronic, CPSI BIOTECH, Coopersurgical Inc., Atricure, Inc., Galil Medical Inc., Bvm Medical Limited, Healthtronics, Inc., SANARUS TECHNOLOGIES, METRUM CRYOFLEX SP, Boston Scientific Corporation, Varian Medical Systems, Inc., Biosense Webster, Adagio Medical, Icecure Medical, and others.
5. Which region has the highest share in Cryoablation devices Market?
North America is expected to dominate the overall Cryoablation devices Market during the forecast period, 2022 to 2027. Owing to significance of key growth factors such as rising prevalence of cardiovascular diseases and cancer, growing technological advancements pertaining to the cryoablation devices, rising geriatric population susceptible to developing chronic disorders with the rising focus of the government in terms of providing access to healthcare solutions catering to such indications, the North America cryoablation devices market is expected to witness positive growth.