Cryoablation Devices Market

Cryoablation Devices Market By Product Type (Tissue Contact Probe Ablators, Epidermal and Subcutaneous Cryoablation Systems, and Tissue Spray Probe Ablators), Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, Lung Cancer, and Cardiac Arrhythmia), End-User (Hospitals, Ambulatory Surgical Centers, and Speciality Clinics) and Geography is estimated to register appreciable CAGR forecast till 2030 owing to the increasing prevalence of chronic diseases such as cancer, rising number of cardiovascular cases and the higher availability of customized probes for cryoablation among others

The global cryoablation devices market is estimated to advance at a CAGR of 8.8% during the forecast period from 2024 to 2030. 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, the 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 2024-2030.   

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 the increase in the demand for 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, approximately 10 million people were suffering from cancer across the world.

Also as per the above-mentioned source, the most common cancer types include breast, 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 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 GLOBOCAN Europe 2020, the number of new cases of breast cancer in the year 2020 was estimated to be 531,086, and about 519,820 people suffering from colorectal cancer.

Cryoablation devices are used for killing 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 for cryoablation devices, leading to an increase in the overall market growth of 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 cryoablation devices may restrict the cryoablation devices market growth.

Cryoablation Devices Market Segment Analysis:

Cryoablation Devices Market by Product Type (Tissue Contact Probe Ablators, Epidermal and Subcutaneous Cryoablation Systems, Tissue Spray Probe Ablators), Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, Lung Cancer, Cardiac Arrhythmia), End-User (Hospitals, Ambulatory Surgical Centers, and Specialty Clinics), and 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 of 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 arrhythmia, rising product approvals about 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 ablator is a specialized surgical device that 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 tissue contact probe ablators, there will be an increase in the demand for the tissue contact probe ablators, leading to an overall increase in the cryoablation devices market growth.

Furthermore, the increase in several product approvals will also lead to an increase in the demand for 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 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 of the cryoablation devices market. Owing to the significance of key growth factors such as the prevalence of chronic diseases such 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 about 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 by 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 by prostate cancer 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 by lung cancers in 2020 in the United States. Thus, all the above-mentioned factors will lead to an increase in the North American cryoablation devices market.

Cryoablation Devices Market Key Players:

Some of the key market players operating in the cryoablation devices market include 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 bagged the US FDA approval for Freezor and Freezor Xtra Cardiac Cryoablation catheters.
• On November 10, 2021, Medtronic India launched the cryoablation catheter, Arctic Front Cardiac Cryoablation Catheter system for the treatment of atrial fibrillation patients.
• On June 21, 2021, Medtronic received the FDA expanded approval for the Arctic Front family of cardiac cryoablation catheters for the initial use of recurrent symptomatic paroxysmal atrial fibrillation.

Key Takeaways from the Cryoablation Devices Market Report Study

• Market size analysis for current cryoablation devices market size (2023), and market forecast for 5 years (2024-2030).
• Top key product/services/Technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years.
• Key companies are 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 2023? How these segments will perform in 2030?
• Which are 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 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 the cryoablation devices market
• Various End-users who want to know more about the cryoablation devices market and the latest technological developments in the cryoablation devices market.

Frequently Asked Questions for Cryoablation Devices Market:

1. What are cryoablation devices?

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 tumor. A gas is pumped into the cryoprobe 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?

The global cryoablation devices market is estimated to advance at a CAGR of 8.8% during the forecast period from 2024 to 2030.

3. What are the drivers for the global cryoablation devices market?

The demand for cryoablation devices is primarily being boosted by the increasing prevalence of cancers, the rising prevalence of cardiovascular disorders, rising technological advancements about cryoablation devices, and the rising geriatric population susceptible to developing chronic disorders thereby contributing to the overall growth of the cryoablation devices market during the forecast period from 2024-2030. 

4. Who are the key players operating in the global cryoablation devices market?

Some of the key market players operating in the cryoablation devices market include 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 the global cryoablation devices market?

North America is expected to dominate the overall cryoablation devices market during the forecast period, 2024 to 2030. Owing to the significance of key growth factors such as the rising prevalence of cardiovascular diseases and cancer, growing technological advancements in 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.