Cryoablation Devices Market Size - By Type (Probe, Systems), By Application (Cardiology, Oncology), By End-use (Hospitals, Specialty Centers, Ambulatory Surgical Centers) – Global Forecast to 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCryoablation Devices Market Size
Cryoablation Devices Market size was valued at over USD 690 million in 2022 and is predicted to reach more than USD 1.5 billion by 2032.
Cryoablation devices are medical instruments that are utilized in cryoablation operations. Cryoablation is a procedure that includes freezing and destroying aberrant tissues or cells in the body using extremely low temperatures. A cryoablation console or system as well as a probe or catheter are commonly utilized in cryoablation treatments. Additionally, the rise in healthcare expenditure among developed and emerging economies is projected to contribute to the market growth. Investments in healthcare infrastructure and the availability of reimbursement policies for cryoablation procedures will further facilitate the market expansion.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Cryoablation Devices Market Size in 2022 | USD 691 Million |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 8.5% |
| 2032 Value Projection | USD 1.6 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 380 |
| Tables, Charts & Figures | 759 |
| Segments covered | Type, Application, End-use and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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Continuous advancements in cryoablation devices will act as a significant factor to accelerate the market penetration. The development and launch of advanced technology with inbuilt devices that offer better device performance, accuracy and safety will spur the demand for cryoablation devices. Furthermore, several manufacturers are producing devices with superior cooling processes, enhanced imaging capabilities and improved catheter designs for precise and efficient tissue targeting that will thereby propel the market growth potential.
COVID-19 Impact
The COVID-19 pandemic gave the market for cryoablation devices a bit of a setback in 2020. It messed up the worldwide supply chains, making it hard to get a hold of medical supplies like cryoablation devices. This led to prices going up and down and delivery times getting delayed, which made it hard to find these devices in some places. As a result, the market didn't grow as much as it could have. During the pandemic, healthcare systems around the world were under a lot of pressure to manage their resources and give priority to COVID-19 patients. This meant that a lot of non-emergency procedures, including some cryoablation treatments, were put on hold or even canceled. As a result, the demand for cryoablation devices dropped because hospitals and clinics were focusing on more urgent and necessary care.
However, as vaccination efforts progress and healthcare systems adapt to the new normal there is a rebound in non-essential medical procedures, including cryoablation treatments. The rescheduling of postponed procedures and the increasing focus on cancer and other disease diagnosis and treatment stimulated the demand for cryoablation devices in the year 2021.
Cryoablation Devices Market Trends
As health concerns mount, the alarming rise in chronic diseases like cancer and heart problems is driving the healthcare industry. Statistics from the World Health Organization (WHO) paint a grim pictureheart disease alone claims nearly 18 million lives annually. Cancer, too, is a global scourge, responsible for over 10 million deaths in 2020. In that same year, lung cancer struck down over 2.2 million people, while prostate cancer afflicted 1.4 million. With the burden of such diseases growing worldwide, the demand for healthcare services and products is only expected to surge further.
Moreover, the growing preference for minimally invasive procedures among patients and healthcare providers such as cryoablation procedures that offer several benefits such as reduced trauma, shorter recovery times, and lower risk of complications compared to traditional surgical interventions will contribute to the adoption of cryoablation devices.
Cryoablation Devices Market Analysis
Based on type, the cryoablation devices market is bifurcated into probe and systems. The probe segment further subdivided into epidermal and subcutaneous cryoablation systems, tissue contact probe ablators, and tissue spray probe ablators. Systems segment is segregated into generator and accessories & consumables. The probe segment is anticipated to witness highest growth during the forecast period. Continuous technological advancements including probe design improvements, temperature monitoring systems, and imaging techniques enhanced the safety and effectiveness of cryoablation procedures. These advancements will contribute to increase adoption of cryoablation probe segment.
Moreover, tissue contact probe ablators held large market share in 2022. Growing preference for minimally invasive procedures in cancer diagnostics will drive the demand for tissue contact probe ablators. Patients and healthcare providers are seeking treatment options that offer shorter recovery times, reduced complications, and improved patient comfort. Further, tissue contact probe ablators allow precise and targeted ablation while minimizing damage to surrounding tissues thereby, witnessing greater adoption rate.
The market for cryoablation devices is divided into three main areasheart conditions, cancer, and other uses. The cancer segment is further broken down into different types of cancer, including lung, liver, breast, kidney, and prostate. Cancer is the most common use for cryoablation devices, accounting for over 51% of the market in 2022. This is because cancer rates are increasing around the world and new technologies are making cryoablation a more attractive option for patients. Cryoablation is a minimally invasive treatment that uses extreme cold to destroy cancer cells. It's a less invasive alternative to surgery, so it's often preferred by patients who are not good candidates for surgery. As cancer rates continue to rise, the demand for cryoablation devices is expected to grow. This is because cryoablation is an effective treatment for many types of cancer, and it's a less invasive option than surgery.
The cryoablation devices market is segmented by end-use into hospitals, specialty centers, ambulatory surgical centers, and others. The hospitals segment crossed more than USD 350 million revenue size in 2022. High segment growth is attributed to rising number of people suffering from several chronic ailments such as cardiovascular diseases and cancer across developing countries. Moreover, integration of advanced ablation devices including cryoablation devices for precise treatment is projected to witness high market demand.
Further, increasing disposable spending and developing healthcare infrastructure in developing nations will contribute considerably towards adoption of cryoablation devices in hospitals thereby positively influencing to segmental progress.
U.S. cryoablation devices market accounted for more than USD 250 million in 2022 and is anticipated to showcase considerable market growth over the estimated timeframe. Growing prevalence of cancer in the U.S. will act as a prominent factor propelling the market in the country. For instance, in 2022, the American Cancer Society estimated that more than 1.9 million new cancer cases were detected in the U.S. Thus, increasing number of cancer population will boost the market size. Further, emerging specialized cryoablation centers in the U.S. that provide specialized expertise, modern equipment, and comprehensive care for patients undergoing cryoablation procedures will bolster the market demand.
Cryoablation Devices Market Share
Some of the eminent market participants operating in the cryoablation devices market include
- Boston Scientific Corporation
- MicroPort Scientific Corporation
- CPSI Biotech
- Medtronic Plc.
- BVM Medical Limited.
- CooperSurgical, Inc.
- Atricure, Inc.
- Ice Cure Medical,
- AngioDynamics
- METRUM CRYOFLEX Sp. z o.o.
- Healthtronics, Inc.
- CONMED Corporation
- Olympus Corporation
These industry players are implementing numerous growth strategies such as collaborations, partnerships, acquisitions & mergers, and new product development & launches to broaden their product portfolio as well as gain a competitive edge over others.
Cryoablation Devices Industry News
- In August 2022, Medtronic Plc. acquired Affera, Inc. Affera is a prominent player in cardiac ablation devices. This has broadened company’s cardiac ablation portfolio including cardiac mapping and navigation platform, radiofrequency and cryoablation technology, thereby strengthened company’s offerings in the significant market.
- In February 2022, Medtronic plc received approval for its Freezor and Freezor Xtra cardiac cryoablation catheters by U.S. FDA to treat pediatric patients suffering from atrioventricular nodal re-entrant tachycardia. This strategy broadened company’s customer base thereby augmenting its business revenue size
Cryoablation devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments
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By Type (USD Million & 000’ Units)
- Probe
- Tissue contact probe ablators
- Epidermal and subcutaneous cryoablation systems
- Tissue spray probe ablators
- Systems
- Generator
- Accessories & consumables
By Application (USD Million)
- Cardiology
- Oncology
- Lung cancer
- Breast cancer
- Liver cancer
- Kidney cancer
- Prostate cancer
- Others
- Others
By End-use (USD Million)
- Hospitals
- Ambulatory surgical centers
- Specialty centers
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Switzerland
- The Netherlands
- Denmark
- Poland
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- New Zealand
- Thailand
- Vietnam
- Indonesia
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
- Israel
- Turkey
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