The Global Cryoablation Devices Market was valued at US$ 122.1 million in 2017 and is projected to expand at a CAGR of 8.5% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. The increasing demand for cryoablation treatment for complex procedures such as cancer, open heart surgery is expected to support growth of the cryoablation devices market over the forecast period.
Demand for cryoablation procedures is especially high in countries with a high geriatric population such as China and Japan. Given their weak immune system, the large volume of patients in this age group suffering from various chronic diseases cannot opt for intrusive surgeries such as open heart surgery. Cryoablation, being a minimally-invasive procedure, is an effective alternative for such patients. According to United Nations Department of Economic and Social Affairs (U.N. DESA), in 2015, there were 125 million people aged 80 years or over which is expected to increase to 434 million by 2050. Furthermore, the number of people aged 60 years or over is estimated to grow by 56% in between 2015 to 2030. This increase in number of aged population will support the growth of the cryoablation devices market in the near future.
There are other applications of cryoablation procedure that can be effective in various type of disease such as atrial fibrillation, cardiac arrhythmia, and atrial flutter. As per Centers for Disease Control and Prevention (CDC), every year, around 610,000 people die due to heart disease in the U.S. Furthermore, around 2.7 to 6.1 million people were suffering from atrial fibrillation in 2013-14 in the U.S. Also, Cryoablation may be a viable alternative to surgery for some early breast cancers and an effective technique for noncancerous fibroadenomas of the breast, as well as liver, lung, and kidney cancers.
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Most cryoablation devices market is still in its embryonic stage, and promises to provide highly lucrative growth opportunities in the near future, as major players in the market are focusing on capitalizing on the opportunities in the market by differentiating their product through integration of advanced technologies. For instance, AtriCure Inc. launched cryoFORM cryoablation probe in 2015, which offers high probe flexibility and hence, can easily be adapted to a large variety of surgical ablation procedures.
The continuous R&D in this area may lead to fulfill the unmet needs such as efficiency and specificity of devices to kill all diseased tissue and may help to increase the use of cryoablation devices for various treatment. For example, previously the cryoablation devices used only with open conventional surgery but the trend is changed and increased interest for cryoablation by percutaneously due to development of endovascular cryoablation system and it is expected that this will drive the global cryoablation devices market towards positive direction in the near future.
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Key takeaways of the cryoablation devices market:
- The global cryoablation devices market is expected to expand at a CAGR of 8.5% during the forecast period (2017–2025). Technological advancements towards cryoablation device development is expected to favor growth of the cryoablation devices market
- The probes and balloons segment in the global cryoablation devices market was estimated to be the largest in 2017 and is expected to retain its dominance in the market throughout the forecast period in terms of value
- In terms of end user segment, the hospitals segment is estimated to be the largest segment as increasing adoption rate for cryoablation procedures in this area is the factor behind its growth
- The global cryoablation devices market is characterized by market expansion and the Asia Pacific region could generate higher market revenue in forecast period (2017-2025) as this market is expected to lucrative market for industry players
- Some of the major companies in the global cryoablation devices market are Medtronic Inc., Galil Medical Inc., AtriCure, Inc., IceCure Medical, and Sanarus Technologies
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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