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Cryoablation Devices Market Size, Industry Share, Analysis 2024-2033
Cryoablation Devices Market Size
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According to The Business Research Company's, The cryoablation devices market size has grown rapidly in recent years. It will grow from $0.50 billion in 2023 to $0.56 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased funding and grants from government agencies, expansion of cryoablation training and education, the rise of outpatient and ambulatory surgery centers, rise in hybrid treatment approaches, and growth in outpatient procedures.
The cryoablation devices market size is expected to see rapid growth in the next few years. It will grow to $0.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to the increasing prevalence of cancer, rising cases of cardiovascular diseases, increasing number of clinical trials, rising geriatric population, and increasing consumption of tobacco and alcohol. Major trends in the forecast period include technological advancements, portable cryoablation devices, nanotechnology integration, hybrid procedures, and artificial intelligence.
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Market Drivers and Trends:
The increasing prevalence of cardiovascular diseases is expected to propel the growth of the cryoablation devices market going forward. Cardiovascular diseases (CVD) refer to a class of disorders involving the heart and blood vessels, including conditions like coronary artery disease, hypertension, heart failure, arrhythmias, and stroke. The prevalence of cardiovascular diseases is due to aging populations, rising rates of obesity, and increased exposure to risk factors such as smoking and pollution. Cryoablation devices are a valuable tool in cardiology for treating arrhythmias such as atrial fibrillation by creating controlled lesions in the heart tissue that disrupt abnormal electrical pathways, restoring more normal heart rhythm and improving the quality of life for patients. For instance, in October 2022, according to the World Heart Federation, a Switzerland-based non-governmental organization, the projections indicate a rise in cardiovascular disease (CVD) deaths from 18.9 million in 2020 to surpass 22.2 million by 2030 and to escalate to 32.3 million by 2050. Therefore, the increasing prevalence of cardiovascular diseases is expected to drive the growth of the cryoablation devices market.
Major companies operating in the cryoablation devices market are focusing on developing innovative products, such as cryo balloon catheters, to improve the efficacy and safety of cryoablation procedures. Cryoballoon catheters are specialized medical devices used in cryoablation procedures, particularly in treating cardiac arrhythmias such as atrial fibrillation (AF). For instance, in November 2021, Medtronic plc, an Ireland-based healthcare company, launched the Arctic Front Cardiac Cryoablation Catheter System. The cardiac cryoablation catheter system is a minimally invasive procedure for treating atrial fibrillation (AFib), involving the insertion of a catheter through a growing vein to the heart, where an inflatable balloon at the catheter's end releases a special gas coolant to freeze heart tissue and block abnormal electrical signals.
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Major Key Players of the Market:
Medtronic plc, Siemens Healthineers AG, GE Healthcare, Boston Scientific Corporation, Varian Medical Systems Inc., CooperSurgical Inc., MicroPort Scientific Corporation, PENTAX Medical, AtriCure Inc., Vimecon GmbH, Erbe Elektromedizin GmbH, MedGyn Products Inc., HealthTronics Inc., METRUM CRYOFLEX Sp. z o.o., BVM Medical Limited., Adagio Medical Inc., Channel Medsystems Inc., CPSI Biotech, CryoTherapeutics GmbH, Endocare Inc., Galil Medical Ltd., Sanarus Technologies Inc., IceCure Medical Ltd.
Cryoablation Devices Market 2024 Key Insights:
• The cryoablation devices market size is expected to see rapid growth in the next few years. It will grow to $0.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%.
• Increasing Cardiovascular Disease Prevalence Drives Growth In Cryoablation Devices Market
• Medtronic Launches Arctic Front Cardiac Cryoablation Catheter System For Atrial Fibrillation Treatment
• North America was the largest region in the cryoablation devices market in 2023
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