Cryoablation Devices Market - Global Industry Insights 2024
Rise in incidence rate for various types of cancer is expected to fuel the growth for cryoablation therapy
Cryoablation is mainly used for primary treatment of cancer in order to destroy tumor cells. In 2012, there were approximately 14 million new cases and 8.2 million cancer-related deaths. According to the WHO, the number of new cancer cases is expected to increase by 70% by 2030. Furthermore, in 2015, there were around 9 million deaths attributed to various types of cancers. The five leading cause of cancers includes the change in lifestyle and unhealthy eating habits along with increasing consumption of tobacco and alcohol. This inadvertently creates a highly conducive environment for growth for cryoablation devices market. Furthermore, Cryoablation therapy is also useful in treating cardiac arrhythmias, by restoring the heart’s electrical impulses by freezing the cardiac tissue or pathways that interfere with the normal cardiac impulse conduction, which in turn is expected to support the cryoablation devices market According to World Heart Federation, the prevalence of atrial fibrillation grows with advance in age to a prevalence of around 9% for ages 80–89. This states that the number of individuals in this age group are more prone to arrhythmias and the region having more geriatric population is expected to contribute more in cryoablation therapy market in terms of value in the near future.
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On the basis of device type, application, and end users the global cryoablation devices market is segmented as follows:
Global cryoablation devices market by device type:
-Tissue contact probe ablators
-Epidermal and subcutaneous cryoablation systems
-Tissue spray probe ablators
Global cryoablation devices market by application:
Global cryoablation devices market by end user:
-Ambulatory surgical centers
Cryoablation devices in the market: Freezor Cardiac CryoAblation Catheter (Medtronic), CryoCor Cryoablation System (CryoCor Inc.), Freezor Xtra Surgical Cardiac Cryoablation Device (Medtronic), cryoFORM (AtriCure, Inc.), Visual-ICE Cryoablation System (Galil Medical Inc.), and Freezor Max Surgical Cardiac Cryoablation Device (Medtronic).
Emerging economies to emerge as growth engine for cryoblation devices market
Developed economies such as the U.S., Canada, U.K., Germany, and Japan experience high adoption rate of cryoablation devices. This is mainly attributed to high incidence of cardiac disorders such as cardiac arrhythmia, atrial fibrillation, and atrial flutter and increasing geriatric population in these regions, according to American Heart Association, accounting for 17.3 million deaths per year. This number is projected to rise to around 23.6 million by 2030. In 2011, in U.S. around 790,000 people died from heart disease, stroke and other cardiovascular diseases. The above mentioned statistics are projected to support the cryoablation devices market. Moreover, favorable reimbursement policies, and highly advanced healthcare infrastructure in these countries are also contributing to growth of the market for cryoablation devices. For instance, most of the patients suffering from cardiovascular age are of Medicare age, facilities are reimbursed on a fixed inpatient payment guided and governed by MS-DRG system effective from October 2008, which provides efficient care to maintain financial viability. However, emerging economies such as India, Brazil, and Mexico are expected to be key growth regions that would propel cryoablation devices market growth over the following decade. Emergence of various minimally invasive therapies further creates a high growth application area for cryoablation devices. However, complications such as heart stroke and narrowing of the pulmonary veins and high costs associated with these devices is inhibiting market growth to a certain extent.
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Technological advancements increasing scope of application of cryoablation devices
AtriCure Inc. launched the cryoFORM cryoablation probe in 2015 that offers high probe flexibility and hence can easily be adapted to a large variety of surgical ablation procedures. CryoFORM is mainly used for minimal invasive surgeries in cardiac surgeries, including mitral and aortic valve repair. Various studies are underway regarding the use of cryoablation use in various other health related problems such as nonsurgical treatment option for patients with early-stage disease. According to HemOnc Today, in 2017, it was stated that Cryoablation may be 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.
Key Market Players
The global cryoablation devices market is highly fragmented owing to the participation of many global and local players, with various mid-to-large-sized companies involved in research and development of cryoablation devices.. Companies mainly focus on development products to cater to various applications and inorganic growth strategies in order to differentiate their product offerings and enhance their presence in the market. Major players involved in the cryoablation devices market are Galil Medical Inc., Medtronic Inc., Cooper Surgical Inc., Boston Scientific Corporation, AtriCure, Inc., Smith & Nephew plc., Varian Medical Systems, Inc., Integra LifeSciences Holdings Corporation, Terumo Corporation, and Johnson & Johnson Pvt. Ltd..
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