The global cryoablation devices market, by device type (Systems, and Probes), by Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, and Others), by end user (Hospitals, Ambulatory Surgical Centers, and Surgical Clinics), and by region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa), was pegged at US$ 132.4 million in 2018, and is projected to exhibit a magnificent CAGR of 8.5% over the forecast period (2019-2027).
Constant technological enhancements of devices, for example, probes, is one of the pivotal factors expected to boost the adoption rate of cryoablation devices globally. For instance, in May 2019, CryoConcepts received the U.S. Food and Drug Administration (FDA) clearance for two of its cryosurgical devices, named CryoTouch and CryoLab. CryoTouch is a portable cryosurgical device delivering cryogen to lesion sites. Whereas, CryoLab is a bench-top unit that delivers cryogen for medical practices that involve a high-volume cryosurgery.
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In August 2019, IceCure reportedly received the Israeli AMAR approval for a minimally invasive cryoablation technology intended for the treatment of malignant and benign tumors in the breast, lungs, bones, liver, lymphatic tissue, lymph nodes, and endocrine glands. Moreover, growing application of cryoablation devices in the management of complex cardiovascular conditions is estimated to further fuel the growth of the global cryoablation devices market over the course of the next few years. In October 2018, Adagio Medical launched the OneShot+ cardio cryoablation catheter intended for pulmonary vein isolation and other continuous ablation lesions of non-pulmonary-vein targets for treating atrial fibrillation.
Strategic acquisitions between the leading market players are further projected to drive the global market growth over the forecast timeline. In July 2018, Boston Scientific announced its plans to acquire Cryterion Medical Inc., a privately-held company developing a single-shot cryoablation platform for the treatment of atrial fibrillation. The manufacturers are also engaged in product innovations, along with numerous research & development programs in order to set a firm foot in the field of interventional oncology. For instance, in September 2018, BTG International Ltd. Announced the global launch of its ICEfx cryoablation system, an advanced cryoablation system that was added to the company’s minimally invasive therapy portfolio.
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Key Market Takeaways:
- Surging incidence of cancer and cardiac arrhythmia, coupled with the rising preferences for minimally invasive procedures, is supplementing the global market growth.
- Among device types, the probes segment held an enormous market share in 2018, owing to advancements in probes dimensions that find use in cryoablation procedures.
- In terms of application, the cancer segment held a significant share in the global market in 2018, as the cryoablation procedures are less painful in comparison to other therapies, and have a lower risk of tissue damage.
- Among end users, the hospital segment led the global cryoablation devices market in 2018. Growth of this segment is accredited to the increasing cases of hospital admittance for ventricular tachycardia and atrial fibrillation (AF).
- The leading companies operating in the global cryoablation devices market include Medtronic Inc., Galil Medical Inc., AtriCure, Inc., IceCure Medical, CryoConcepts LP, Brymill Cryogenic Systems, CooperSurgical, and Sanarus Technologies.
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