Cryoablation Devices Market Market has potentials to grow as the most influential market worldwide as it has been playing a noteworthy role in imprinting positive impacts on the international economy. The Global Cryoablation Devices Market Market Report offers vital insights to determine and study market anticipations, market size, and competitive environment. The research is derived through primary and secondary data sources and it encompasses both qualitative and quantitative detailing.
Cryoablation Devices Market
Market Overview
Cryoablation is a medical procedure that destroys unwanted cells and tissues with extreme cold. It is a minimally invasive procedure, in which devices are placed next to skin or are in directly contact with the affected site. These devices are connected to a machine that delivers argon or nitrogen, allowing the freezing process. Cryoablation is a safe procedure and supports rapid clotting therefore, it is used in treatment of cancers such as liver cancer, breast cancer, prostate cancer, and renal cancer.
Increasing cases of prostate cancer, breast cancer, and renal cancer is expected to boost the global cryoablation devices market growth over the forecast period. According to World Health Organization’s 2018 health statistics, cancer is the second leading cause of death globally, and is responsible for around 9.6 million deaths in 2018. According to the same source, in 2018 report, about 1 in 6 deaths occur due to cancer globally. Cryoablation devices help with diagnosing and preventing early stage cancer deaths of patients.
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The global cryoablation devices market size was valued at US$ 132.4 million in 2018, and is expected to exhibit a CAGR of 8.5% over the forecast period (2019–2027).
Market Drivers
Increasing demand for complex procedures is expected to drive growth of the global cryoablation devices market during the forecast period. Majority of the primary hepatic cancers are categorized as hepatocellular carcinoma. This means, when cells similar in appearance to hepatocyctes are aggregated to for tumor, it is known as hepatocellular carcinoma, which is a malignant tumor. However, the resemblance may vary with the intensity of differentiation. Liver cirrhosis is expected to be closely related to hepatocellular carcinoma, which is potentially a curable form of tumor and can be treated by surgical resection. According to American Institute for Cancer Research, liver cancer is the fifth most commonly occurring cancer in men, and the ninth most commonly occurring cancer in women. In U.S. there were over 840,000 new cases of cancer in 2018. Magnolia had the highest rate of liver cancer in 2018, followed by Egypt. Increasing incidence of cancer is expected to support growth of the cryoablation devices market, as cryoablation is a preferred treatment for cancer.
Furthermore, unhealthy habits and changing lifestyle combined with growing consumption of alcohol and tobacco are major reasons behind cancer cases. According to World Health Organization’s 2018 health statistics, tobacco use is the most important risk factor for cancer, and was responsible for around 22% cancer deaths in 2018 across the globe. Cryoablation procedure decrease the chances of major surgery and thus, has a lower recovery time, which has led to a growing demand for these devices across the globe. The market is expected to gain significant traction in emerging economies of Asia Pacific due to increasing number of cancer cases in the region. According to American Cancer Society, 4.3 million new cancer cases were reported in China in 2015, and this number is increasing steadily year-on-year.
Moreover, growing geriatric population is expected to propel the global cryoablation devices market growth over the forecast period. Since cryoablation procedures are minimally invasive, elderly patients are mostly likely to adopt this process due to weakened immune system. According to World Population Prospects by the United Nations, the global geriatric population is expected to double by 2050, rising from 962 million in 2017 to 2.1 billion in 2050. Moreover, as per the U.S. Census Bureau report 2017, the geriatric population is expected to be significantly higher in emerging economies of Asia Pacific and Latin America.
Market Restraints
Lack of skilled personnel to operate cryoablation systems is expected to hinder the global cryoablation devices market growth over the forecast period.
Market Trends
Adoption of inorganic growth strategies such as partnership and collaboration is one of the key trends in the market. In May 2019, Medtronic collaborated with Phillips (Netherlands) to facilitate the sale of products on behalf of Philips to provide an innovative, integrated image guidance solution in cryoablation procedures, for treatment of paroxysmal atrial fibrillation (PAF).
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Competitive Section
Key players involved in the global cryoablation devices market are Medtronic Inc., Galil Medical Inc., AtriCure, Inc., IceCure Medical, CryoConcepts LP, Brymill Cryogenic Systems, CooperSurgical, and Sanarus Technologies.
Table of Contents
- Research Objective and assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet By Different Segments
- Coherent Attractive Investment Proposition and Total Addressable Market
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers, Restraints and Opportunities
- Regulatory Scenario
- Market Trends
- PEST Analysis
- Market Dynamics
- Global Cryoablation Devices Market, By Device Type, 2016 – 2025 (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-O-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Systems
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Probes
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Introduction
- Global Cryoablation Devices Market, By Application, 2016 – 2025 (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-O-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Prostate Cancer
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Renal Cancer
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Liver Cancer
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Breast Cancer
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Cardiac Arrhythmia
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Introduction
- Global Cryoablation Devices Market, By End User, 2016 – 2025 (US$ Million)
- Introduction
- Market Share Analysis, 2017 and 2025 (%)
- Y-O-Y Growth Analysis, 2016 – 2025
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Ambulatory Surgical Centers
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Surgical Clinics
- Introduction
- Market Size and Forecast, and Y-O-Y Growth, 2016 – 2025, (US$ Million)
- Introduction
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