by Cryoablation is a minimally-invasive surgical procedure that uses extreme cold produced by liquid nitrogen to freeze and destroy diseased or damaged tissue. Cryoablation devices are primarily used to treat cancerous tumors of the lung, liver, prostate, kidney, and breast. These devices freeze the water inside cancer cells, which destroys the malignant tumors without damaging nearby healthy tissues. Some key advantages of cryoablation over other ablation techniques include precision in targeting tumors, minimal risk of scarring or infection, and faster recovery time for patients.
The global cryoablation devices market is estimated to be valued at US$ 3628.03 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising demand for minimally invasive cancer treatment procedures is expected to be a major driver for the cryoablation devices market over the forecast period. Cryoablation allows for small incisions and needle access to tumors as compared to traditional open/invasive surgeries. This results in minimal scarring, blood loss, hospital stay and recovery time for patients. According to the American Society of Clinical Oncology, the preference of patients for minimally invasive procedures have increased substantially in the last decade owing to their advantages.
Another key factor propelling the market growth is the increasing adoption of cryoablation as a front-line treatment approach, especially for early-stage cancers which are amenable to local therapies. The ability of cryoablation devices to destroy tumors without affecting surrounding healthy tissues encourages their use as curative option in eligible cancer cases. Various clinical studies have demonstrated the safety, feasibility and oncological outcomes of cryoablation comparable or better than other treatment modalities like radiofrequency ablation. This is increasing the acceptance of cryoablation devices among healthcare providers and patients alike.
Segment Analysis
The cryoablation devices market is dominated by the cardiac segment which accounts for more than 60% share of the total market. Cryoablation is commonly used to treat cardiac arrhythmias as it can accurately target complex anatomical regions of the heart and has better preservation of myocardium and conduction tissues as compared to other ablation techniques. Within cardiac segment, cryoballoon ablation devices are witnessing highest growth rate owing to better clinical outcomes for paroxysmal atrial fibrillation and ability to provide wide area lesions in single applications.
PEST Analysis
Political: Governments across the world are focused on increasing healthcare access and spending which is driving investments for development of innovative and affordable medical technologies for treatment of cardiac, cancer and other diseases.
Economic: Rising incidence of cancer and cardiac diseases along with growing geriatric population susceptible to such conditions is driving demand for cost-effective ablation technologies. In addition, favorable reimbursement policies are supporting adoption of cryoablation.
Social: Growing awareness about advantages of minimally invasive procedures and cryoablation over alternative treatment options is increasing patients acceptance for these technologies.
Technological: Continuous investments in R&D are resulting in development of more efficient cryoablation devices with advanced features like direct contact freezing probes, balloon catheters and improved monitoring systems for improved safety and clinical outcomes. Navigation and imaging systems are also getting integrated.
Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth supported by increasing preference for minimally invasive procedures, growing incidence of cardiac arrhythmias and cancer, rising healthcare spending and favorable reimbursements. Regionally, North America dominated the market followed by Europe in 2024. However, Asia Pacific is expected to emerge as the fastest growing market owing to large patient pool, rising disposable incomes and increasing focus of global players.
Key players operating in the cryoablation devices are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. Key players are focusing on new product launches and enhancement of existing portfolio with addition of imaging and navigation systems to strengthen their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
