Cryoablation Devices Market is Estimated to Witness High Growth Owing to Rising Prevalence of Cancer and Cardiac Arrhythmias
Cryoablation Devices Market is Estimated to Witness High Growth Owing to Rising Prevalence of Cancer and Cardiac Arrhythmias
Blog Article
The cryoablation devices market is engaged in manufacturing systems and probes involved in cryoablation or cryotherapy procedures. Cryoablation is a minimally invasive procedure that uses extreme cold instead of heat to “ablate” or destroy tissue. Liquid nitrogen or argon is circulated through probes placed inside or against the target tissue to freeze it. The freezing destroys the cellular structure and when the cells awaken the result is cell death. The technique is commonly used to treat some cancers and cardiac arrhythmias. Cryosurgery or cryotherapy offers more targeted freezing compared with earlier procedures and causes less damage to nearby tissue.
The Global cryoablation devices market is estimated to be valued at US$ 408.1 Mn in 2024 and is expected to exhibit a CAGR of 14% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the cryoablation devices market are Geneva Bioinformatics (Genebio), Dassault Systems, Eurofins Scientific, Bruker Daltonics Inc., Accelrys, Inc., Affymetrix, Inc., SA Nonlinear Dynamics, and Quest Diagnostics, Inc. The market players are focusing on new product launches and growth strategies to expand their market share.
The growing geriatric population suffering from cardiovascular diseases and cancer presents lucrative growth opportunities. Furthermore, heavy investments in research and development of advanced cryoablation technologies will further drive the market growth.
North America dominates the global Cryoablation Devices Market Size due to presence of major players, availability of resources to undertake cryotherapy procedures, and adoption of technologically advanced medical procedures in the region. However, Asia Pacific is expected to witness highest growth rate owing to increasing healthcare expenditure and rising incidences of cancer.
Market drivers
Rising prevalence of cancer and cardiovascular diseases are majorly driving the cryoablation devices market. According to WHO, cancer is the second leading cause of death globally, with about 10 million deaths in 2020. Furthermore, over 17.9 million cancer cases were reported in 2020 and the number is expected to increase significantly by 2040.
PEST Analysis
Political: The cryoablation devices market is regulated by government and healthcare regulatory bodies globally. Approvals are required for new product launches and any changes made to existing approved products.
Economic: Factors like increasing healthcare expenditure, rise in disposable income and expansion of private healthcare insurance are boosting the demand for cryoablation devices that provide minimally invasive treatment options.
Social: As awareness increases about the benefits of minimally invasive procedures compared to open surgeries, the preference for cryoablation techniques is rising among both patients and doctors. Cryoablation causes less damage to surrounding tissues and enables faster recovery.
Technological: Continuous innovation is improving cryoablation device design and delivery methods. Advanced imaging guidance systems and probes allow for more precise ablation. The use of ultrasound and MRI for real-time monitoring also enables safe and effective treatment.
The North American region accounts for the largest share of the cryoablation devices market in terms of value currently due to major technological advancements, high healthcare expenditure, supportive reimbursement policies and large patient pool undergoing cryoablation procedures in the region.
The Asia Pacific region is poised to grow at the fastest rate during the forecast period due to increasing healthcare budgets, rising medical tourism, growing demand for newer minimally invasive techniques and improving access to advanced cryoablation devices in major markets of China, India and Japan. Countries in this region offer immense opportunities for established as well as new market players.
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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, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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