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Cryosurgical Equipment Market to Grow on Account of Increasing Prevalence of Cancer Worldwide; Market to Register Significant CAGR During 2021-2028 Despite the High Cost of Cryosurgery

Research Nester published a report titled “Cryosurgical Equipment Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the cryosurgical equipment market in terms of market segmentation by product type, application, end user and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

Globally, cancer is known to be the second leading cause of death, according to the World Health Organization (WHO).

Cryosurgery is a process where extreme cold temperature is used to destroy the abnormal tissues in the body. It is used in treating various types of cancers including liver, prostate, skin and other cancers, as well as skin diseases such as skin tags, warts, moles, and others. The global cryosurgical equipment market is anticipated to record a noteworthy CAGR over the forecast period, i.e., 2021-2028. The market is segmented by end user into hospitals, clinics, research institutes and others, out of which, the hospitals segment is estimated to account for the largest market share over the forecast period. This growth can be attributed to the serious health risks that are associated with cancers and skin diseases. Cancers, if left untreated for a long period of time, leads to the death of the individual.

Regionally, the cryosurgical equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America is estimated to account for the largest share owing to the increasing cases of cancers in the region, high disposable income of people, growing geriatric population, and the ever-improving healthcare infrastructure. Additionally, the increasing expenditure on healthcare in the United States, which is predicted to reach about USD 6 trillion by 2027, is also anticipated to contribute to the growth of the North America cryosurgical equipment market.

Global Risk to Health Due to Increasing Cases of Cancer

According to the statistics provided by the WHO, in women, the fourth most common type of cancer is cervical cancer.

Risk of cancer and other chronic diseases rise exponentially with age. Geriatric population is more prone to several types of cancers, skin lesions and other health problems. The United Nations Department of Economics and Social Affairs, in one of its statistics stated that in 2019, the population registered aged 65 years or above was 703 million persons. This number is further predicted to double to 1.5 billion in 2050. The complexity of treatment increases with the growing age. As a result, cryosurgery is the most preferred treatment method by medical professionals on the back of its safety, ease of use, and minimal pain and scarring.

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However, the high cost of cryosurgery treatment, lack of access to advanced treatment options in many low- and middle-income countries, and the adverse effects of cryosurgery treatment are anticipated to act as challenging factors to the growth of the global cryosurgical equipment market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global cryosurgical equipment market which includes company profiling of Impact Cryotherapy, CryoConcepts LP, CooperSurgical Inc. (NYSE: COO), HealthTronics, Inc., Cortex Technology, Zimmer MedizinSysteme GmbH, Metrum Cryoflex, Kriosystem-Care Sp. z o.o, PrincetonCryo, and Brymill Cryogenic Systems. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cryosurgical equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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Last Updated: 11-Feb-2021