Cryoablation Devices Market exhibiting CAGR of 9% between 2023 to 2032, due to rising availability of customized probes for cryoablation | insightSLICE
Between 2023 and 2032, the global Cryoablation Devices market is estimated to increase at a CAGR of 9%.
The Cryoablation Devices market is expected to grow due to increasing cancer and cardiac disease frequency, rising desire for minimally invasive surgical procedures, increasing accessibility of customized cryoablation devices, and rising medical acceptance of cryoablation devices.
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Cryoablation is a medical term referring to the technique of employing very cold temperatures to eliminate undesirable cells or tissues in the human body. Ice crystals grow in the human cell as a result of extremely low temperatures, disrupting the cell membrane, changing cellular metabolism, and ultimately leading to cell death.
The method of cryoablation induces apoptosis or the planned destruction of human cells. The entire cryoablation procedure is carried out by using hollowed needles, also called cryoprobes.
Cryoprobes are implanted close or injected into the tissue to cryoablation the cells. Cooled high thermal conductivity fluid is circulated from the cryoprobes, freezing the probe’s surface and, eventually, the damaged tissue.
Thus, the cryoprobes’ incredibly low temperatures can cause cryogenic freezing. Cryoablation has a variety of clinical applications, the most prevalent of which is the ablation of tumor cells in the prostate, kidney, lungs, liver, and breasts.
The key players of the Global Cryoablation Devices Market are:
Galil Medical Inc., Medtronic, and Cooper Surgical Inc. are among the prominent participants in the worldwide cryoablation devices market. They are largely engaged in R&D, new product design, and marketing to acquire a huge portion of the market, as well as other competitive practices.
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Driving factors for the growth of Global Cryoablation Devices Market
The increased rates of benign and malignant tumors in humans and animals are a major factor driving the growth of the cryoablation devices market.
Cryoablation devices can be used to treat a variety of disorders, particularly prostate and kidney cancer. The introduction of newer devices with customized cryoablation probes is also a contributing factor in market expansion.
Furthermore, the increasing frequency of arterial ventricular nodal re-entrant tachycardia (AVNRT) operations for cancer therapy, as well as the rising number of patients for cancers and cardiac failure, are one of the major drivers for the growth of the global Cryoablation Devices market.
Rising occurrences of different lung, liver, prostate, kidney, and breast cancers are also driving the expansion of the Cryoablation Devices Market.
One of the other factors contributing to the overall market share is the patient preference for minimally invasive surgeries over open surgery.
In recent years, there has been significant growth in the acceptance and adoption of minimally invasive therapies owing to shorter hospital stays, quicker recovery, and less discomfort when compared to traditional procedures.
Cryoablation is being utilized to treat cardiac problems such as heart attacks and other atrial abnormalities. Cryoablation medical research could identify new applications for this technology and open up more lucrative chances in this market.
Global Cryoablation Devices Market Key Segments:
By Disease Indication Type
- Lung Cancer
- Breast Cancer
- Renal Cancer
- Prostate Cancer
- Liver Cancer
- Cardiac arrhythmia
By End Use Type
- Ambulatory Surgical Centers
- Specialty Clinics
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Rest of South America
Regional performance of Cryoablation Devices Market
In 2021, the North American market accounted for more than 40% of the total revenue in the ablation devices industry. The rising frequency of cancer and other chronic diseases, as well as the growing elderly population, are some of the primary drivers driving regional market expansion.
As expected, the elderly population is more susceptible to chronic conditions caused due to changes in body functioning with age, resulting in an increase in demand for such treatment procedures, and this is anticipated to positively impact cryoablation device market in the North America.
Furthermore, enhanced healthcare infrastructure, as well as increased usage of advanced technological ablation devices, are also expected to drive regional market trends for Asia Pacific and other regions across the globe.
As a result of the expanding number of manufacturers and rising cancer occurrences combined with rising demographics, Asia Pacific represents the fastest-growing market for therapeutic cryoablation devices.
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COVID-19 Impact and The Recovery Path
Furthermore, COVID-19 had a major effect on the Cryoablation Devices market. The COVID-19 epidemic had a significant influence on the supply of Cryoablation Devices. COVID-19 sufferers were consuming advanced hospital facilities around the world, causing a lack of healthcare workers to address other diseases.
Aside from that, the discretionary surgical techniques and supply chain delays during the shutdowns lowered the number of surgeries worldwide.
However, given the post-pandemic scenario in which lockdown constraints have been eased, as well as a substantial majority of vaccinations among the population and resumed patient flow, it can be expected that the popularity of cryoablation devices will start increasing, resulting in an overall increment in the Cryoablation devices market growth during the forecast period.
Hindering factors for growth of Cryoablation Devices Market
However, a paucity of qualified and trained professionals, as well as concerns regarding the safety of cryoablation equipment, may hinder the market’s expansion. There is a global shortage of trained health workers, as well as a lack of education to handle cryoablation systems.
There are also concerns about its efficacy among the medical community. As a result, a lack of awareness and expertise may be a primary limiting factor for the growth of cryoablation devices across the globe.
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