Cryoablation devices are minimally invasive surgical medical devices used to destroy cancerous or dysfunctional tissues through freezing. This modality is highly effective in treating various cancers and cardiac arrhythmias with minimal side effects and shorter recovery times compared to traditional surgical procedures.
Market key trends:
One of the major trends in the cryoablation devices market is the rising adoption of cryoablation in treating cardiovascular diseases. According to statistics, around 30 million people globally are suffering from atrial fibrillation, a type of irregular heartbeat that increases the risks of stroke, heart failure, and other complications. Cryoablation is increasingly being used to treat atrial fibrillation as it is minimally invasive and involve shorter hospital stays compared to traditional open-heart surgery. This is expected to significantly drive the demand for cryoablation devices for cardiology applications over the forecast period.
Segment Analysis
The cryoablation devices market is segmented into cryoablation systems and cryoablation probes. The cryoablation systems segment held the largest market share of around 65% in 2023. This is because cryoablation systems include expensive components like the console, cabinets, and generators that need to be purchased along with the probes. Additionally, the introduction of hybrid cryoablation systems that can perform both cryoablation as well as radiofrequency ablation is gaining popularity further driving the segment growth.
Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth, exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence of cancer worldwide.
Regional analysis
North America dominated the global market in 2023 and is expected to continue its dominance over the forecast period. This is due to the high adoption of minimally invasive ablation procedures in the region. Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising medical tourism and increasing healthcare expenditure in the region.
Key players
Key players operating in the cryoablation devices market are Healthtronics, Inc., CPSI Biotech, AtriCure, Inc., BVM Medical Limited, Medtronic plc., Coopersurgical Inc., Metrum Cryoflex Sp., Sanarus Technologies, Inc., IceCure Medical, and Galil Medical Inc. Rising initiatives by these players to gain regulatory approvals for cryoablation devices and focus on new product launches is expected to increase their market share over the forecast period.
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