Cryoablation Devices Market Estimated to Witness High Growth Owing to Rising Preference for Minimall

Author : naufan cmi | Published On : 30 Jan 2024

Cryoablation devices are medical devices used in cryotherapy or cryoablation procedures, which use extreme cold temperatures to destroy diseased tissue. These procedures use argon, nitrogen or carbon dioxide that are allowed to rapidly expand into a gas while being released through needles inserted in areas requiring treatment, causing freezing and subsequent cell death. Cryoablation devices are commonly used to treat cancers including liver cancer, kidney cancer, lung cancer and certain cardiac arrhythmias like atrial fibrillation. The expanding use of cryoablation as a minimally invasive treatment option is fuelling its adoption over high-risk alternatives like surgery.

The global Cryoablation Devices Market is estimated to be valued at US$ 3628.03 Bn or Mn in 2023 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 Cryoablation Devices Market is projected to witness high growth owing to increasing preference for minimally invasive procedures over high-risk alternatives like surgery. Cryoablation allows targeted destruction of diseased tissue through freezing while preserving nearby delicate tissues and major blood vessels. This ability to treat cancer and cardiac conditions with minimal scarring, bleeding, shorter recovery times and lower healthcare costs compared to surgery has led to rising adoption of cryoablation devices globally. Additionally, technological advancements improving efficacy and expanding approved use cases in conditions like prostate cancer, lung cancer, liver cancer and atrial fibrillation are also favoring market growth. However, issues regarding cryoablation's effectiveness for certain cancers compared to alternatives and need for further research and data still remain challenges for the wider adoption of this technology.

SWOT Analysis
Strength: Cryoablation devices have minimal invasiveness and reduced procedural time as compared to other ablation techniques like radiofrequency ablation. They offer superior precision and enable targeted destruction of tumor tissues without affecting adjacent healthy tissues. The use of argon gas or liquid nitrogen for ablation results in a slower thawing process which improves the ablation zone.
Weakness: Cryoablation is a relatively new technique compared to other ablation methods. The high upfront costs associated with cryoablation devices and requirement of sophisticated equipment restricts their widespread adoption. The procedure requires extensive training to master due to technical challenges in accurately placing cryoprobes.
Opportunity: Rising cancer prevalence coupled with advantages of cryoablation over other therapies provide vast opportunities for market growth. Increasing medical tourism in Asia Pacific for cost-effective therapies will boost regional demand. New product approvals are expanding approved clinical indications.
Threats: Stringent regulatory framework for new product approvals can hamper timely market entry. Reimbursement cuts by insurance providers due to high treatment costs pose challenges. Competition from alternative low-cost ablation techniques may limit market adoption.

Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth over the forecast period of 2024 to 2031. North America currently accounts for the largest share of the market due to rising cancer incidence and favorable reimbursement policies. However, the Asia Pacific region is expected to grow at the fastest pace supported by improving healthcare infrastructure, availability of low-cost devices, and increasing medical tourism in countries like India and China.

Regional analysis: Asia Pacific region has emerged as a lucrative market for cryoablation device companies and is estimated to register growth rate exceeding 15% during the forecast period. Rising healthcare expenditure, large patient population, and expansion of private healthcare are propelling the regional market. Major players are actively focusing on the region by establishing manufacturing and distribution facilities to capitalize on its potential.

Key players: Key players operating in the cryoablation devices market 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. The companies are launching innovative devices with expanded applicability across various cancer types. They are also involved in partnerships, acquisitions, and collaborations for new product development.

Get more insights on this topic:
https://www.marketwebjournal.com/cryoablation-devices-market-trends/

Check below trending articles on this topic:
https://www.dailyprbulletin.com/office-furniture-market-analysis/