by The global Cryoablation Devices Market is estimated to be valued at US$ 3149.33 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryoablation devices are used to treat various cancer types such as lung cancer, prostate cancer, renal cancer, liver cancer, and others. Cryoablation devices work by freezing and killing cancer cells with extreme cold using liquid nitrogen or argon gases. This minimally invasive treatment uses probes with imaging guidance to accurately place freezing elements in tumors. It is an effective alternative treatment option to surgery for some cancer patients. The advantages of cryoablation over surgery include reduced recovery time, minimal scarring, blood loss, and low risk of complications.
Market key trends:
One of the major trends in the cryoablation devices market is the increasing adoption of cryoablation as a primary therapy for cancer treatment. Earlier, cryoablation was primarily used after surgery and radiation failed to sufficiently treat tumors. However, the advancement in technology and improved safety profile has led to cryoablation gaining acceptance as a standalone primary therapy for cancers like lung cancer and kidney cancer. The results of primary cryoablation have been found to be equivalent to surgery, especially for early stage cancers, with reduced adverse effects. This has boosted the adoption rate of cryoablation, thus driving the demand for cryoablation devices.
Porter’s Analysis
Threat of new entrants: The cryoablation devices market has moderate threat of new entrants due to high technical expertise required for manufacturing cryoablation devices. Additionally, already established players dominate a majority of market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to presence of large number of players offering substitutable products. However, switching costs associated with cryoablation devices limit the bargaining power.
Bargaining power of suppliers: The suppliers of components for cryoablation devices have moderate to high bargaining power owing to lack of substitutes and differentiated components/parts required.
Threat of new substitutes: Low threat of new substitutes exist in the market currently as cryoablation offers advantages over other substitutes in terms of precision, flexibility and minimal invasiveness.
Competitive rivalry: The market is highly competitive due to presence of major global and local players competing on basis of product differentiation, innovation and price.
Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing prevalence of cancer and cardiac arrhythmias.
Regional analysis
North America dominates the cryoablation devices market owing to rise in incidence of cardiac arrhythmias and cancer. Furthermore, favorable reimbursement policies and rising awareness regarding minimally invasive therapies drive the regional market growth. Asia Pacific exhibits the fastest growth over the forecast period due to expanding healthcare infrastructure and increasing medical tourism 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, ICECURE MEDICAL, GALIL MEDICAL INC. HEALTHTRONICS, INC. and MEDTRONIC PLC. collectively dominated the global market in 2021.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
