The global Cryoablation Devices Market is estimated to be valued at US$ 3,149.33 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryoablation devices utilize extreme cold instead of heat to ablate or destroy bad cells. These devices help treat cardiac arrhythmias, cancer and other ailments without significant damage to surrounding tissues.
Market key trends:
One of the key trends in cryoablation devices market is the introduction of minimally invasive procedures. Earlier, surgical procedures were the only treatment options which were highly invasive in nature. However, with technological advancements, various minimally invasive procedures using cryoablation devices have been developed. These procedures cause lesser damage, involve minimal cuts, offer shorter hospital stays and quicker recovery times. This has increased the acceptance of cryoablation worldwide.
SWOT Analysis
Strength: Cryoablation devices offer minimally invasive procedures with minimal pain and quick recovery time for the patients. This reduces healthcare costs.
Weakness: Cryoablation procedures require specialized equipment and training which increases initial costs. Accuracy depends on the skills of the operating physician.
Opportunity: Rising geriatric population suffering from cardiovascular diseases and cancer drives the demand. Increasing popularity of minimally invasive surgeries also provides growth opportunities.
Threats: Reimbursement issues associated with costly cryoablation procedures hampers market growth. Safety concerns if the procedure is not performed properly.
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 preference for minimally invasive procedures.
Regional analysis
North America dominates the cryoablation devices market currently due to rising incidences of cardiological disorders and cancer. Availability of advanced healthcare facilities and favorable reimbursement policies drives the regional market. Asia Pacific is expected to be the fastest growing market owing to growing medical tourism, increasing healthcare spending and rising awareness.
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. These players are focusing on new product launches, strategic collaborations and regulatory approvals to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
