PUBLISHER: The Business Research Company | PRODUCT CODE: 1546454
PUBLISHER: The Business Research Company | PRODUCT CODE: 1546454
Cryoablation devices are specialized medical tools utilized for cryoablation procedures, which involve using extreme cold to eliminate abnormal tissues such as tumors or malfunctioning heart tissue. These devices are pivotal in modern medicine, offering a minimally invasive method for treating specific medical conditions by freezing targeted tissues under controlled conditions.
There are several types of cryoablation devices, including probes, tissue contact probe ablators, epidermal and subcutaneous cryoablation systems, generators, and associated accessories and consumables. The design and configuration of the cryoablation probe, categorized by probe type, are crucial in enhancing the effectiveness, safety, and precision of cryoablation procedures across various medical disciplines. Cryoablation finds applications in cardiology, oncology, and other medical fields, serving diverse end-users such as hospitals, ambulatory surgical centers, and specialty clinics.
The cryoablation devices market research report is one of a series of new reports from The Business Research Company that provides cryoablation devices market statistics, including cryoablation devices industry global market size, regional shares, competitors with a cryoablation devices market share, detailed cryoablation devices market segments, market trends, and opportunities, and any further data you may need to thrive in the cryoablation devices industry. This cryoablation devices research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The cryoablation devices market size has grown rapidly in recent years. It will grow from $0.50 billion in 2023 to $0.56 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. During the historic period, growth was driven by heightened government funding and grants, expanded cryoablation training initiatives, the proliferation of outpatient and ambulatory surgery centers, increased adoption of hybrid treatment methods, and a surge in outpatient procedures.
The cryoablation devices market size is expected to see rapid growth in the next few years. It will grow to $0.83 billion in 2028 at a compound annual growth rate (CAGR) of 10.5%. Looking ahead to the forecast period, growth will be fueled by the growing prevalence of cancer and cardiovascular diseases, rising numbers of clinical trials, an aging population, and increased consumption of tobacco and alcohol. Key trends anticipated in this period include advancements in technology, the development of portable cryoablation devices, integration of nanotechnology, adoption of hybrid procedures, and the incorporation of artificial intelligence.
The cryoablation devices market is poised for growth due to the increasing prevalence of cardiovascular diseases. Cardiovascular diseases encompass a range of conditions affecting the heart and blood vessels, including coronary artery disease, hypertension, heart failure, arrhythmias, and stroke. Factors contributing to this rise include aging populations, increasing obesity rates, and heightened exposure to risk factors such as smoking and pollution. Cryoablation devices play a crucial role in cardiology, particularly in treating arrhythmias such as atrial fibrillation. They work by creating controlled lesions in heart tissue to disrupt abnormal electrical pathways, thereby restoring more normal heart rhythms and enhancing patients' quality of life. According to projections by the World Heart Federation in October 2022, cardiovascular disease deaths are expected to increase from 18.9 million in 2020 to over 22.2 million by 2030 and could reach 32.3 million by 2050. Hence, the growing prevalence of cardiovascular diseases is anticipated to drive the demand for cryoablation devices.
Leading companies in the cryoablation devices market are focusing on innovation, particularly in the development of products such as cryo balloon catheters, to enhance the effectiveness and safety of cryoablation procedures. Cryoballoon catheters are specialized medical devices used primarily in the treatment of cardiac arrhythmias such as atrial fibrillation (AF). For instance, Medtronic plc, an Ireland-based healthcare company, launched the Arctic Front Cardiac Cryoablation Catheter System in November 2021. This system offers a minimally invasive procedure for treating atrial fibrillation by inserting a catheter through a vein to the heart, where an inflatable balloon releases a gas coolant to freeze heart tissue and block abnormal electrical signals.
Medtronic plc, a prominent provider of medical devices based in Ireland, completed the acquisition of Affera Inc. in August 2022. This acquisition aims to strengthen Medtronic's electrophysiology portfolio by integrating Affera's innovative Tacticath system, thereby enhancing its capabilities in cardiac catheter technology. Affera Inc., based in the United States, specializes in developing medical devices for treating heart rhythm disorders, particularly in the field of cryoablation devices.
Major companies operating in the cryoablation devices market are Medtronic plc, Siemens Healthineers AG, GE Healthcare, Boston Scientific Corporation, Varian Medical Systems Inc., CooperSurgical Inc., MicroPort Scientific Corporation, PENTAX Medical, AtriCure Inc., Vimecon GmbH, Erbe Elektromedizin GmbH, MedGyn Products Inc., HealthTronics Inc., METRUM CRYOFLEX Sp. z o.o., BVM Medical Limited., Adagio Medical Inc., Channel Medsystems Inc., CPSI Biotech, CryoTherapeutics GmbH, Endocare Inc., Galil Medical Ltd., Sanarus Technologies Inc., IceCure Medical Ltd.
North America was the largest region in the cryoablation devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cryoablation devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the cryoablation devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The cryoablation devices market consists of sales general cryoprobes, cryogen delivery systems, cryoablation consoles, imaging guidance systems, and portable cryoablation systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Cryoablation Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on cryoablation devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for cryoablation devices ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The cryoablation devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.