Cryoablation Devices Market By Product Type (Tissue Contact Probe Ablators, Epidermal And Subcutaneous Cryoablation Systems, Tissue Spray Probe Ablators), Application (Lung Cancer, Liver Cancer, Breast Cancer, Kidney Cancer, Prostate Cancer, Cardiac Arrhythmia) End User (Hospital, Outpatient Facilities, Research & Manufacturing); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Cryoablation Devices Market Size and Overview
The cryoablation devices market has been witnessing steady growth, achieving a significant compound annual growth rate (CAGR) of 8.5% from 2023 to 2032, with a projected revenue of USD 374.0 million in 2022, expected to reach USD 845.6 million by 2032.
This growth can be attributed to the increasing adoption of cryoablation procedures for various medical applications, rising prevalence of cancer and the increasing demand for safer therapeutic options. Additionally, the growing preference for minimally invasive surgeries has significantly contributed to the demand for cryoablation devices worldwide.
The market comprises various products, such as tissue contact probe ablators and tissue spray probe ablators, catering to applications like cardiac arrhythmia and breast cancer treatment, among others. Key players in the industry are actively focusing on technological advancements to enhance treatment outcomes and expand their market presence to meet the evolving needs of healthcare professionals and patients.
Cryoablation Devices Market: Report Scope
Base Year Market Size
Forecast Year Market Size
Cryoablation Devices Market Market Segmentation:
By Product Type
- Tissue Contact Probe Ablators
- Epidermal and Subcutaneous Cryoablation Systems
- Tissue Spray Probe Ablators
- Lung Cancer
- Liver Cancer
- Breast Cancer
- Kidney Cancer
- Prostate Cancer
- Cardiac Arrhythmia
- Outpatient Facilities
- Research & Manufacturing
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Tissue Contact Probe Ablators: The tissue contact probe ablators segment dominates the cryoablation devices market. The increasing adoption of advanced cryoablation devices with tissue contact probes, such as the cryoFORM Cryoablation Probe by AtriCure, has contributed to the significant growth of this segment. These devices offer minimally invasive treatments for cancer and cardiac arrhythmias, resulting in faster recovery and reduced healthcare expenses.
Hospital: Hospitals represent the largest end-user segment in the cryoablation devices market, The growing prevalence of cardiovascular diseases and the increasing number of cardiac arrhythmia surgeries performed in hospitals have driven the demand for cryoablation devices in this sector. Additionally, outpatient facilities are expected to witness the fastest CAGR during the forecast period, as more patients prefer outpatient procedures due to their convenience and advanced minimally invasive surgical options.
Cryoablation Devices Market Regional Analysis
North America dominated the cryoablation devices market in 2022.Factors such as the rising prevalence of cancer, well-established healthcare infrastructure, availability of reimbursement options, and a growing geriatric population have contributed to the market's growth in this region. Additionally, government initiatives. In Europe, countries like Germany, France, and the United Kingdom hold significant market shares, with a mix of applications in cancer treatment, cardiac arrhythmia management, and pain management. The European market also showcases a growing interest in minimally invasive procedures, which has further accelerated the adoption of cryoablation devices. Asia Pacific is expected to register the fastest growth rate during the forecast period. The region's growing healthcare providers and patient population in countries like India, Thailand, and China are key factors expected to drive market growth. Latin America demonstrates steady growth, propelled by improving healthcare facilities and a rising prevalence of cancer and cardiac diseases. Brazil, Mexico, and Argentina stand out as key markets within the region. The Middle East and Africa exhibit a developing market, with increasing investments in healthcare infrastructure and a growing focus on advanced medical procedures. The United Arab Emirates, Saudi Arabia, and South Africa are notable contributors to the market's growth in this region.
Cryoablation Devices Market Growth Drivers
Several factors drive the growth of the cryoablation devices market. Firstly, the increasing incidence of cancer and cardiac arrhythmias worldwide has led to a higher demand for effective treatment options. Cryoablation procedures offer several advantages, such as precise tissue destruction, reduced damage to surrounding healthy tissues, and shorter recovery times, driving their adoption in various medical applications.
Moreover, the rising preference for minimally invasive procedures over traditional surgical techniques has bolstered the demand for cryoablation devices. Patients and healthcare professionals alike are increasingly recognizing the benefits of cryoablation, such as reduced post-operative complications, lower infection rates, and shorter hospital stays, contributing to market growth.
Furthermore, continuous technological advancements in cryoablation devices have improved their efficacy and performance. These advancements have led to the development of more sophisticated and precise devices, ensuring better treatment outcomes and enhancing the overall patient experience.
Rising government initiatives and awareness campaigns have played a significant role in driving the adoption of cryoablation devices. Governments and healthcare organizations worldwide are actively promoting early diagnosis and advanced minimally invasive surgeries to combat cancer and other related conditions. These efforts have resulted in increased awareness among patients and healthcare professionals, leading to a higher demand for cryoablation devices. The growing geriatric population, which is more susceptible to cancer and cardiac diseases, has led to an increased demand for cryoablation procedures, supporting market expansion.
The cryoablation devices market may face challenges related to high treatment costs and limited availability of cryoablation procedures in certain regions. Additionally, regulatory hurdles and the need for skilled healthcare professionals to perform cryoablation procedures could impact market growth.
Cryoablation Devices Market Key Companies
The cryoablation devices market is characterized by the presence of several leading companies that play a significant role in driving innovation, expanding market share, and catering to diverse customer needs. Among the key players in the market are Boston Scientific Corporation, Micro Port Scientific Corporation, Medtronic, COOPERSURGICAL, INC., ATRICURE, INC., BVM Medical Limited, CPSI Biotech, Ice Cure Medical, and METRUM CRYOFLEX Sp. z o.o. among other players.
In August 2022, Medtronic Plc. made a notable move in the market by acquiring Affera, Inc., a prominent player in cardiac ablation devices. This strategic acquisition further strengthened Medtronic's cardiac ablation portfolio, including cardiac mapping and navigation platforms, as well as radiofrequency and cryoablation technology. This expansion of their offerings has solidified their position in the significant cardiac ablation market.
Additionally, in February 2022, Medtronic plc received approval from the U.S. FDA for its Freezor and Freezor Xtra cardiac cryoablation catheters to treat pediatric patients suffering from atrioventricular nodal re-entrant tachycardia. This regulatory approval not only demonstrated Medtronic's commitment to innovation and patient care but also expanded their customer base, leading to further business growth and increased revenue.