Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Cryoablation Devices Market– Market Insights
Cryoablation is a process that destroys unwanted tissues and cells using extreme cold. It is a minimally invasive process where the devices are placed near the skin, or directly into the affected site. The device is connected to a machine which delivers nitrogen or argon which enables the freezing process. Cryoablation is a safe procedure and promotes faster clotting. Cryoablation is used in treatment of cancers such as liver cancer, breast cancer, prostate cancer, and renal cancer.
Furthermore, increasing incidence of breast cancer, prostate cancer, and renal cancer globally is expected to fuel growth of the global cryoablation devices market over the forecast period. According to World Health Organization’s 2018 health statistics, cancer is the second leading cause of death globally, and is responsible for around 9.6 million deaths in 2018.
According to World Health Organization 2018 report, about 1 in 6 deaths occur due to cancer globally. Cryoablation devices help with diagnosing and preventing early stage cancer deaths of patients.
The global cryoablation devices market size was valued at US$ 132.4 million in 2018, and is expected to exhibit a CAGR of 8.5% over the forecast period (2019–2027).
Figure 1. Global Cryoablation Devices Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Rising Demand for Complex Procedures
Many of the primary hepatic cancers are classified as hepatocellular carcinoma. When cells resembling hepatocytes are aggregates to form tumor that is called as hepatocellular carcinoma, which is a malignant tumor. However, the resemblance may vary with the intensity of differentiation. Liver cirrhosis is expected to be closely related to hepatocellular carcinoma, which is potentially a curable form of tumor and can be treated by surgical resection. According to American Institute for Cancer Research, liver cancer is the fifth most commonly occurring cancer in men, and the ninth most commonly occurring cancer in women. In U.S. there were over 840,000 new cases of cancer in 2018. Magnolia had the highest rate of liver cancer in 2018, followed by Egypt. Increasing incidence of cancer is expected to support growth of the cryoablation devices market, as cryoablation is a preferred treatment for cancer.
Changing lifestyle, unhealthy eating habits, along with increasing consumption of tobacco and alcohol are leading causes for the growing number of cancer cases. According to World Health Organization’s 2018 health statistics, tobacco use is the most important risk factor for cancer, and was responsible for around 22% cancer deaths in 2018 across the globe. Cryoablation procedure decrease the chances of major surgery and thus, has a lower recovery time, which has led to a growing demand for these devices across the globe. The market is expected to gain significant traction in emerging economies of Asia Pacific due to increasing number of cancer cases in the region. According to American Cancer Society, 4.3 million new cancer cases were reported in China in 2015, and this number is increasing steadily year-on-year.
However, lack of training or skilled professionals to operate cryoablation systems, as well as concerns regarding its safety may hamper growth of the cryoablation devices market over the forecast period.
Figure 2. Global Cryoablation Devices Market Share (%), by Application
Source: Coherent Market Insights Analysis (2019)
Rising geriatric population is expected to favor adoption rate of cryoablation procedures over the forecast period
Growing geriatric population is expected to have a positive impact on the market growth. Cryoablation procedures are minimally-invasive, and therefore highly preferred for treating elderly patients or patients with a weaken immune system. According to World Population Prospects by the United Nations, the global geriatric population is expected to double by 2050, rising from 962 million in 2017 to 2.1 billion in 2050. Moreover, as per the U.S. Census Bureau report 2017, the geriatric population is expected to be significantly higher in emerging economies of Asia Pacific and Latin America.
Furthermore, strategic collaborations between market players, new product launches, and increasing focus on research and development activities are expected to drive growth of the global cryoablation devices market. In May 2019, Medtronic collaborated with Phillips (Netherlands) to facilitate the sale of products on behalf of Philips to provide an innovative, integrated image guidance solution in cryoablation procedures, for treatment of paroxysmal atrial fibrillation (PAF).
Major players operating in the global cryoablation devices market include Medtronic Inc., Galil Medical Inc., AtriCure, Inc., IceCure Medical, CryoConcepts LP, Brymill Cryogenic Systems, CooperSurgical, and Sanarus Technologies.