Global Cryoablation Devices Market, by Device Type (Systems, and Probes), by Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, and Others), by End User (Hospitals, Ambulatory Surgical Centers, and Surgical Clinics), and by Regions (North America, Latin America, Europe, Asia Pacific, Middle East and Africa) was valued at US$ 132.4 million in 2018, and is projected to exhibit a CAGR of 8.5% over the forecast period (2019–2027).
Continuous technological development and innovations of devices such as probes are expected to increase the adoption rate for cryoablation devices in future. In May 2019, CryoConcepts received U.S. Food and Drug Administration clearance for two cryosurgical devices, CryoTouch and CryoLab. CryoTouch is a portable cryosurgical device that delivers cryogen to lesion sites and can use either applicators or cones based on the physician's preference.
CryoLab is a bench top unit that delivers cryogen for medical practices that perform a high volume of cryosurgery. According to news release by IceCure Medical on August 2019, IceCure received the Israeli AMAR approval for a minimally-invasive cryoablation technology to treat malignant and benign tumors in the breast, lungs, bones, liver, lymphatic tissue, lymph nodes and endocrine glands. Moreover, increasing usage of cryoablation devices in management of complex cardiovascular conditions is expected to drive growth of the global cryoablation devices market.
For instance, in October 2018, Adagio Medical launched the OneShot+ cardio cryoablation catheter intended for pulmonary vein isolation and other continuous ablation lesions of non-pulmonary-vein targets for treating atrial fibrillation. Furthermore, strategic acquisitions between market players are also expected to drive growth of global cryoablation devices market. In July 2018, Boston Scientific announced a definitive agreement to acquire Cryterion Medical Inc., a privately-held company developing a single-shot cryoablation platform for the treatment of atrial fibrillation.
Browse 32 Market Data Tables and 28 Figures spread through 157 Pages and in-depth TOC on “Cryoablation Devices Market” Global Forecast to 2027, by Device Type (Systems, and Probes), by Application (Prostate Cancer, Renal Cancer, Liver Cancer, Breast Cancer, and Others), by End User (Hospitals, Ambulatory Surgical Centers, and Surgical Clinics), and by Regions (North America, Latin America, Europe, Asia Pacific, Middle East and Africa)
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Market players are engaged in product innovations and research and development in order to expand their market in interventional oncology. For instance, in September 2018, BTG International Ltd. Announced the global launch of its ICEfx cryoablation system, an advanced cryoablation system that was added to the company’s minimally invasive therapy portfolio. It is a compact and powerful console, offering predictable, reliable performance with seamless therapy delivery and exceptional ease of technical operation
Key Takeaways of the Global Cryoablation Devices Market:
- The global cryoablation devices market is expected to exhibit a CAGR of 8.5% over the forecast period, owing to increasing incidence of cancer and cardiac arrhythmia and rising preferences for minimally invasive procedures
- Among device type, probes segment held a higher market share in 2018, owing to advancement in probes dimensions which are useful for cryoablation procedures and material used to manufacture cryoablation probes.
- Among application, cancer segment held a higher market share in 2018, as the cryoablation procedures are less painful compared to other therapies and lower risk of damaging healthy tissue.
- Among end user, hospital segment dominated the market in 2018, owing to growing number of hospital admittance for ventricular tachycardia and atrial fibrillation (AF).
- Companies 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
