The Global Cryoablation Devices Market was valued at US$ 122.1 million in 2017 and is projected to expand at a CAGR of 8.5% during the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. The increasing demand for cryoablation treatment for complex procedures such as cancer, open heart surgery is expected to support growth of the cryoablation devices market over the forecast period.
Demand for cryoablation procedures is especially high in countries with a high geriatric population such as China and Japan. Given their weak immune system, the large volume of patients in this age group suffering from various chronic diseases cannot opt for intrusive surgeries such as open heart surgery. Cryoablation, being a minimally-invasive procedure, is an effective alternative for such patients. According to United Nations Department of Economic and Social Affairs (U.N. DESA), in 2015, there were 125 million people aged 80 years or over which is expected to increase to 434 million by 2050. Furthermore, the number of people aged 60 years or over is estimated to grow by 56% in between 2015 to 2030. This increase in number of aged population will support the growth of the cryoablation devices market in the near future.
There are other applications of cryoablation procedure that can be effective in various type of disease such as atrial fibrillation, cardiac arrhythmia, and atrial flutter. As per Centers for Disease Control and Prevention (CDC), every year, around 610,000 people die due to heart disease in the U.S. Furthermore, around 2.7 to 6.1 million people were suffering from atrial fibrillation in 2013-14 in the U.S. Also, Cryoablation may be a viable alternative to surgery for some early breast cancers and an effective technique for noncancerous fibroadenomas of the breast, as well as liver, lung, and kidney cancers.
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Most cryoablation devices market is projected to witness significant traction over the forecast period, owing to major investments by key players for development of novel devices with advanced features. For instance, AtriCure Inc. launched cryoFORM cryoablation probe in 2015, which offers high probe flexibility and can be used for variety of surgical ablation procedures. The continuous R&D in this area to fulfill the unmet needs such as efficiency and specificity of devices to eradicate damned tissue is expected to propel the demand for cryoablation devices. Increasing inclination of population towards cryoablation, owing to development of endovascular cryoablation system is expected to drive growth of the global cryoablation devices market over the forecast period.
Key takeaways of the cryoablation devices market:
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