Cryoablation devices are medical instruments used to destroy diseased or damaged tissues by applying extreme cold temperatures, thus freezing them. These devices utilize the process of cryotherapy to remove diseased tissues from various sites of the body including the prostate, kidney, lung, breast and liver and treat various types of cancers and cardiac arrhythmias. Cryoablation is a minimally invasive surgical technique that destroys tissues through freezing without the need for an open surgery. It is quickly gaining popularity over traditional surgical removal of tumors and is known to cause less pain and scarring with shorter recovery times for patients. The global cryoablation devices market involves devices like cryoablation probes, devices, applicators and generators used to deliver rapid freezing effect to targeted tissues.
The global Cryoablation Devices Market is estimated to be valued at US$ 3628.03 Bn in 2024 and is expected to exhibit a CAGR of 13.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
The growing adoption of minimally invasive techniques over conventional open surgeries along with the advantages offered by cryoablation such as faster recovery, less pain and minimal scarring are major factors behind its rising demand. Additionally, the surging prevalence of cancers worldwide requiring innovative treatment solutions also contributes to market growth.
Market key trends:
One of the key trends witnessed in the cryoablation devices market is the increasing utilization of MRI guided cryoablation. MRI guidance helps surgeons achieve precise delivery of freezing to targeted tissues with real time monitoring. Manufacturers are focusing on developing MRI compatible cryoablation systems which provide high quality images for accurate treatment. Technological advancements are also enhancing the capabilities of these devices. Some vendors have introduced devices with integrated imaging and ablation monitoring systems for improved efficacy and safety. The market is further expected to gain from rising joint ventures between device manufacturers and healthcare providers and favorable reimbursement policies formulated by various governments.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as this market requires high capital investment and there are few key established players.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are few substitutes for cryoablation devices available and switching costs are high.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many suppliers for raw materials used in the manufacturing of cryoablation devices.
Threat of new substitutes: The threat of new substitutes is low as cryoablation is an effective minimally invasive procedure with few alternatives available.
Competitive rivalry: The competitive rivalry is high among the key players to gain maximum market share.
Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth over the forecast period of 2024 to 2031. Regionally, North America is expected to dominate the market during the forecast period owing to rise in demand for minimally invasive procedures.
Regional analysis: North America is expected to be the largest as well as the fastest growing regional market for cryoablation devices. The high prevalence of cancer and cardiovascular diseases coupled with advanced healthcare infrastructure and high adoption of minimally invasive procedures are major factors contributing to the large share of the North America market.
Key players: Key players operating in the cryoablation devices market are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. Key players are focusing on new product launches and upgrades to consolidate their position in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
