by Cryoablation devices utilize extreme cold temperatures to treat a variety of conditions by destroying diseased or damaged cells. These devices apply cryotherapy, which uses pressurized gas that is controlled to extremely low temperatures, delivered through insulated needles or probes to ablate the unnecessary tissue. Recent innovations in cryoprobes and catheters enable accurate treatment of complex anatomies with better visualization, making the procedures more reliable and safer.
The global Cryoablation Devices Market is estimated to be valued at US$ 3628.03 Bn in 2023 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.
Market key trends:
Advancements in cryoablation product design have expanded the use of cryoablation across various applications. Newer cryoprobes utilize advanced tissue sensing capabilities to detect freezing and prevent over-freezing of surrounding healthy tissues. Additionally, cryoablation catheters integrated with real-time imaging modalities like MRI provide enhanced visualization of target tissues for precise treatment. These innovations have made cryoablation an effective alternative to traditional surgical resection for treating various cancers affecting vital organs like liver and kidneys where tissue preservation is crucial. Ongoing research is also evaluating the role of cryoablation in immunotherapy by utilizing the induced immunogenic cell death post procedure.
SWOT Analysis
Strength: Cryoablation devices offer minimally-invasive treatment option for cancer and cardiac arrhythmias with localized freezing, reducing risks and recovery time compared to surgery.
Weakness: Cryoablation procedures require specialized equipment and training which increases costs. Precision of freezing affected tissues depends on many factors.
Opportunity: Rising incidence of cancers and arrhythmias globally increases need for treatment options like cryoablation. Ongoing research to improve accuracy and expand applications to more body parts presents opportunities.
Threats: Competition from alternative minimally-invasive procedures like radiofrequency ablation, high intensity focused ultrasound that offer comparable benefits at lower costs. Stringent regulatory approvals delay market entry of new cryoablation devices.
Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth. North America is currently dominating the cryoablation devices market owing to rising incidence of cancer, favorable reimbursement policies, and strong presence of key market players in the region. The Asia Pacific region is expected to witness fastest growth over the forecast period due to growing healthcare expenditure, rising patient awareness about minimally-invasive treatments, and increasing adoption of cryoablation devices.
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. These players are focusing on new product launches, collaborations, and regulatory approvals to expand their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
