CRYOABLATION DEVICES MARKET ANALYSIS

The high cost of cryoablation procedures can hamper the global cryoablation devices market growth. Cryoablation is a minimally invasive procedure that uses extreme cold produced by liquid nitrogen or argon gas to destroy abnormal or diseased tissue. However, the equipment and devices required for cryoablation are highly sophisticated and expensive. Cryoablation devices use state-of-the-art technologies like imaging systems, probes, consoles and other ancillary parts that increases the cost of treatment. The cost of a basic cryoablation procedure range from USD 10,000 to USD 30,000 depending on the organ being treated and complexity of the case. This does not include additional hospital stay, medication and follow up costs. When compared to alternative treatment options like radiofrequency ablation, microwave ablation or surgery, cryoablation is significantly more expensive. This high cost puts cryoablation out of reach for a large section of patients, especially in developing nations with limited access to healthcare and medical insurance. According to World Bank Data, over 1.2 billion people globally lack access to essential health services and almost 100 million people are pushed into extreme poverty due to out-of-pocket healthcare expenses every year.

Market Opportunities: Increasing adoption of cryotherapy for pain management

Increasing adoption of cryotherapy as a pain management method can provide significant opportunities for growth of global cryoablation devices market. Cryotherapy is gaining recognition from both patients and doctors as a drug-free option for relieving pain. It uses cold temperatures to denervate nerve fibers or cause controlled damage to pain-conducting nerves and tissues. This helps reduce sensitivity and block the transmission of pain signals to the brain. Cryotherapy offers several advantages over drug-based pain therapies and other ablation procedures. It produces precisely targeted pain relief with minimal risks of complications compared to treatments like radiofrequency ablation. Cryoablation procedures are generally non-invasive or minimally invasive, allowing for reduced recovery times. This makes the treatment appealing to a growing population of patients seeking natural or drug-free pain interventions. According to the Centers for Disease Control and Prevention, the use of minimally invasive procedures for chronic pain management had increased by 50% between 2000 to 2010 in the U.S.