Cryoablation devices market is estimated to witness high growth, owing to rising cancer incidences and increasing preference for minimally invasive surgeries
Cryoablation devices market is estimated to be valued at USD 408.1 Mn in 2024, exhibiting a CAGR of 14% over the forecast period (2024-2031). Rising prevalence of cancers such as prostate, lung and kidney cancer can boost demand for cryoablation devices over the forecast period.
Market Dynamics:
Global cryoablation devices market growth is driven by rising incidences of cancer and increasing preference for minimally invasive surgeries. According to WHO, cancer is one of the leading causes of mortality worldwide, with around 10 million deaths in 2020. Moreover, increasing geriatric population who are more susceptible to develop various cancer types can also drive the market growth. Minimally invasive surgeries such as cryoablation cause less damage to tissues and blood vessels during removal of diseased tissues and have shorter recovery time. This increases the adoption of cryoablation devices among healthcare professionals.
Increasing prevalence of cancer globally can drive the market growth
Rising incidence of cancer across the world can boost demand for cryoablation devices. According to the World Health Organization (WHO), there were 18.1 million new cancer cases and 9.6 million cancer deaths in 2018. The five most common cancer types are lung, prostate, bowel, stomach and breast cancer. Cryoablation is minimally invasive, and is commonly used to treat various types of cancer including lung, kidney, prostate, breast cancer and others. Rising number of cancer patients boosts demand for effective cryoablation treatments, and this can drive the market growth.
Advancements in cryoablation technology expand its applications
Continuous innovations and technological advancements in cryoablation devices have broadened its applications in treating various medical conditions. Earlier cryoablation was used only for cancer treatment but now it is effectively utilized for treating cardiac arrhythmias, renal diseases, gynecological diseases, dermatology and pain management. For example, companies are developing MRI-guided cryoablation systems for improved accuracy in ablation procedures. Miniaturized cryoprobes enable cryoablation of smaller and hard to reach tumors. These expanded applications of cryoablation beyond oncology can offer growth opportunities for market players.
High cost of cryoablation procedures acts as a restraint
The high cost associated with cryoablation procedures limits its adoption, especially in price-sensitive developing economies. Cryoablation devices have high upfront equipment costs. The procedure itself is lengthy and requires highly skilled surgeons, which increases the overall treatment expense. Many patients, especially in low and middle-income countries, cannot afford such an expensive procedure. Lack of adequate health insurance coverage in certain regions also discourages patients to opt for cryoablation.
Reimbursement policies remain unclear in many regions
Varying reimbursement policies across countries and regions create uncertainty in healthcare systems. Cryoablation being a newer therapeutic modality, reimbursement for its procedures is still evolving. Lack of clear and uniform reimbursement plans is a major barrier especially for high equipment cost ablation surgeries. This raises financial concerns among healthcare providers as well as patients regarding cryoablation treatments. Until universal reimbursement guidelines are formulated, this ambiguity will hamper the market growth.
Growing demand for minimally invasive procedures
Rising preference for minimally invasive surgical methods over traditional open surgeries can offer lucrative opportunities. As cryoablation causes negligible damage to surrounding healthy tissues, it is considered an ideal minimally invasive technique. With increasing awareness about improved outcomes, fewer complications, shorter recovery periods and higher patient satisfaction offered by minimally invasive surgeries, there has been huge demand for cryoablation. Cryoablation is increasingly being used as a standalone or complementary therapy with other minimally invasive methods like radiofrequency ablation, and this can drive the market growth.
Partnerships with healthcare facilities
Collaborations between device companies and healthcare organizations can offer market growth opportunities. Successful partnerships expand clinical applications, educate more healthcare professionals and increase patients' access to cryoablation services. For instance, companies partnering with cancer institutes and hospitals enable training surgeons, conduct clinical studies to validate new cryoablation technologies and increase referral rates among oncologists. Forming strategic alliances with ambulatory surgery centers will also facilitate wider acceptance of cryoablation as an outpatient procedure.
Link: https://www.coherentmarketinsights.com/market-insight/cryoablation-devices-market-113
Key Developments
- In April 2024, AtriCure, Inc., a company that is known for pioneering surgical treatments for atrial fibrillation (Afib) and related conditions, introduced the cryoSPHERE+ cryoablation probe. This advanced device utilizes new insulation technology to shorten freeze times by 25% as compared to AtriCure’s previous cryoSPHERE device. The product is currently undergoing an extended limited launch phase in the U.S.
- In September 2023, IceCure Medical Ltd. received regulatory approval from the Brazilian Health Regulatory Agency (ANVISA) for its ProSense System, classified as a Class III medical device. This system employs minimally-invasive cryoablation technology to freeze and eliminate tumors, providing an alternative to surgical removal. Previously registered as Class II devices, the ProSense System's disposable cryoprobes and introducers were also included in this updated approval.
- In August 2023, Boston Scientific Corporation, a biomedical/biotechnology engineering firm and a multinational manufacturer of medical devices, received FDA approval for its POLARx Cryoablation System. This system is designed to treat patients with paroxysmal atrial fibrillation (AF) and includes the POLARx FIT Cryoablation Balloon Catheter, which uniquely features two balloon sizes (28mm and 31mm) within a single catheter.
- In June 2021, Medtronic plc, a leader in medical technology, expanded its FDA approval for the Arctic Front Family of Cardiac Cryoablation Catheters. This approval allows the catheters to be used in treating recurrent symptomatic paroxysmal atrial fibrillation as an initial rhythm control strategy, serving as an alternative to antiarrhythmic drug therapy.
Key Players: Boston Scientific Corporation, Micro Port Scientific Corporation., Medtronic, COOPERSURGICAL, INC., ATRICURE, INC., BVM Medical Limited, CPSI Biotech, Ice Cure Medical, METRUM CRYOFLEX Sp. z o.o., AtriCure, Inc., HealthTronics, Inc., IceCure Medical Ltd., Sanarus Technologies, Inc., Stryker Corporation, CryoLife, Inc., CMS Medical, Erbe Elektromedizin GmbH.
