According to a new report published by KD Market Insights, titled, “Cryoablation Devices Market Insights, Trends, Opportunity Forecast, 2023–2032,” the global cryoablation devices market size is anticipated to witness moderate growth during the forecast period i.e., 2023-2032. The increasing adoption of cryoablation procedures for various medical applications, rising prevalence of cancer and the increasing demand for safer therapeutic options. Additionally, the growing preference for minimally invasive surgeries which are the major factors augmenting the growth of the global cryoablation devices market. The global cryoablation devices market is anticipated to grow at a moderate CAGR of 8.5% from 2023 to 2032. The market's revenue surged to USD 374 million in 2022, and it is expected to further accelerate, reaching a notable USD 845.6 million by 2032.
The increasing incidence of cancer and cardiac arrhythmias worldwide has led to a higher demand for effective treatment options. Cryoablation procedures offer several advantages, such as precise tissue destruction, reduced damage to surrounding healthy tissues are further expected to create ample growth opportunities for the global cryoablation devices market during the forecast period i.e., 2023-2032. Moreover, rising preference for minimally invasive procedures over traditional surgical techniques, has propelled market expansion. Continuous technological advancements, is expected to contribute towards the market growth during the period.
The North America region accounted for the largest share in the global cryoablation devices market in 2022. The region is further projected to continue dominating in the market during the forecast period. This can be attributed to the rising prevalence of cancer, well-established healthcare infrastructure, availability of reimbursement options, and a growing geriatric population.
According to product type, the tissue contact probe ablators segment accounted for the largest market share in the cryoablation devices market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
The global cryoablation devices market is segmented into product type, application, end user and region. Based on product type, the market is bifurcated tissue contact probe ablators, epidermal and subcutaneous cryoablation systems, tissue spray probe ablators. Based on application, it is classified into lung cancer, liver cancer, breast cancer, kidney cancer, prostate cancer, cardiac arrhythmia. Based on end user, it is classified into hospital, outpatient facilities, research manufacturing
The global cryoablation devices market is analyzed across North America (U.S. Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East Africa).
Key Insights of Cryoablation Devices Market
- On the basis of product type, the tissue contact probe ablators segment accounted for the largest market share in the cryoablation devices market in 2022 and is further expected to continue with the trend during the forecast period i.e., 2023 – 2032.
- On the basis of region, North America accounted for the largest share in the global cryoablation devices market in 2022. The region is further projected to continue dominating in the market during the forecast period.
- On the basis of region, Europe is estimated to account for the second largest share in the market during the forecast period.
Some of the major cryoablation devices companies profiled in the report include Boston Scientific Corporation, Micro Port Scientific Corporation, Medtronic, COOPERSURGICAL, INC., ATRICURE, INC., BVM Medical Limited, CPSI Biotech, Ice Cure Medical, and METRUM CRYOFLEX Sp. z o.o.
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