Healthcare IT is the fastest growing segment fueling the growth of Cryoablation Devices Market
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Cryoablation Devices Market |
The global Cryoablation Devices
Market is estimated to be valued at US$ 3149.33 Mn in 2023 and is expected to
exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in
a new report published by Coherent Market Insights.
Market Overview:
Cryoablation devices are
minimally invasive surgical medical devices used to destroy cancerous or
dysfunctional tissues through freezing. This modality is highly effective in
treating various cancers and cardiac arrhythmias with minimal side effects and
shorter recovery times compared to traditional surgical procedures.
Market key trends:
One of the major trends in the
cryoablation devices market is the rising adoption of cryoablation in treating
cardiovascular diseases. According to statistics, around 30 million people
globally are suffering from atrial fibrillation, a type of irregular heartbeat
that increases the risks of stroke, heart failure, and other complications.
Cryoablation is increasingly being used to treat atrial fibrillation as it is
minimally invasive and involve shorter hospital stays compared to traditional
open-heart surgery. This is expected to significantly drive the demand for
cryoablation devices for cardiology applications over the forecast period.
Segment Analysis
The cryoablation devices market
is segmented into cryoablation systems and cryoablation probes. The
cryoablation systems segment held the largest market share of around 65% in
2023. This is because cryoablation systems include expensive components like
the console, cabinets, and generators that need to be purchased along with the
probes. Additionally, the introduction of hybrid cryoablation systems that can
perform both cryoablation as well as radiofrequency ablation is gaining
popularity further driving the segment growth.
Key Takeaways
The Global
Cryoablation Devices Market Size is expected to witness high growth,
exhibiting a CAGR of 13% over the forecast period, due to increasing prevalence
of cancer worldwide.
Regional analysis
North America dominated the
global market in 2023 and is expected to continue its dominance over the
forecast period. This is due to the high adoption of minimally invasive
ablation procedures in the region. Asia Pacific is expected to witness the
fastest growth during the forecast period owing to rising medical tourism and
increasing healthcare expenditure in the region.
Key players
Key players operating in the
cryoablation devices market are Healthtronics, Inc., CPSI Biotech, AtriCure,
Inc., BVM Medical Limited, Medtronic plc., Coopersurgical Inc., Metrum Cryoflex
Sp., Sanarus Technologies, Inc., IceCure Medical, and Galil Medical Inc. Rising
initiatives by these players to gain regulatory approvals for cryoablation
devices and focus on new product launches is expected to increase their market
share over the forecast period.
Get more Insights here
https://www.newsstatix.com/cryoablation-devices-market-size-share-growth-outlook-2023/
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