The global cryoablation devices market accounted for USD 374.03 Billion in 2022 and is expected to expand at a CAGR of 13.70% from 2023 to 2032.
Report Scope of the U.S. Group Health Insurance Market:
|Market Size in 2022||USD 374.03 billion|
|Revenue Forecast by 2032||USD 1,350.55 billion|
|Growth rate from 2023 to 2032||13.70%|
|Segments Covered||Product, application, End-use, region|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Key companies profiled||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.|
The rising prevalence of cancer and the high demand for safer therapeutic options are the major factors contributing to the growth of the cryoablation devices market. In addition, a rising preference for minimally invasive surgeries is anticipated to propel the demand for cryoablation devices across the globe.
Increasing inclination of the patients and surgeons towards non-invasion or minimal invasion treatment procedures due to the advantages such as patient comfort, speedy recovery, and minimized turnaround time are a few of the factors which are anticipated to fuel demand for cryoablation devices during the forecast period. Advanced cancer ablation procedures are mostly performed on an outpatient basis and do not require any hospital admission as compared to conventional therapies, resulting in a significant reduction in total healthcare expenses. Ablation therapy is the preferred surgery for cancer of small sizes. Hence, the procedural volume is indirectly reliant on the yearly tumor screening tests.
According to the CDC in October 2022, approximately 12 million U.S. individuals suffered from atrial fibrillation by 2030. Moreover, in 2019, around 183,321 deaths were caused in the U.S. Furthermore, approximately 450,000 hospitalizations were recorded with atrial fibrillation as the key diagnosis every year in the U.S. The rising prevalence of atrial fibrillation is predicted to enhance demand for the cryoablation devices market during the forecast period.
A rise in the prevalence of tumors such as lung cancer, prostate cancer, breast cancer, and many more in several countries across the globe is anticipated to fuel the cryoablation devices market growth. As per an article published by CDC in June 2022, nearly 221,097 new lung cancer cases were reported in the U.S., and 139,601 deaths were caused due to lung cancer. Furthermore, every year, in the U.S., approximately 25,000 men and 11,000 women get liver cancer, and around 9,000 women and 19,000 men die due to the same.
According to the survey, conducted by NCI's Surveillance, Epidemiology, and End Results (SEER) Program, conducted in March 2021, the most common age for getting a tumor diagnosis is 66 years, that is, half of the tumor cases occur in individuals under this age. The geriatric population is held as the main target population for minimally invasive or noninvasive cryoablation techniques, due to the compromised body’s biological functions. Thus, the rising geriatric population base is expected to augment demand for cryoablation devices during the forecast period.
Cryoablation Devices Market Segmentation: