Cryoablation Devices Market Exhibits Higher Growth Prospects during 2018-2026 | Key Players are Medtronic Inc, Galil Medical Inc.
Cryotherapy and radiofrequency ablation (RFA) are the two clinically viable ablation modalities that are widely used and cryotherapy is a treatment that uses extreme cold for denaturing the diseased tissues in the human body. In cryoablation therapy, liquid nitrogen or argon gas is passed to the site of treatment using a probe, which creates intense cold that freezes the internal tumors. The procedure is often carried out multiple times till the affected tissue is totally destroyed. The technique yields high effectiveness for treatment of various tumors such as that in the bones, kidneys, breasts, lungs, and liver, and can also be used to treat certain skin conditions. The probe is guided using MRI and ultrasound, which locates the exact position of the affected tissue that proves the specificity of the therapy.
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The cryoablation therapy has many applications in various disease such as renal cancer, prostate cancer, breast cancer, liver cancer and cardiac arrhythmias. Adoption of cryoablation procedures is growing as cryoablation is a minimally invasive procedure that avoids major surgery and thus, allows for rapid recovery of the patient. Percutaneous procedure used for the therapy, involves use of a thin needle size probe that is inserted in the body through a small incision.
In 2017, according to Radcliffe Cardiology, for various cardiac arrhythmias cryoablation process worldwide for treating cardiac arrhythmia is now being considered as a safe and efficiently effective alternate to radio frequency ablation.
Cryoablation Devices Market Dynamics
Cryoablation is a minimally invasive procedure that avoids major surgery and helps to avoid the complexity and heavy blood loss during the treatment and patient can resume his daily activities within very less time after the procedure. Therefore the preference for cryoablation treatment is increasing year on year. Also, the cryoablation procedure is beneficial to both the surgeon and patient as regular surgical procedure requires around 1 hour, while cryoablation is a 10-30 minutes procedure. Also, the length of incision in conventional surgery is around 10 mm, while cryoablation requires an incision of only 2 mm. Also, cryoablation do not require general anesthesia.
Continuous development and innovation into probes are expected to favor increase in adoption rate for cryoablation devices in the near future. Increase in geriatric population is expected to be a major push for the market to grow in emerging countries such as China, according to United Nations Department of Economic and Social Affairs (U.N. DESA), there were 125 million people aged 80 years or over in 2015, which is expected to increase to 434 million by 2050. This rise in geriatric population will support the growth of cryoablation devices for the treatment of the elderly people who cannot undergo open heart surgery.
This report segments the global cryoablation devices market on the basis of device type, application, end user and geography. On the basis of device type, the market is categorized into systems and probes. Among these, probes segment dominate the cryoablation devices market. On the basis of application, the market is divided into prostate cancer, renal cancer, liver cancer, breast cancer and cardiac arrhythmia. On the basis of geography, the market is divided into 6 regions. Among all regions, North America dominated the cryoablation devices market, as the hospitals are early adopters cryoablation system and the availability of funds to invest amount in the installation of cryoablation system are the major factor behind the growth of cryoablation devices market in this region.
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Increase in incidence of cardiac disorders such as cardiac arrhythmia, atrial fibrillation, and atrial flutter expected to fuel the growth in cryoablation devices market
According to Centers for Disease Control and Prevention (CDC), every year, around 610,000 people die due to heart disease in the U.S. Furthermore, around 2.7 to 6.1 million people were suffering from atrial fibrillation in 2013-14 in the U.S., the high incidence of cardiac disorders such as cardiac arrhythmia, atrial fibrillation, and atrial flutter is the another factor leading to the growth of cryoablation devices market.
The growing aging population and obesity rate are the major risk factor for atrial fibrillation. As per W.H.O., worldwide obesity has more than doubled and it is reached to more than 1.9 billion obese population in 2014 from 1980, as well as around 41 million children under the age of 5 were obese in 2014 and this number is continuously on rise in emerging countries. As per the stats of W.H.O. around 10.6 million children who are obese found in Africa in 2014, also close to half of the children under 5 who were obese lived in Asia in 2014. This increase in number of obese population in emerging countries will support to expand the customer base for companies in untapped market.
Some of the major companies in cryoablation devices market are Medtronic Inc, Galil Medical Inc, AtriCure, Inc., IceCure Medical and Sanarus Technologies.