Cryoablation Devices Market Growth Accelerated By Advancing Technology

Cryoablation devices are medical devices used to freeze and destroy diseased tissue. Cryoablation devices offer several advantages over traditional surgical procedures including minimal bleeding, scarring or damage to surrounding tissues, reduced pain, shorter hospital stays, and faster recovery times.

The global Cryoablation Devices Market is estimated to be valued at US$ 3628.03 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Advancing technology in cryoablation devices is one of the major trends driving market growth. Manufacturers are increasingly focusing on developing innovative cryoablation devices with advanced features like improved imaging technology, precision in treatment, larger treatment areas and minimal side effects. Miniaturization of devices has further improved treatment outcomes. Ongoing research in cryogenics and nanotechnology is also expected to lead to development of next-generation cryoablation devices with superior capabilities. This is expanding the potential applications of cryoablation in treating various types of cancers and cardiac arrhythmias, thereby fueling adoption of cryoablation devices.

Segment Analysis
The global cryoablation devices market is dominated by the cryoablation systems segment. Cryoablation systems are widely used for minimally-invasive procedures to destroy diseased tissues or tumors through freezing. Cryoablation systems allow precise placement of cryoprobes or cryogenic needles into target tissues under imaging guidance. This controlled freezing causes necrosis or death of tissues without affecting surrounding healthy tissues. The rising preference for minimally-invasive surgeries and increasing adoption of cryoablation for treatment of cancer and cardiac arrhythmias have driven the demand for cryoablation systems.

Key Takeaways
The Global Cryoablation Devices Market Size is expected to witness high growth during the forecast period of 2024 to 2031.

Regional analysis
North America is currently the dominant region in the cryoablation devices market. The high adoption of minimally-invasive procedures, growing prevalence of cancer and cardiac arrhythmias, and presence of key market players have fueled market growth in North America. Additionally, favorable reimbursement policies and guidelines for cryoablation procedures in countries like the US and Canada have boosted the regional market. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising healthcare expenditure, increasing medical tourism, and growing awareness about cryoablation technologies in emerging countries.

Key players
Key players operating in the cryoablation devices market are Agilent Technologies, Inc., Biomax Informatics AG, DNAnexus, Inc., Genedata AG, Intrexon Bioinformatics Germany GmbH, Illumina Inc., Perkinelmer Inc., Qiagen N.V., Seven Bridges Genomics Inc., and Thermo Fisher Scientific, Inc. Agilent Technologies offers a range of cryoablation equipment including cryoprobes, generators, and equipment for imaging guidance. Biomax Informatics provides cloud-based bioinformatics solutions and services for processing and analyzing omics data to support discovery and development of cryoablation therapies.