Global Cryoablation Devices Market Report and Forecast 2024-2032

Global Cryoablation Devices Market Outlook

The global cryoablation devices market size was valued at USD 457.7 million in 2023, driven by emphasis on using minimally invasive procedures to treat cancer across the globe. The market is expected to grow at a CAGR of 10.3% during the forecast period of 2024-2032, with the values likely to rise from USD 504.8 million in 2024 to USD 1106.0 million by 2032.

Cryoablation Devices: Introduction

Cryoablation devices are used to destroy an abnormal or cancerous tissue with the help of extremely cold temperatures. Cryoablation is done with the help of ultrasound or computed tomography (CT) scans to visualize the affected area. It is commonly used to treat cancer in patients, particularly advised when the cancer is too risky to operate on.

Global Cryoablation Devices Market Analysis

The rising incidence of cancer cases has led to a significant surge in the treatment methods. Since cryoablation is a minimally invasive and precise treatment, it is generally preferred by patients as well as healthcare professionals. Therefore, the cryoablation devices market demand has observed an upswing in the recent years.

Cryoablation is also applied in the treatment of atrial fibrillation. During the procedure, the pulmonary vein receives cryotherapy through the balloon catheter which freezes the abnormal tissue and blocks the irregular signals. In August 2023, Boston Scientific has received an FDA approval of their POLARx™ cryoablation system, which follows the same mechanism to treat atrial fibrillation.

The cryoablation devices market value is anticipated to grow with the soaring improvements in the existing models. AtriCure manufactured cryoICE cryoablation probes called CRYO2 and CRYO3 offer superior work capacity as they are quick to achieve the demanded temperature and contain nitrous oxide instead of Argon, leading to higher heat absorption capacity. It also contains a retractable handle along with a flexible tube to enable multiple handle positions.

ProSense® System, introducers, and disposable cryoprobes by IceCure Medical Ltd. has also received regulatory approval in Canada and China, implying that the cryoablation devices market growth will increase further in the forecast period.

Global Cryoablation Devices Market Segmentation

Market Breakup by Type

• Tissue Contact Probe Ablators

• Epidermal and Subcutaneous Cryoablation Systems

• Tissue Spray Probe Ablators

Market Breakup by Applications

• Prostate Cancer

• Renal Cancer

• Liver Cancer

• Breast Cancer

• Lung Cancer

• Cardiac Arrhythmia

Market Breakup by End User

• Hospitals

• Specialty Clinics

• Ambulatory Surgical Centres

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Cryoablation Devices Market Overview

The Asia Pacific market is expected to grow at an exponential rate with continuous advancements on the cancer treatment front. Being a centre for easy resources and academic talent, several healthcare companies have been investing in the region. Recently, NovoMed Incorporation Pvt. Ltd. launched IceCure Medical’s flagship machine “ProSense” in four Indian hospitals. Such collaborations indicate that the region is likely to hold a substantial cryoablation devices market share in the future.

Cancer is one of the leading causes of mortality in the United States, anticipated to observe approximately 1,958,310 new cancer  cases in 2023. Therefore, there has been high prioritization on reducing the burden of the fatal disease. The presence of prominent healthcare companies, research institutions, and technically equipped healthcare infrastructure are some of the major factors that will add up contribute to the North America cryoablation devices market size. Furthermore, government initiatives to educate the public regarding cancer treatment and surgeries is another essential aspect for the high market value.

Global Cryoablation Devices Market: Competitor Landscape

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Atricure, INC.

• Galil Medical INC.

• Metrum Cryoflex SP 

• BVM Medical Limited

• Medtronic plc

• CPSI Biotech

• CooperSurgical INC.

• HealthTronics, INC.

• Icecure Medical

• Sanarus Technologies

Key Highlights of the Report