The cryosurgery devices market is expected to register a boost in its growth rate, due to increasing disorders, such as cardiovascular diseases and skin disorders. According to the World Health Organization, cardiovascular diseases are the leading cause of death, causing around 17.9 million death around the world.
- Furthermore, according to the data of Health and Safety Executive, in 2018, around 67 new cases had been reported with work-related skin cancer in the United Kingdom. Hence, this emerges the need for treatment for these diseases.
- Also, development in cryosurgery devices is expected to boost the market. In 2019, CSA Medical Inc. received European approval to market its product ‘Rejuven Air System’. It is a cryosurgical device that involves Metred Cryospray (liquid nitrogen) for the treatment of chronic bronchitis through bronchoscopic surgery. Thus, these factors are expected to boost the growth of the cryosurgery devices market.
Key Market Trends
Oncology Disorder Segment is Expected to Hold a Major Share in the Cryosurgery Devices Market
The oncology segment is expected to hold a major share in the cryosurgery devices market, owing to the higher prevalence of cancer and rising preference towards minimally invasive surgery. According to the World Health Organization, the burden of cancer in 2018 was around 18.1 million cases globally. It is the second leading cause of death worldwide, causing around 9.6 million deaths according to the above-mentioned source.
Furthermore, cryoablation has been observed to be very effective in the treatment of breast carcinomas over the percutaneous ablation method. According to the World Health Organization, in 2018, lung and breast cancers are the most prevalent, and approximately 2.1 million had been diagnosed with it. Therefore, the aforementioned factors are expected to impact positively on the cryosurgery devices market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to be a dominant region for the studied market, owing to the increasing burden of chronic disorders and the presence of product approvals. According to the National Cancer Institutes, in 2018, approximately 1.74 million had been diagnosed with cancer in the United States. Furthermore, in 2019, the US FDA approved two cryosurgical devices ‘ CryoTouch’ and ‘CryoLab’ developed by Cryoconcepts. Cryotouch is a portable device that delivers cryogen to the targeted lesions while the cryolab has been involved in high volume surgeries. These have been approved for 23 indications. Hence, such factors are expected to drive the cryosurgery market in North America.
Some of the companies that are currently dominating the market are Harvard Bioscience Inc., AtriCure Inc., Brymill Cryogenic Systems, Cardinal Health, CryoConcepts, Cortex Technology, Bovie, and Cooper Surgical.
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