Cryoablation Devices Market Size, Share & Trends Analysis Report By Product (Tissue Contact Probe Ablators, Tissue Spray Probe Ablators), By Application (Lung Cancer), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Cryoablation Devices Market Size, Share & Trends Analysis Report By Product (Tissue Contact Probe Ablators, Tissue Spray Probe Ablators), By Application (Lung Cancer), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Cryoablation Devices Market Growth & Trends

The global cryoablation devices market size is anticipated to reach USD 1.01 billion by 2030, registering a CAGR of 13.70% from 2023 to 2030, according to a new report by Grand View Research, Inc. The key factors attributing to the market growth include the increasing prevalence of tumors, rising technological advancements, increasing demand for minimally invasive surgical procedures, and the growing geriatric population.

The rising prevalence of cancer is estimated to drive demand for cryoablation devices. 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. Hence, these instances are expected to drive the cryoablation devices market.

Supportive government initiatives such as awareness campaigns, screening programs, and cancer schemes for various tumor types are anticipated to raise the number of diagnosed cancer cases. For instance, in 2022, the National Health Scheme (NHS) started offering novel lung cancer screening programs in some areas of England. Such government initiatives are likely to escalate the use of cryoablation devices for early-stage cancer diagnosis, thereby facilitating the demand for cryoablation devices.

The surging demand for advanced device technologies, coupled with enhancing financing abilities of medical facilities, is anticipated to foster overall market growth. For instance, in August 2022, Imagin Medical announced the acquisition of a precision ablation system enCAGE Coil from a Belgian company, TROD Medical NV for the diagnosis and treatment of prostate cancer.

Cryoablation Devices Market Report Highlights

• Based on product, the tissue contact probe ablators segment dominated the cryoablation devices market in terms of the revenue share of 44.41% in 2022 owing to rising technological advancements such as nanoprobe biotechnology, to diagnose and treat cancer
• Based on application, the cardiac arrhythmia segment dominated the market with a revenue share of 37.37% in 2022, owing to rising cardiovascular disorders that are anticipated to increase demand for the cryoablation device market
• Based on end use, the hospital segment dominated the market owing to the technological advancements in minimally invasive surgeries that are contributing to the growing demand for the hospitals
• In 2022, North America dominated the market for cryoablation devices with a revenue share of 32.56%, owing to the rising prevalence of cancer, better healthcare infrastructure, availability of reimbursement, and growing geriatric population

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