According to the latest report published by Frank N Raf Market Research the global cryosurgery devices market will grow at a CAGR of more than 7% during the forecast period. The increasing shift towards minimally invasive (MI) procedures is one of the key drivers that will stimulate growth in the market for the next four years. Cryotherapy is a minimally invasive procedure, which is used in interventional pain therapy. This procedure reduces the chronic pain by performing the selective disruption or modification of the pain pathways of the affected nerves. The reduction in chronic pain encourages doctors to adopt cryoablation to treat different types of cancer affected patients. This procedure not only destroys the tumour in the body but also protects the healthy tissues. Patients highly prefer cryosurgery over other traditional procedures because it reduces the duration of hospital stay, ensures a quick recovery, and involves a low risk of side effects.
According to this market study, the Americas accounted for the majority of the market shares during 2016. The introduction of new products and the increase in regulatory approvals will boost the adoption of cryosurgery devices in this region. North America is witnessing an increasing use of cryotherapy chambers and cryosauna.
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Competitive landscape and key vendors
Cryosurgery devices market consists of several global as well as local players. Tier-1 manufacturers are increasingly focusing on distributions, partnerships, and acquisitions to expand their business. They are also investing in product development and online marketing in different regions and are taking efforts to enhance their market shares by creating a strong product portfolio and focusing on R&D activities. To remain competitive in this global market, the major companies are focusing on the development of new products with emerging technologies for accurate treatment.
Key vendors in this market are -
Brymill Cryogenic Systems
Medtronic
Wallach Surgical Devices
Galil Medical
Segmentation by product and analysis of the market
Instruments
Consumables and accessories
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The demand for instruments is increasing from the end-users such as tertiary hospitals in urban areas to provide cryosurgical facilities to patients. Countries such as the US and Canada in the Americas and the UK, Germany, Israel, Italy, and France in EMEA highly rely on these instruments. This report also segmentation by end-user and analysis of the cryosurgery devices market
Hospitals
Specialty clinics and ASCs
Hospitals offer various therapeutic services to athletes. They highly adopt cryosurgery devices for the diagnosis of cancer and warts to increase the efficiency of treatment. Majority of patients prefer hospitals over other healthcare units because they procure instruments, consumables, and accessories in bulk. The market will continue to witness grwoth in this end-user segment during the predicted period since hospitals engage closely with many suppliers, reimbursement authorities, and government organizations.
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Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global cryosurgery devices market?
What are the key market trends impacting the growth of the global cryosurgery devices market?
What are the challenges to market growth?
Who are the key vendors in the global cryosurgery devices market?
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