The global cryosurgery market is expected to witness lucrative growth over the forecast period owing to the rising prevalence of cancer, favorable insurance and reimbursement policies, and increasing healthcare expenditure. Cryosurgery includes the minimal invasion concept and is anticipated to witness growth during the forecast period. Minimal invasive surgery is gaining popularity across the globe due to reduced scarring, decreased complications, and high-end technology usage. Treatment of cancer and cardiovascular diseases by freezing the damaged and cancerous cells and tissues to death is also gaining popularity and is expected to propel the growth of the market over the forecast period. The advantages of coupling cryosurgical procedures along with radiation, chemotherapy, and hormonal therapy, promotes growth of the market. Coupling reduces the drug prescriptions thereby reducing the harmful adverse effects during the treatment. Cryosurgery treatment is applicable internally as well as externally; facilitating its usage in curing skin disorders as well, thereby, fueling the growth of the market. Another impact rendering driver of the market is the elimination of numerous side effects due to localized and restrictive treatment. Growing awareness and popularity of the cryosurgery procedure is expected to further fuel the growth of the market during the forecast period.
The segmentation of the cryosurgery market is based on application, device, technology, and region. The application segment includes retinoblastomas and cancer (prostate, liver, and cervical), skin tags, skin tumors, actinic keratosis, freckles, and nodules. Cancer held the largest share of the market due to its increasing prevalence and rising mortality rate in developed nations and is expected to substantially grow during the forecast period. The device segment can be further classified into probes, cryogens, and others. The cryosurgery devices are coupled with imaging devices such as MRI (magnetic resonance imaging) and CT scans (computed topography) to help destroy cells within the body. The technology segment includes cryoprobe, spray technique, thermo-couple device, dipstick applicator method, and forceps technique.
North America held the largest share for the cryosurgery market in 2014. The American Cancer Society stated in their annual cancer statistics reports that squamous cell carcinoma is the second most common form of skin cancer in the U.S. with over 700,000 cases being diagnosed every year. The society also stated that actinic keratosis has affected more than 58 million Americans till date and is anticipated to be the most common type of pre-cancer leading to the growth of the market during the forecast period. Europe follows North America in terms of revenue contribution due to increasing awareness among people and the rising incidences of cancer and skin disorders. Improving healthcare infrastructure and the availability of skilled healthcare providers further boosts the growth of the market. Asia Pacific is anticipated to be the fastest-growing region for the market during the forecast period. The region is sub-segmented into India, Japan, and China. Supportive government initiatives towards improving healthcare facilities and increasing awareness among people are the growth propellers for this region. The increasing availability of advanced technology, rising disposable income, and rising adaption of these surgical procedures are anticipated to expand the horizons of the market. Brazil, in Latin America is expected to witness lucrative growth during the forecast period. Growth is anticipated due to increasing per capita income and rising awareness of the medical services.
The key players of the cryosurgery market include CryoConcepts LP, Wallach Surgical Devices, Medtronic, Mectronic Medicale srl, Cryoalfa Europe Ltd, Brymill Cryogenics Systems, Cortex Technology, and CryoProbe. Technological advancement for conducting cryosurgery procedures such as thermo-coupling is anticipated to spur the growth of the market. The rising popularity of non-invasive surgery and R&D by the market players is expected to promote the growth of the market globally. Companies further engage themselves in sponsoring and encouraging the promotion of webinars and training sessions for healthcare providers to enhance their skill in the utilization of the procedure, propelling the growth of the market.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.