WILMINGTON, DE / ACCESSWIRE / March 6, 2023 / Transparency Market Research Inc. - The global Cardiac Cryoablation Device Market is projected to expand at a CAGR of 9.8% from 2023 to 2031, according to the market outlook report by TMR.
Cases of arrhythmias have increased in the past few years across the globe. In this health condition, an individual experiences irregular heartbeats, which can be caused due to genetics, lifestyle choices, heart disease, or aging. Healthcare professionals as well as patients are increasingly opting for minimally invasive treatment solutions, such as cardiac cryoablation, for this disorder. These procedures are gaining popularity owing to advantages, such as a faster recovery ratio, less invasiveness, and a lower possibility of complications. Thus, the rise in the number of these procedures presents significant business opportunities for manufacturers of cardiac cryoablation devices.
Cardiac Cryoablation Device Market: Growth Drivers
- An increase in the number of cardiac cryoablation procedures across the globe is fueling the sale of cardiac cryoablation devices
- The rise in awareness about the availability of advanced treatment solutions for atrial fibrillation is creating significant business opportunities for manufacturers
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Cardiac Cryoablation Device Market: Key Findings
- Atrial fibrillation, or AFib, is one of the prominent reasons for heart disease across the globe. It is likely to affect over 33 million individuals globally. Adoption of cardiac ablation has increased in the past few years for the treatment of this disorder owing to its minimally invasive nature and high level of effectiveness. This has resulted in an increase in the usage of cardiac ablation devices. In turn, this is expected to drive market development in the next few years.
- Hospitals are key medical service providers, as they offer advanced technologies and facilities required for treatment and high-quality care to patients. In the hospital setting, patients get health services from expert medical professionals, such as cardiologists, who have the required skillsets to perform cryoablation, making it an effective and safe treatment for patients. Based on end-user, the hospital's segment accounted for a larger share of the global market in 2022. This can be ascribed to the rise in the number of cryoablation devices performed in hospitals across the globe.
- Health insurance providers across several developed and developing countries are offering favorable reimbursement policies for the cardiac cryoablation procedure. Therefore, the number of cardiac cryoablation procedures has increased across these countries in the past few years, thus leading to lucrative opportunities for market players.
- Smart cryoablation devices have gained immense popularity in the past few years owing to advantages, such as the ability to monitor real-time temperature during cryoablation procedures, which is of paramount importance in order to improve the precision of the procedure as well as decrease the risks of complications. These devices are also being increasingly used by healthcare providers owing to their user-friendly nature.
- Manufacturers of cardiac cryoablation devices are providing products with advanced cooling capabilities and improved imaging technologies, such as 3-D mapping systems. This is leading to a high level of precise targeting of the nonstandard heart tissue and advanced visualization of the procedure. The usage of these devices is enabling healthcare professionals to reduce the risk of complications and improve procedure outcomes.
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Regional Analysis
- North America is likely to dominate the global industry during the forecast period owing to the increase in cases of cardiovascular disorders and the rise in understanding about the benefits of cardiac cryoablation among the people in the region
- The market in Europe is anticipated to expand at a significant CAGR during the forecast period, led by the increase in the prevalence of stroke and heart attack, which are prominent causes of disability and death in the region
- Asia Pacific accounted for a substantial share of the global market in 2022. This can be ascribed to easy accessibility to next-generation medical technologies, owing to the presence of a robust healthcare infrastructure, in the region
Cardiac Cryoablation Device Market: Competition Landscape
- The global industry is fragmented, with the presence of many well-established companies
- Players are adopting strategies, such as product launches, mergers, and acquisitions, in order to increase their market share
- They are investing significantly in R&D activities in order to develop technologically advanced and efficient devices
Cardiac Cryoablation Device Market: Key Players
- MicroPort Scientific Corporation
- Medtronic
- AtriCure, Inc.
- Boston Scientific Corporation
- Premier Health
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Cardiac Cryoablation Device Market Segmentation
Product
- Systems
- Catheters
- Others
Application
- Atrial Fibrillation
- Ventricular Tachycardia
- Others
End-user
- Hospitals
- Specialty Centers
- Ambulatory Surgical Centers
- Others
Regions Covered
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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