Market Trends of Cryosurgery Devices Industry
This section covers the major market trends shaping the Cryosurgery Devices Market according to our research experts:
Pain Management Segment is Expected to Hold a Major Share in the Cryosurgery Devices Market
Cryosurgery devices are also used in pain management due to their high efficacy in reducing various chronic pains. The factors such as rising pain-related disorders such as musculoskeletal disorders, cancer pain, neuropathic pain, and others, along with increasing demand for minimally invasive surgery devices, are expected to drive the growth of the studied segment.
For instance, the data published by WHO in February 2021 reported that about 1.71 billion people have musculoskeletal conditions worldwide. Musculoskeletal conditions are the leading contributor to disability worldwide, with low back pain being the single leading cause of disability in 160 countries. Among musculoskeletal disorders, low back pain causes the highest burden, with a prevalence of 568 million people annually. According to Work-Related Musculoskeletal Disorders statistics in Great Britain, in 2021, 470,000 people suffered from work-related musculoskeletal disorders, which are new or long-standing in the year 2020-2021. Additionally, the NCBI article published in February 2022, mentioned that the overall prevalence of neuropathic pain among the global population was between 7% and 10% in 2021. Such increasing prevalence of chronic diseases resulting in pain and pain-related disorders among the global population is expected to contribute to the demand for cryosurgery devices for effective treatment, thereby fueling segment growth.
Likewise, the innovative product approvals for the various key market players are also expected to drive segment growth. For instance, in January 2021, ArtiCure Inc. received US FDA clearance for additional labeling claims for cryo nerve block therapy to include the treatment of adolescent patients. The cryoICE and cryoSPHERE cryoablation probes are designed to temporarily block pain by ablating intercostal nerves under direct visualization in adolescent patients of at least 12 years of age.
Thus, the rising prevalence of pain-causing disorders, rising demand for minimally invasive surgeries, and increasing product approvals are expected to fuel segment growth.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to hold a significant share of the studied market, owing to the increasing burden of chronic disorders and the presence of key market players with frequent product launches. The rising demand for minimally invasive surgery, along with advanced healthcare infrastructure in North America, is also expected to drive the market's growth over the forecast period in this region.
For instance, as per the 2022 Heart Disease and Stroke Statistics Update Fact Sheet, approximately every 40 seconds, a person in the United States is anticipated to have a myocardial infarction. Likewise, the CDC updated in September 2021 reported that approximately 6.5 million people aged 40 and older in the United States have the peripheral arterial disease. In addition, according to the Public Health Agency of Canada data published in October 2021, approximately 2 in 5 Canadians were diagnosed with Cancer in their lifetime. In 2021, an estimated 229,000 Canadians were diagnosed with Cancer. The report also mentioned that lung, breast, colorectal, and prostate cancers were expected to remain the most commonly diagnosed cancers, accounting for nearly 46% of all cancer diagnoses in 2021. Such a high prevalence of various chronic diseases among the North American population is expected to contribute to the rising demand for cryosurgery devices, in turn boosting the market growth.
Also, the increasing product launches by various key market players in this region are expected to drive the market's growth. For instance, in October 2022, PENTAX Medical launched the C2 CryoBallon ablation system for the treatment of Barrett's Esophagus in Canada. The C2 Croballon ablation system provides a significant economic advantage to hospitals, with minimal capital investment in treating pain-related disorders.
Thus, the increasing prevalence of chronic disorders, the presence of key market players along with frequent product launches are expected to contribute to the growth of the market in this region over the forecast period.
