Technavio’s latest report on the global cryoablation devices market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global cryoablation devices market for 2017-2021 provides a detailed industry analysis based on the product (cryoablation systems and catheters and accessories), end-users (hospitals and specialty clinics and ambulatory surgical centers), and geography (the Americas, EMEA, and APAC).
|Cryoablation is a process that uses extreme cold to destroy diseased tissue. It employs a cryogenic material, such as liquid nitrogen, to freeze cancer cells. It is considered as an effective treatment modality for prostate cancer and is also used for the treatment of other cancers of the bone, cervix, lungs, and liver. Technavio analysts forecast the global cryoablation devices market to grow at a CAGR of more than 6% over the forecast period.|
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The top three emerging trends driving the global cryoablation devices market according to Technavio healthcare and life sciences research analysts are:
- Market growth through M&A
- Paradigm shift toward minimally invasive procedures
- Developing countries to emerge as growth engines for cryoablation devices market
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Market growth through mergers and acquisitions
“Mergers and acquisitions are commonly adopted as an effective growth strategy by the top companies in the cryoablation devices market. Through mergers and acquisitions, the companies successfully expand their geographical presence, technological capabilities, and consumers,” says Srinivas Sashidhar, a lead analyst at Technavio for orthopedics and medical devices research.
CooperSurgical is a good example of how M&As can help companies grow. It has acquired nearly 40 subsidiary companies to expand its business and diversify its product line. Besides M&A, companies also form partnerships with hospitals and universities, which act as clinical research organizations (CROs). These hospitals and universities help the companies to conduct clinical trials and generate data, which are forwarded to the regulatory authorities for receiving product approvals.
Paradigm shift toward minimally invasive procedures
Cryoablation is considered as one of the most effective of minimally invasive procedures, which uses frigid temperatures to kill cancer cells while preserving the surrounding tissues. Doctors all over the world have been using cryoablation to treat different types of cancer. It is especially effective at destroying kidney tumors while protecting the healthy tissues. Because the procedure is minimally invasive, patients require a short hospital stay and experience a quick recovery.
Over the last two decades, atrial fibrillation (AF) has become an important public health concern. Cryoballoon treatment has evolved as an effective minimally invasive procedure for the treatment of AF. Hence, with the advantages provided by minimally invasive procedures, the demand for them is expected to increase in the coming years.
Developing countries to emerge as growth engines for cryoablation devices market
“Many companies are expanding their businesses in developing countries, as these economies have immense growth potential. The implementation of government initiatives to build healthcare infrastructure has increased the healthcare budgets. Advances in technology will propel the market growth in these countries,” says Srinivas.
For example, the government of China had spent around USD 371 billion on healthcare reforms and USD 100 billion in providing insurance to the citizens, improving the infrastructure of public hospitals and community healthcare facilities. The growing awareness of diagnostic procedures and treatment options for certain cancers has created tremendous opportunities for the growth of global vendors in the market.
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