LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global cryosurgery devices market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global cryosurgery devices market for 2017-2021. The report also lists instruments and consumables and accessories as the two major product segments. The market is expected to experience high growth during the forecast period, owing to the increasing number of product launches for cryosurgery devices. Rising volume of oncological surgeries is one of the important growth drivers of the global cryosurgery devices market. Advances in cryosurgery devices have led to an evolution in treatment methodologies where amputation is no longer a necessity while treating cancer.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global cryosurgery devices market:
- Lower turnaround time required for cryosurgeries
- Increasing incidence of cancer worldwide
- Shift toward minimally invasive procedures
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Lower turnaround time required for cryosurgeries
Cryosurgery is the controlled destruction of cancerous tissue using extreme cold. It is an effective method for treating benign, premalignant, and malignant cutaneous lesions. The increased precision and accuracy of these procedures has increased the adoption of these devices worldwide. Moreover, cryosurgery is less invasive and involves fewer complications compared with conventional resection procedures.
“Depending on the type of lesions, the total freeze time and freeze-thaw cycles applied differs. The precision and limited time required for treatment enable physicians to treat more patients in limited time, which, in turn, will decrease the turnaround time and increase the market revenue of end-users,” says Srinivas Sashidhar, a lead analyst at Technavio for orthopedics and medical devices research.
Increasing incidence of cancer worldwide
The most defining feature of cancerous cells is their malignancy and abnormal growth. These cells can invade or metastasize to other parts of the body, which can eventually lead to death. According to a study conducted by the University of New South Wales in 2015, cancer is the leading cause of death globally. The incidence of cancer was around 455 per 100,000 men and women, and the number of people with undiagnosed cancer reached 14.5 million in 2014 and is expected to reach 19 million by 2024. Therefore, with increasing death rates due to cancer, the demand for cryoablation devices for the treatment of various types of cancer will also increase.
Shift toward minimally invasive procedures
Interventional pain therapy uses minimally invasive procedures such as cryotherapy to achieve a prolonged reduction in chronic pain through selective disruption or modification of the pain pathways of the affected nerves. Doctors all over the world use cryoablation to treat different types of cancer. It is extremely effective in destroying tumors while protecting healthy tissues. As the procedure is minimally invasive, patients require only a short hospital stay and experience a quick recovery. They can return to normal life with a lower risk of side effects.
“The increased use of minimally invasive techniques will drive the volume of cryosurgery procedures in the future. Cryosurgery provides positive medical outcomes as it prevents excess blood loss, reduces recovery time, lowers risk of infections, and minimizes pain and scarring,” says Srinivas.
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