Cryotherapy or cryoablation is a minimally invasive procedure that uses precise freezing and thawing technology to destroy cancerous or tumor cells. The concept of cryotherapy was used as far back as the 19th century in London, wherein ice salt mixtures were used to treat cancers of the breast and cervix. Modern cryotherapy methods have experienced significant advances especially during the last decade with the introduction of accurate imaging using ultrasound, controllable freezing using Argon gas or helium gas, and reduced post-surgical complications. In the last few decades, cryotherapy procedures have been significantly used to treat tumors of kidney, lung, bone, and breast. Moreover, these are used in skin or eye lesions, treating arrhythmia, and other cardiac disorders. Ablation occurs in tissues that have been frozen by any of the three mechanisms: induction of apoptosis, coagulating and interrupting the blood flow which leads to ischemia and cell death, and by forming ice crystals within cells which later disrupts the cell membranes and interrupts in normal cellular activity of the cancerous cells.
The global cryotherapy ablation devices market is expected to grow substantially due to advantages of cryotherapy over other ablation technologies including effective applicability in areas of reduced blood flow and less irritation to inner linings of heart. This technique also allows physicians to perform cryomapping, a procedure to map specific tissue responsible for heart racing or heart palpitations. Additionally, there is a minimum risk of perforating the heart since it does not damage the heart tissue like RF ablation does. Moreover, increased adoption of technology among physicians for kidney and lung cancer, and ease of handling with better safety to patients are other key drivers of the rise in adoption of this technology. High procedural timing and long term outcome of the technology in most of the diseases are anticipated to propel the market during the forecast period.
The global cryotherapy ablation devices market has been segmented based on product, application, and region. In terms of product, the market has been divided into cryotherapy catheters and cryotherapy generators. Cryotherapy generators dominate the market due to precise and desired results. In forthcoming years the demand for the overall procedures has increased in the developing parts of the World and that it is expected to uplift the overall demand for cryotherapy generators. Based on application, the global cryotherapy ablation devices market has been segmented into kidney cancer, lung cancer, bone cancer, breast cancer, cardiac arrhythmia, and others.
Geographically, the global cryotherapy ablation devices market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America, which includes the U.S. and Canada, accounts for the largest share of the global market. Rapid acceptance of advanced technologies and favorable health care policies boost the market in Europe. Asia Pacific and Rest of the World lag behind in terms of revenue because of high cost of these procedures.
Key players operating in the cryotherapy ablation devices market include Icecure Medical, AtriCure, Inc., Medtronic, St. Jude Medical, Inc., Galil Medical, Inc., HealthTronics, Inc., and BVM Medical. In order to gain competitive advantage in the industry, the major players engage in product differentiation, services, and periodic new product launches. Collaborations, partnerships, and agreements are some of the important strategies adopted by the market players.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.