Market Size of Cryosurgery Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cryosurgery Devices Market Analysis
The Cryosurgery Devices Market is expected to grow at a CAGR of over 6.5% during the forecast period.
COVID-19 had a significant impact on the growth of the market over the pandemic period. The demand for cryosurgery and cryotherapy was notably impacted to overcome the post-COVID symptoms among the infected patients. For instance, the article published by CPS published in January 2022, cryotherapy is an innovative treatment for post-COVID symptoms like loss of taste/smell, fatigue, and pain. The whole body cryotherapy among COVID-19-infected patients is used to reduce inflammation, improve blood flow, relieve pain, increase energy, and more. Thus, the benefits of cryotherapy and surgery devices during COVID-19 had a significant impact on the growth of the market during the pandemic period. In addition, the demand for cryosurgery devices is expected to remain impacted due to the increasing focus on treating various chronic diseases during the post-pandemic period over the forecast period.
The cryosurgery devices market is expected to register a boost in its growth rate due to increasing disorders, such as cardiovascular diseases and skin disorders. For instance, the British Heart Foundation (BHF) data published in January 2022 reported that in 2021, the most common heart conditions affected globally were coronary (ischemic) heart disease (global prevalence estimated at 200 million), peripheral arterial (vascular) disease (110 million), stroke (100 million) and atrial fibrillation (60 million). The report also mentioned that the prevalence of heart and circulatory diseases in North America was 46 million, in Europe 99 million, in Africa 58 million, in South America 32 million, and in Asia and Australia 310 million in 2021. For instance, as per the WHO data published in February 2022, in 2021, there were an estimated 1.9 million new cancer cases diagnosed in the United States. The report also mentioned that each year, approximately 400,000 children develop cancer globally. Cervical cancer is the most common in 23 countries, such as Eswatini, India, South Africa, Latin America, and others. The most common cancers are breast, lung, colon and rectum, and prostate cancers. Thus, the increasing prevalence of chronic disorders is expected to drive the demand for cryosurgery devices, thereby contributing to the growth of the market.
On the other hand, the increasing product launches by various key market players are also expected to drive the market's growth over the forecast period. For instance, in January 2021, Pregna International launched a CO-2-based cryotherapy device to help fight cervical cancer. This device was developed by Jhpiego for the treatment of cervical pre-cancerous lesions.
However, the stringent regulatory guidelines and reimbursement issues are expected to restrain the market's growth over the forecast period.
