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According to the World Health Organization, the number of cancer cases is estimated to reach 21.4 million by 2025. This emphasizes the growing need for an effective and affordable treatment option for cancer. Cryotherapy is the use the of extreme cold or freezing cold condition to destroy abnormal tissues in patient body. According to the National Cancer Institute, cryotherapy is an effective treatment for geriatric cancer patients who are not eligible candidates for radiation therapy. Positive government recommendations and rapid adoption have surged the demand for cryotherapy cancer treatment.
Moreover, reduced cost and hospital stays have resulted in higher preference for cryotherapy cancer. The growing potential of cryotherapy in cancer treatment has also encouraged many oncology solution providers to launch new products, further accelerating the global cancer cryotherapy market. For example, in September 2018, BTG International Ltd launched ICEfx Cryoablation System to expand its Interventional Oncology product portfolio.
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Advantages of cryotherapy, such as reduced hospital stay, fast recovery, and reduced complications, are the primary reasons responsible for the growth in the global cancer cryotherapy market. Increased demand for minimally invasive surgical techniques and increasing prevalence of cancer are also anticipated to fuel the global cancer cryotherapy market. According to the World Health Organization, the number of cancer cases in the world in 2018 is estimated to be 18.0 million, which is expected to boost the global cancer cryotherapy market.
However, uncertainty regarding the long term effectiveness, unclear health reimbursement, and lack of skilled professionals are the major factors that can inhibit the growth in the global cancer cryotherapy market.
Some of the major companies that are present in the global cancer cryotherapy market are Medtronic, F. Hoffmann-La Roche Ltd., KRIOSYSTEM Life Sp. z o.o., CooperSurgical, Inc., Zimmer MedizinSysteme GmbH, Erbe Elektromedizin GmbH, Impact Cryotherapy, MECOTEC GmbH, and others.
· Cryoablation System
· Cyroablation Needles
· Other Accessories
By Disease Indication
· Skin Cancer
· Prostate Cancer
· Cervical Cancer
· Actinic Keratosis
· Bone Cancer
By End User
· Specialty Clinics
· Ambulatory Surgery Centres
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Among the segmentation, cryoablation system segment is projected to hold a considerable share of the global cancer cryotherapy market due to higher adoption of cancer cryotherapy, less cost when compared to other cancer treatment, and rise in a number of cryotherapy chambers.
North America is anticipated to dominate the global cancer cryotherapy market over the forecast period owing to increasing demand for safe and simple treatment procedures and growing prevalence of cancer. According to American Cancer Society, 7.1 million new cancer cases are estimated to be diagnosed in U.S. in 2019, further fuelling the cancer cryotherapy market in North America. In Europe, the cancer cryotherapy market is projected to expand during the projected period owing to the growing awareness about cryotherapy and new product launches. Asia Pacific is anticipated to have a lucrative growth in the global cancer cryotherapy market in the forecast duration owing to the rapid adoption of minimally invasive techniques, unmet cancer needs, and improving healthcare scenario.
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