Introduction to Cryosurgical Equipment
Cryosurgery is a process which involves the use of extreme cold temperatures to destroy abnormal tissues such as skin tags, tumors, and others. The process often involves the use of liquid nitrogen and other gases. The process of cryosurgery works by taking advantage of the destructive force of freezing temperatures on cells. When the temperature of the cells sinks beyond a certain level, ice crystals are formed inside the cells. As a result of low density of ice crystals, they tear apart those cells. The equipment that are used to perform the cryosurgery process are known as cryosurgical equipment.
Market Size and Forecast
Increasing prevalence of different types of cancers such as liver, prostate, lung, and others, along with skin conditions including warts, moles, and skin tags are anticipated to increase the demand for cryosurgical treatment, and hence in turn promote the growth of the global cryosurgical equipment market over the coming years. The market is anticipated to record a significant CAGR over the forecast period, i.e., 2021-2028.
The market is segmented by end user into hospitals, clinics, research institutes and others. Among these segments, the hospitals segment is anticipated to hold the largest market share over the forecast period on the back of the health risks associated with cancers and certain skin conditions. Cancer can begin in any organ or tissue of the body when abnormal cells grow uncontrollably and invade adjoining parts of the body. According to the World Health Organization (WHO), cancer is the second leading cause of death globally.
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Growth Drivers
Increasing Geriatric Population to Propel the Market Growth
According to the United Nations Department of Economics and Social Affairs, there were 703 million persons aged 65 years or above in 2019 and this number is estimated to double to 1.5 billion in 2050.
Geriatric population is more prone to several types of cancers, skin lesions and other health problems. With growing age, the complexity of treatment also increases. Therefore, cryosurgery is the most preferred treatment method by medical practitioners owing to its safety, ease of use, and minimal pain and scarring. With the increasing cases of cryosurgery, the demand for cryosurgical equipment is also anticipated to increase over the coming years.
Increasing Incidents of Cancer Among the People Globally
According to the WHO, cervical cancer is the fourth most common type of cancer among women.
With the changing lifestyle, the cancer burden continues to grow globally, causing lot of physical, emotional and financial strain on individuals, families, communities and health systems. The most common types of cancer in men include lung, colorectal, stomach, prostate and liver cancer, while breast, colorectal, lung, cervical and thyroid cancer are the most common types of cancer among women. On account of the increasing cases of cancer worldwide, the demand for cryosurgical equipment is anticipated to increase over the forecast period.
Restraints
High cost of Cryosurgery Treatment
The cost of cryosurgery treatment is high owing to various factors including the high price of liquid nitrogen and for the high charge of medical professionals. Affording such an expensive procedure is difficult for majority of the population, which is anticipated to hamper the growth of cryosurgical equipment market over the forecast period.
Lack of Access to Medical Expertise
Lack of access to advanced technologies of healthcare sector in low and middle income countries are anticipated to act as a challenging factor towards the growth of cryosurgical equipment market over the coming years. Moreover, low disposable income of the people in low and middle income countries makes it difficult for them to afford such expensive procedures. According to the WHO, about 70% of deaths from cancer occur in low- and middle-income countries.
Side-Effects of Cryosurgery Treatment
The risks which are associated with cryosurgery treatment include damage to nearby healthy tissues, loss of sensation if nerves are affected, blisters, change in skin color at the site of surgery, chances of infection, and others. Due to these side-effects, the demand for cryosurgery is anticipated to decrease, thereby, decreasing the demand for cryosurgical equipment over the coming years.
Market Segmentation
Our in-depth analysis of the cryosurgical equipment market includes the following segments:
By Product Type
- Cryosurgical Console Systems
- Compact Cryosurgical Systems
By Application
- Oncology
- Dermatology
By End User
- Hospitals
- Clinics
- Research Institutes
- Others
By Region
On the basis of regional analysis, the cryosurgical equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the largest share over the forecast period on the back of increasing geriatric population, rapidly improving healthcare infrastructure, increasing prevalence of cancers and skin lesions and high disposable income of people. Moreover, the increasing healthcare expenditure in the region is anticipated to create growth opportunities for cryosurgical equipment market. The national health expenditure of the United States is estimated to touch USD 6 trillion by 2027.
The global cryosurgical equipment market is further classified on the basis of regions as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis.
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis.
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis.
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.
Top Featured Companies Dominating the Market
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