HOME Research Insight Medtronic (Ireland) and Galil Medical (US) are the Key Players in the Cryotherapy Market

Medtronic (Ireland) and Galil Medical (US) are the Key Players in the Cryotherapy Market

The global cryotherapy market is projected to reach USD 274.8 Million by 2022 from an estimated value of USD 180.0 Million in 2017, at a CAGR of 8.8%. The cryotherapy market is emerging and fragmented in nature with various regional and international players. In 2016, the cryotherapy market was dominated by a few large players and several small players. Players in this market compete with each other to deliver superior quality products that are technologically advanced and to provide well-regulated customer service functions. Major companies in this market are Medtronic (Ireland), Galil Medical (US), CooperSurgical (US), and Zimmer MedizinSysteme (Germany).

Partnerships & agreements, regulatory and product approvals, product launches, and product deployments were the key strategies adopted by players from 2014–2017. The players that adopted these strategies are Medtronic, Galil Medical, Impact Cryotherapy, CryoConcepts, US Cryotherapy, Kriosystem Life and MedGyn Products, HealthTronics, and Zimmer MedizinSysteme.

Medtronic held the first position in the global cryotherapy market in 2016. Its leading position in the market is attributed to its wide and diverse portfolio of cryoablation devices for cardiac surgeries. The company’s portfolio of ablation products includes Arctic Front Advance Cardiac Cryoballoon Systems and Freezor Cardiac Cryoablation Catheters, its flagship products. The CryoConsole Cardiac Cryoablation System which is a part of Arctic Front Advance Cryoballoon enables real-time monitoring of procedures and helps control the cryogenic gas supply which improves patient care. The product portfolio also includes Freezor Cardiac Catheters which was developed as an affordable option for cardiac surgery. The company undertook inorganic growth strategies, for instance, in 2017, the company partnered with the Atlas General Hospital in Serbia with a view to provide minimally invasive technologies to enhance patient care at the hospital. The firm also received the US FDA approval for its Freezor Xtra Cryoablation Catheter, in 2017.

Galil Medical was also a major contributor to the global cryotherapy market in 2016. The company offers a comprehensive range of oncology-specific cryoablation technology. To maintain its leading position and increase its customer base in the cryotherapy market, the company mainly focuses on launching new products owing to its robust R&D activities. With a view of enhancing their product portfolio, the company launched its IcePearl 2.1 CX Cryoablation Needle and IceFORCE 2.1 CX Cryoablation Needle for improved cryosurgery in 2017.

Some of the other players competing in this market are Cooper Surgical (US), Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Erbe Elektromedizin (Germany), Brymill Cryogenic Systems (US), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).

Related Reports:

Cryotherapy Market by Product (Cryosurgery Devices, Localized Cryotherapy Devices, Cryochambers), Application (Surgical Applications, Pain Management, Recovery), End User (Hospitals, Cryotherapy Centers), and Region - Global Forecast to 2022

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