Cryosurgical Equipment Market Trends

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.

Challenges

• 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.