Everyone has been eyeing the cryoablation market as Adagio Medical recently announced that their first patients were successfully treated with its new One Shot+ cryoablation catheter. Medtronic ’s reign over the cryoablation market is coming closer to an end, with multiple competitors about to enter the space.
GlobalData estimates that cryoablation catheters make up approximately 27% of the global electrophysiology ablation catheters market, growing at a healthy Compound Annual Growth Rate (CAGR) of 5%. While irrigated tip catheters are much preferred among the different types of ablation catheters, the market is saturated by the competition, including Biosense Webster , Abbott Laboratories , and Boston Scientific . The cryoablation market is relatively new and shows great potential for growth, making it a prime target for smaller companies to enter the fast-growing electrophysiology market.
In addition to the recent successful treatment results by Adagio Medical, Boston Scientific announced the acquisition of Cryterion Medical , a company that developed a single-shot cryoablation device to treat atrial fibrillation, and one that Boston Scientific had been investing in since its beginnings in 2016. The recent advancements and high interest in cryoablation technology suggests that Medtronic will lose its reign over this unique market in the near future.
GlobalData expects that, while Medtronic overcame many challenges in launching the first cryoablation device on the market and paving the way for other companies to enter, Medtronic’s reputation and years of experience monopolising the market will prove beneficial in holding onto a significant portion of the cryoablation market despite increasing competition. Furthermore, as smaller companies such as Adagio Medical enter the market with successful devices, they make prime acquisition targets for large companies, such as Biosense Webster and Abbott Laboratories, to obtain a place in the cryoablation market and to secure a stronger position in the wider electrophysiology ablation market.