Market Overview
The global cryotherapy market size is projected to grow at a significant CAGR of 9.3% during the forecast period 2020-2027. The market growth is attributable to increasing application of cryotherapy in treatment of various medical conditions such as sports injuries, cancer, cardiac diseases, pain management and treatment of tissue damage and lesions. For instance, as per American Orthopedic Society, more than 3.5 million athletes in the U.S. aged 14 years and below are treated for sports-related injury every year. The growing focus on technological advancements in cryotherapy devices and various advantages offered by cryotherapy treatment, such as greater affordability and few side effects as compared to general treatment methods has led to increasing demand for these devices, thereby expected to increase the adoption of cryotherapy devices in the near future.
Increasing approval of cryotherapy for treatment of different cancer types and various musculoskeletal conditions such as arthritis, fibromyalgia, and rheumatic conditions is another key factor expected to propel the cryotherapy market growth. In addition, growing application of cryotherapy based cosmetic procedures in dermatology for skin/beauty treatments is further anticipated to boost the market growth. For instance, according to 2017 reports of American Society of Plastic Surgeons (ASPS), about 15.7 million minimally-invasive cosmetic procedures were performed in the U.S., registering a 2% increase in 2017 as compared to 2016.
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However, the high cost of cryotherapy treatment, adverse effects associated with use of cryogenic gases, stringent safety regulations and guidelines, lack of awareness regarding cryotherapy followed by complexity of cryotherapy mechanisms are some of the factors that are likely to hamper the growth in cryotherapy market.
Moreover, even though whole-body cryotherapy (WBC) devices have got European Medical Device Approval, the chances of getting FDA approval for these devices such as cryosaunas and cryochambers seem unlikely remote. In 2016, US FDA released a report wherein it warns the public against use of WBC devices as the spas and wellness centers have claimed inefficacy of WBC treatment procedures. Furthermore, cryotherapy procedures involving liquid nitrogen are witnessed to show symptoms of light-headed and loss of consciousness in people due to the low oxygen in air. Thus, till date not even a single WBC device has been approved by the US FDA under medical device class.
Product Insights
Based on type, our scope of study has segmented the market into cryosurgery devices, cryochambers & cryosaunas, and localized cryotherapy devices. The cryosurgery devices are further categorized into tissue spray probes, tissue contact probes, and epidermal and subcutaneous cryoablation devices. In 2019, cryosurgery devices segment accounted for the largest revenue share in cryotherapy market owing to the increasing adoption of these devices in minimally invasive procedures for treatment bone cancers, skin cancer and joint injuries
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However, cryochambers & cryosaunas segment is projected to grow at a lucrative CAGR during the forecast period owing to increasing demand for these cryotherapy products in health & wellness centers and spas. Moreover, increasing application of cryochambers and cryosaunas to treat inflammation, pain management, and rheumatoid arthritis in addition to general beauty and wellness therapies is also a key factor driving the segment growth.
Application Insights
Based on application, cryotherapy market has been segmented into surgical applications such as dermatology, oncology, cardiology and others; pain management; and recovery, health and beauty applications. In 2019, surgical applications segment accounted for the largest revenue share with oncology as the leading segment in cryotherapy market accounting for a market share of approximately 25.0% in 2019.
The increasing prevalence of cancer and growing awareness regarding alternative cryotherapy-based cancer treatment approaches to treat prostate cancer, cervical cancer, skin cancer and lung cancer is one of the key factor driving the segment growth. For instance, as per a report published by WHO, cancer is one of the leading cause of death worldwide accounting for nearly 9.6 million cancer-related deaths in 2018, with an estimated 1.8 million new cancer cases diagnosed in 2019.
End User Insights
Based on end user, the cryotherapy market has segmented into hospitals, cryotherapy centers and spas & fitness centers. In 2019, hospitals segment accounted for the largest revenue share in cryotherapy market owing to the increasing number of minimally invasive procedures performed in hospitals coupled with growing applications of cryotherapy treatment in cancer management, cardiac conditions, skin disorders and pain management.
However, spas & fitness centers segment is projected to grow at a lucrative CAGR during the forecast period owing to increasing number of health & wellness centers and spas majorly in South East Asian countries. Moreover, increasing usage of cryosaunas and cryochambers for general beauty enhancement and wellness therapies is another key factor driving the segment growth.
Regional Insights
The cryotherapy market study examines the performance of market across six key regions, viz. North America, Western Europe, Eastern Europe, Asia Pacific, Latin America and Middle East & Africa. In 2019, North America accounted for the largest revenue share in cryotherapy market owing to the high per-capita expenditure on healthcare and presence of well-established health care infrastructure in the U.S. This is expected to boost the adoption of cryogenic gases intended for therapeutic purposes in North America. Moreover, high availability of technologically advanced products such as cryoguns and cryoprobes is another factor aiding market growth in North America.
However, Asia Pacific is anticipated to be the most lucrative market in near future owing to increasing geriatric population with high prevalence of cancer and joint injuries in the region. Moreover, high presence of fitness centers, spas, health and wellness centers in central and South East Asian countries such as Thailand, Philippines, Vietnam, and Singapore further supports the increased usage of cryotherapy devices in APAC region.
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Competitive Market Insights
Competitive landscape analysis in the report covers 12-15 key players in global Cryotherapy market. Some of the leading companies profiled in this study include Medtronic Plc, CryoConcepts LP, Wallach Surgical Devices, Brymill Cryogenic Systems, CooperSurgical, Inc., Cortex Technology, Metrum Cryoflex, Cryoalfa, Galil Medical and others; accounting for majority of the market share owing to their exhaustive product portfolios for cryosurgery devices and other cold therapies. The vendors are highly focused on designing advanced cryotherapy products, thereby strengthening their product offerings and compete for long-term growth in the space. For instance, in 2015, Galil Medical launched its cryoablation products, namely, IceFORCE 2.1 CX Cryoablation Needle and IcePearl 2.1 CX Cryoablation Needle. An extensive competition analysis allows for an exhaustive market structure assessment. This section further offers insights on recent market developments, emerging opportunities, impactful trends and dormant business tactics.
Report Scope
A recent market intelligence report added to the repository of Credible Markets, titled “Cryotherapy – Market Analysis and Forecast 2016 – 2027”, provides an extensive analysis of the global cryotherapy market. The analysis and forecast is backed by the fact-based historic and current growth scenarios of the market. The report offers valued insights on the well-assessed market sizing (value) and growth projections for a stipulated period, 2016 – 2027.
The data has been meticulously gathered from some of the top industry experts and thorough secondary research. This information is authentic and dependable, and enables deeper understanding of cryotherapy and their market potential at global as well as regional levels. It intends to help potential market entrants with their strategic business planning.
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Detailed Analysis of Market Taxonomy:
The global cryotherapy market report begins with a brief outline of the market taxonomy covering product, application and end user analysis, along with an overview of the scope of its research. Detailed trend and opportunity assessment with respect to each product, application and end user segment and associated sub-segments is the highlight of this section of the report. It then provides readers with a summary of the report that offers insights on market outlook and overall competition scenario in the cryotherapy landscape. Relevant information and recent developments in cryotherapy devices sector has been covered here. The market study then sheds light on the quick market background and its analysis with respect to cryotherapy market research.
The report, in addition to analyzing the various socio-economic, political and technological aspects defining the performance of global cryotherapy market, focuses on the overall scope of penetration and market attractiveness. The key market variables and their impact analysis with respect to the growth patterns of global cryotherapy market are also evaluated in detail inside the report. It further provides information about the strategic background of market landscape, followed by the analysis of overall impact of the recent, current and upcoming strategic alliances and similar financial deals across the industry on performance of cryotherapy market.
Covid-19 Impact Analysis:
Under an exclusive section that unleashes the covid-19 impact analysis on cryotherapy market, the report attempts to track the evolution of growth path of market from 2019, through 2020, and post the medical crisis. While the pandemic has compelled entire industry to shift its preferences, it has turned the industry and its sub-sectors upside down within no time. The report covers deep-dive analysis of this impact particularly on the cryotherapy market.
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Segments Covered in the Report-
Product Type (Revenue, USD Million, 2016 – 2027)
• Cryotherapy Devices
o Tissue Contact Probes
o Tissue Spray Probes
o Epidermal and Subcutaneous Cryoablation Devices
• Localized Cryotherapy Devices
• Cryochambers & Cryosaunas
Application Type (Revenue, USD Million, 2016 – 2027)
• Surgical Applications
o Oncology
o Dermatology
o Cardiology
o Other Surgical Applications
• Pain Management
• Recovery, Health and Beauty Applications
End User Type (Revenue, USD Million, 2016 – 2027)
• Hospitals
• Cryotherapy Centers
• Spas & Fitness Centers
Regions covered in global Cryotherapy market report-
• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific
• Middle East & Africa
The report typically answers these FAQs-
• What is the market size and growth projections of global cryotherapy market?
• What are the top performing segments and regions of cryotherapy market?
• What is the market size and growth rate across key countries?
• What factors will influence demand and supply trends in cryotherapy market during the forecast period?
• What are the technology trends shaping cryotherapy market?
• What are the key opportunities emerging in cryotherapy market?
• What are the developmental strategies of key market players?
• What is the COVID-19 impact on the market and how long will it take to recover?
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