Global Cryotherapy Market is anticipated to reach USD 5.6 billion by 2024 owing to the increasing demand for minimally invasive surgical procedures and the growing incidences of cervical, retinoblastoma, prostrate, skin cancer and others. Cryotherapy is basically the procedure of using cold temperatures for health benefits. This type of therapy has been into use since long to reduce pain and muscle spasms, show cell ageing and improve health recovery. The therapy reduces irritation, muscle swelling and pain. It cures several diseases and helps in surgical procedures as well. Over the years, cryotherapy has gained huge popularity and has become an accessible form of therapy.
Since cryotherapy is a minimally invasive therapy, it is more preferred for open surgeries. Owing to this, the demand of cryotherapy is growing, thereby boosting cryotherapy industry. Also, as the application is localized and constrained to the abnormal tissues, healthy tissues are well maintained, which reduce the side effects. Cryotherapy surgery is also used in combination with other treatments like radiation, chemotherapy, hormone therapy and reduce the use of drugs for producing side effects.
Even though there are numerous advantages of cryosurgery, most disadvantages have constrained the market growth. Few side effects of cryosurgery can be stated as hypopigmentation, erythema and pain. Less effectiveness of cryotherapy is majorly hampering the growth of cryotherapy market. Also, insufficient clinical information, and low awareness has resulted in low reimbursement. Conversely, as the technology is advancing, the downsides are expected to fade away, which will drive the market of cryotherapy in the years to come.
In various incidences of cancers, cryosurgery offers benefits like less complications, low pain and short period of hospital stay that is ideal for conventional surgeries. This will ultimately increase the demand for cryotherapy, thereby boosting cryotherapy industry. Cryotherapy is also regarded advantageous for patients that are non-responsive to treatments and cannot be treated. Owing to the increase in cancer patients worldwide, the market is also predicted to grow in the near future. Additionally, the rising investment in healthcare segment by the emerging nations will also stimulate the growth of the market of cryotherapy.
Furthermore, high success rate of cryotherapy and its cost-effectiveness is predicted to drive cryotherapy market growth in future. Moreover, extensive adoption by the athletes and sports associations and advantageous reimbursement policies are also impacting the growth of the market at a prominent rate.
Cryotherapy industry is categorized on the basis of product, application, end user, and geography. On the basis of product, the market is divided into cryosurgery devices, tissue contact probes, tissue spray probes, epidermal & subcutaneous cryoablation devices, localized cryotherapy devices, and cryo chambers & cryosaunas. Cryosurgery devices segment is expected to register high growth in the forecast period due to rising patient’s preference for minimally invasive procedures and innovations in cryosurgery devices.
Based on application, the market of cryotherapy is split into surgical applications, oncology, cardiology, dermatology, other surgical applications, pain management, and recovery, health & beauty. Surgical application segment is predicted to grow significantly in the coming years. On the basis of end user, the industry is classified into hospitals & specialty clinics, cryotherapy centers, and spas & fitness centers.
Geographically, cryotherapy market is segmented as North America, Europe, Asia Pacific, and Rest of the World (RoW). North America segment is expected to hold larger market share of cryotherapy owing to growing popularity of cryosaunas and rising prevalence of cancers. The key players in cryotherapy industry are ErbeElektromedizin GmbH, KrioSystem Sp. z.o.o., Zimmer MedizinSysteme GmbH, Impact Cryotherapy Inc., MetrumCryoflex Sp. z o.o., Sp. K., Novotech S.R.O, Air Products and Chemicals, Inc. etc., and The Cooper Companies Inc. among others.
Cryotherapy Market Therapy Type Outlook (Revenue, USD Million, 2013 - 2024)
• Icepack Therapy
• Chamber Therapy
Cryotherapy Device Type Outlook (Revenue, USD Million, 2013 - 2024)
• Cryo probes
• Gas cylinders
• Others ( Cryo chambers, gas pressure gauges, and thermocouple devices)
Cryotherapy Application Type Outlook (Revenue, USD Million, 2013 - 2024)
• Pain management
• Others (ophthalmology and gynecology )
Cryotherapy Market Regional Outlook (Revenue, USD Million, 2013 - 2024)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
• South Africa
Research Support Specialist, USA