Cryotherapy Industry Overview
The global cryotherapy market size was valued at USD 6.39 billion in 2021 and is expected to advance at a compound annual growth rate (CAGR) of 7.2% by 2030. Some of the major factors propelling the growth are rising demand for minimally invasive procedures, high prevalence of skin disorders & chronic diseases, and an increase in demand for cryotherapy in beauty & wellness clinics, fitness centers, and pain management. The market has been adversely impacted by the COVID-19 pandemic. Amid the pandemic, a slowdown in demand and disruption in the supply of cryotherapy products were observed, due to the strategies designed to curb the pandemic. However, the impact of COVID-19 reduced significantly by the end of 2020 in most countries.
Some countries were affected by the third wave of COVID-19 and the effect lasted until the third quarter of 2021. The rising prevalence of cancer and chronic conditions, such as rheumatic conditions, arthritis, and fibromyalgia, coupled with the rise in the geriatric population, are among the major factors that increase the demand for cryotherapy. According to the WHO, globally, cancer is the second-leading cause of death. In 2020, globally, cancer cases reached 19.3 million, and the number of deaths due to cancer was 9.96 million. Cryosurgery is a minimally invasive procedure. It offers multiple advantages over conventional surgeries, including rapid wound healing, shorter hospital stays, and lesser pain & surgical wounds.
Gather more insights about the market drivers, restraints, and growth of the Global Cryotherapy market
Moreover, cryotherapy recently gained more traction in beauty & aesthetics. Also, athletes and celebrities are embracing it as a new trend. All such factors are expected to accelerate the market growth. There are some adverse effects of cryosurgery procedure, including the formation of blisters, scarring, infection, pain, ulcers, damage to healthy tissues, vessels & nerves injury, and whitening of treated skin. In addition, it requires constant vigilance of professional technicians, which could act as a limitation in lower and middle-income countries. Furthermore, whole-body cryotherapy is not approved for treatment purposes. Due to this, it is not reimbursable, and it requires out-of-pocket expenditures. All these factors could impede the market growth over the forecast period.
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Cryotherapy Market Segmentation
Grand View Research has segmented the global cryotherapy market based on therapy type, device type, application, end-use, and region:
Cryotherapy Therapy Type Outlook (Revenue, USD Million, 2018 - 2030)
- Cryosurgery
- Icepack Therapy
- Chamber Therapy
Cryotherapy Device Type Outlook (Revenue, USD Million, 2018 - 2030)
- Cryogun
- Cryo Probes
- Gas Cylinders
- Localized Cryotherapy Devices
- Cryochambers & Cryosaunas
- Other Device Types
Cryotherapy Application Outlook (Revenue, USD Million, 2018 - 2030)
- Surgical Applications
- Pain Management
- Beauty & Wellness
- Fitness
- Cold Storage
- Others
Cryotherapy End-use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospitals and Specialty Clinics
- Cryotherapy Centers
- Spas & Fitness Centers
- Others
Cryotherapy Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Market Share Insights
January 2021: Pregna International Ltd. launched CryoPop in India. It is a cryotherapy device indicated to treat precancerous cervical cancer lesions.
August 2020: Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million. CRYOPDP-a French pioneer company-provides temperature-controlled logistics solutions for cell & gene therapy and clinical research communities.
Key Companies profiled:
Some of the prominent players in the global Cryotherapy market include:
- Brymill Cryogenic Systems
- Metrum Cryoflex
- CryoConcepts LP
- Medtronic
- Cortex Technology
- Medtronic Medicale S.r.l.
- Cryoalfa
- Wallach Surgical Devices
- Zimmer MedizinSysteme GmbH
Order a free sample PDF of the Cryotherapy Market Intelligence Study, published by Grand View Research.
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