Cryotherapy Industry Overview
The global cryotherapy market size was valued at USD 3.8 billion in 2020 and is expected to reach USD 8.4 billion by 2028, registering a CAGR of 10.3% over a forecast period.
Cryotherapy, sometimes called cryogenic therapy, is a minimally invasive therapy that involves the use of extremely cold temperatures to destroy diseased tissue. Cryotherapy is widely used in the treatment of a variety of chronic conditions such as cancer, arthritis, pain, and skin conditions like warts, skin tags, and dark spots. Cryosurgery offers various advantages over traditional surgeries including smaller incisions, shorter hospital stay, rapid wound healing, lesser pain and surgical wounds, and lower risk of complications. Such advantages of cryosurgery have led to its increased adoption in the past few years, thus, supporting its market growth.
Gather more insights about the market drivers, restrains and growth of the Global Cryotherapy Market
The introduction of technologically advanced and affordable cryotherapy devices and the increasing adoption of such devices in key regions are anticipated to significantly fuel the market growth. In May 2020, CryoBuilt, a manufacturer of whole body cryotherapy systems, launched EVEREST, an advanced and affordable product line of whole body cryotherapy chambers. In May 2019, Cryo Innovations received approval for a Federal General Services Administration (GSA) contract to provide whole body cryotherapy solutions to the U.S. Military or any government department.
Furthermore, the mounting prevalence of chronic conditions such as cancer, arthritis, fibromyalgia, among others has fueled the demand for effective cryotherapy solutions for its treatment. According to the data published by the International Agency for Research on Cancer (IARC), in 2018, an estimated 17.0 million new cases of cancer were observed worldwide, which led to around 9.5 million deaths. The same source also stated that, by 2040, this number is projected to grow to 27.5 million new cancer cases every year.
Moreover, increasing strategic initiatives such as mergers, collaborations, and acquisitions by leading players are likely to create a conducive environment for market growth during the forecast period. For instance, in June 2019, Varian Medical Systems, Inc. acquired Endocare and Alicon in order to expand its integrated cancer care solutions portfolio. Following this acquisition, Varian expanded its portfolio with Endocare’s Cryocare CS System, a fully integrated treatment system that is designed to simplify cryotherapy. This strategic acquisition helped Varian to enhance its position in the oncology segment.
Cryotherapy Market Segmentation
Based on the Therapy Type Insights, the market is segmented into Cryosurgery, Icepack Therapy, and Chamber Therapy.
Based on the Application Insights, the market is segmented into Surgical Applications, Pain management and Others.
Based on the Device Type Insights, the market is segmented into Cryogun, Cryo Probes, Gas Cylinders, Localized Cryotherapy Devices, Cryochambers & Cryosaunas, and Others.
Based on the End-use Insights, the market is segmented into Hospitals & Specialty Clinics, Cryotherapy Centers, Spas & Fitness Centers, and Others.
Based on the Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Market Share Insights
Key Companies Profile:
Key participants in the market are engaged in various inorganic and organic strategic developments to expand their existing product portfolios and geographic expansion. Some of the prominent players in the cryotherapy market include,
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