Cryotherapy Market by Product Type [Cryosurgery Devices, Cryochambers & Cryosaunas, Localized Cryotherapy Devices], Application [Pain Management, Surgical Applications and Health & Beauty], End User [Hospitals, Cryotherapy Centers and Spas & Fitness Centers] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global cryotherapy market was pegged at ~US$ 219.5 million in 2020. The market is expected to witness a CAGR of ~8.7% from 2021 to 2031.
The rising demand for minimally invasive treatments and the rising popularity of cryotherapy in the beauty and fitness industries are the major factors propelling the growth of the cryotherapy market. Moreover, technological advancements and rising investments for the development of cryosurgery products are also driving market growth. However, complications related to cryotherapy and the limited evidence regarding the effectiveness of the treatment are likely to restrain the market growth to a certain extent.
Regulatory approvals and clearances from the government bodies help fast-track the development and commercialization of surgical refractors products. For Instance, in July 2017, CSA Medical received FDA approval for its liquid nitrogen cryotherapy spray system viz. truFreeze System. The truFreeze System is indicated to use as a cryosurgical tool in the fields of dermatology, gynecology, and general surgery, to ablate benign (e.g. Barrett’s Esophagus with high-grade dysplasia) and malignant lesions.
Cryotherapy, also called cryosurgery, cryoablation, percutaneous cryotherapy, or targeted cryoablation therapy is a minimally invasive treatment that uses extreme cold to freeze and destroy diseased tissue, including cancer cells. Minimally invasive treatment continues to play an important role in general surgery as an alternative to traditional open surgery. There are several benefits offered by these surgeries include smaller incisions, lesser pain, shorter hospital, stay faster recovery, less scarring, and less blood loss. Benefits provided by minimally invasive surgeries over traditional open surgeries have led to increasing demand for these surgeries.
In an effort to maintain their position in the market, the prominent players are continuously making an effort to launch novel and technologically advanced. For instance, in January 2021, CryoBuilt partnered with ICEBOX Cryotherapy, a growing Cryotherapy Franchise system in the USA, for their electric cryo needs.
However, complications related to cryotherapy and the limited evidence regarding the effectiveness of treatment may restraint the market growth to a certain extent. Cryotherapy for sports injuries is widely used, but the scientific evidence about the effectiveness of this treatment is unreliable. Complications such as blisters, damage to nearby healthy tissue or vessels, a loss of sensation if nerves are affected, scarring, white skin at the site of the surgery, etc. may also hamper the adoption of cryotherapy. Therefore, limiting the growth of the cryotherapy market.
The Asia Pacific region is projected to be the fastest-growing cryotherapy market. The high growth of the region can mainly be attributed to the developing healthcare infrastructure, increasing disposable incomes, rising awareness about cryotherapy, and high clinical unmet needs. Furthermore, the rising prevalence of cancer & cardiovascular diseases and the rising demand for minimally invasive surgeries are creating significant growth opportunities in countries such as India, China, and Japan in the APAC region.
Some of the prominent players operating in the cryotherapy market are Medtronic, Boston Scientific Corporation, Brymill Cryogenic Systems, Zimmer Medizin Systeme GmbH, Cooper Surgical Inc., Erbe Medical India Pvt Ltd, Metrum Cryoflex, CryoConcepts LP, US Cryotherapy, and Impact Cryotherapy, among others.