The global cryotherapy market was pegged at ~US$ 219.5 million in 2020 and is expected to witness a CAGR of ~8.7% during the forecast period.
Cryotherapy, also known as cold therapy, is the local or general use of low temperatures in medical therapy to destroy abnormal or diseased tissue and is most commonly used to treat skin conditions. It is used to relieve muscle pain, sprains, and swelling after soft tissue damage or surgery. The most prominent use of cryotherapy is for surgical treatment, specifically known as cryosurgery or cryoablation. The Treatment ranges from the application of ice packs or immersion in ice baths (generally known as cold therapy) to the use of cold chambers. Cryotherapy uses imaging guidance, a needle-like applicator called a cryoprobe, and liquid nitrogen or argon gas to create an intense cold to freezing conditions and destroy diseased tissue including cancer cells.
The global cryotherapy market is mainly driven by the rising demand for minimally invasive treatments, technological advancements, and rising investments for the development of cryosurgery products. Furthermore, the rising popularity of cryotherapy in the beauty and fitness industries is also likely to play a pivotal role in contributing to the growth of the market globally. However, factors such as 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.
The global cryotherapy market has been analyzed from four perspectives: Product Type, Application, End-User, and Region.
Cryotherapy Market by Product Type
Based on product type, the cryotherapy market has been segmented into cryosurgery devices, cryochambers & cryosaunas, and localized cryotherapy devices. The cryosurgery devices segment dominated the market in 2020, owing to the rising demand for minimally invasive procedures such as cryosurgeries for the treatment of cancer.
Cryotherapy Market by Application
Based on application, the cryotherapy market has been segmented into pain management, surgical applications, and health & beauty. Surgical applications segment dominated the market in 2020. The growth of the segment can be attributed to the greater adoption of cryotherapy for different types of cancer and cardiovascular diseases. Cryotherapy is an alternative cancer treatment when surgical removal of a tumor is difficult or for some patients, impossible. Cryosurgery is used as the primary treatment for early prostate cancer. It is also performed when there is a recurrence of cancer after other therapies.
Cryotherapy Market by End User
Based on end-user, the cryotherapy market has been segmented into hospitals, cryotherapy centers, spas and fitness centers, and others (clinics, specialty centers, etc.). The Hospitals segment dominated the market in 2020, owing to the increasing number of surgical procedures in hospitals and higher adoption of advanced cryotherapy devices.
Cryotherapy Market by Region
Based on region, the global cryotherapy market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America dominated the cryotherapy market in 2020, followed by the Asia Pacific. The large share of North America in the global market can be attributed to the developed healthcare infrastructure, growing burden of chronic diseases such as cancer and cardiovascular diseases, and easy availability of cryotherapy products. Moreover, the presence of prominent players and their collaboration with sports clubs and athletics organizations are also anticipated to boost the market growth.
Some of the prominent players operating in the cryotherapy market includes:-
- Boston Scientific Corporation
- Brymill Cryogenic Systems
- Zimmer Medizin Systeme GmbH
- Cooper Surgical Inc
- Erbe Medical India Pvt Ltd
- Metrum Cryoflex
- CryoConcepts LP
- US Cryotherapy
- Impact Cryotherapy, among others
- In February 2021, Pregna launched CryoPop, a carbon dioxide-based cryotherapy device to treat cervical cancer.
- In November 2020, Spa Vision, a leading global spa consultant, formed a partnership with cryotherapy provider, CryoAction, in response to the rapidly increasing popularity of whole-body cryotherapy treatments in sporting and wellness facilities.
- In August 2020, Vessi Medical, a portfolio company of The Trendlines Group Ltd., announced that it secured US$ 1.7 million in funding for its cryoablation solution for superficial bladder cancer.
- In June 2020, BVI, announced the European launch of CryoTreq, the world’s first single-use, hand-held cryosurgery device for ophthalmology.
- In June 2019, the German medtech startup CryoTherapeutics raised €7 million (US$ 8.4 million) for developing a cryotherapy system to prevent heart attacks.
Key Questions Addressed by the Report
- What is the current and future prospect of the market?
- What are the key trends governing the market?
- Who are the key players operating in the market, and how intense is the segment rivalry?
- Which market segment currently holds lion’s share and which segment is expected to grow in the coming years?
- Which regional markets are expected to witness the highest growth in the coming years?