Cryotherapy Market
Number of pages: 120 | Report Format: PDF | Published date: June 03, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 4.36 billion |
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Revenue Forecast in 2031 |
US$ 11.28 billion |
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CAGR |
11.14% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global cryotherapy market was valued at US$ 4.36 billion in 2022 and is expected to register a revenue CAGR of 11.14% to reach US$ 11.28 billion by 2031.
Cryotherapy Market Fundamentals
Cryotherapy 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. Basic cryotherapy 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 intense cold-to-freezing conditions and destroy diseased tissue including cancer cells.
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Cryotherapy Market Dynamics
Cancer incidence is one of the primary drivers of the cryotherapy market, as cryotherapy is an effective treatment option for various types of cancer such as skin cancer, prostate cancer, and breast cancer. The increasing incidence of cancer worldwide is driving the demand for cryotherapy treatments. As per the World Cancer Research fund, in 2020, there were an estimated 18.1 million cancer cases worldwide. Breast and lung cancer are the most common types, with 12.5% and 12.2% contribution to the total number of cancer cases diagnosed in 2020. Cryotherapy is a minimally invasive procedure that is less painful and requires less recovery time compared to traditional surgery. As patients and healthcare providers seek more efficient and less invasive treatment options, the demand for cryotherapy is increasing. Technological advancements in cryotherapy equipment and techniques have increased the effectiveness and safety of cryotherapy procedures, driving the demand for these treatments. The benefits of cryotherapy, such as pain relief, reduced inflammation, and improved muscle recovery, are becoming more widely recognized, leading to increased demand for these treatments in the sports and wellness industries. Growing investments in healthcare infrastructure, particularly in emerging markets, are driving the growth of the cryotherapy market. The availability of better healthcare facilities and increasing access to healthcare services are boosting the demand for cryotherapy treatments.
However, cryotherapy treatments can be expensive, particularly for patients who do not have health insurance coverage. This can limit the accessibility of cryotherapy treatments and reduce demand. In some countries, cryotherapy treatments may not be covered by insurance or may have limited coverage, which can limit the demand for these treatments. Although cryotherapy is generally considered safe, there are risks associated with the treatment, particularly if it is not administered properly. This can lead to adverse events, which can limit the adoption of cryotherapy treatments. Many patients and healthcare providers are not aware of the benefits and applications of cryotherapy, which can limit the demand for these treatments. Cryotherapy is not always the best treatment option for every patient, and alternative treatments such as radiation therapy or chemotherapy may be more appropriate. The availability of alternative treatments can limit the demand for related treatments. The regulatory framework surrounding the use of cryotherapy can vary from country to country, which can pose challenges for companies looking to commercialize new products globally.
Cryotherapy Market Ecosystem
The global cryotherapy market has been analyzed from the following perspectives: product type, application, end user, and region.
Cryotherapy Market by Product Type
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Based on the product types, the cryotherapy market has been segmented into cryosurgery devices, cryochambers & cryosaunas, and localized cryotherapy devices.
The cryosurgery devices segment dominated the market in 2021. The cryosurgery devices segment dominates the global cryotherapy market because cryosurgery is a well-established and widely used technique for treating various types of cancer, particularly skin cancer. Cryosurgery devices use extreme cold to freeze and destroy cancerous tissue, and they are less invasive and less expensive than traditional surgery. Additionally, cryosurgery devices can be used in conjunction with other cancer treatments such as chemotherapy and radiation therapy. Additionally, apart from cancer treatment, cryosurgery devices can also be used for various other medical applications such as pain management, skin disorders, and respiratory conditions. The versatility and effectiveness of cryosurgery devices make them a popular choice among healthcare providers, which drives the demand for these devices and contributes to the dominance of this segment in the cryotherapy market. Furthermore, there has been an increasing incidence of skin cancer and a rising demand for minimally invasive procedures, which has further boosted the demand for cryosurgery devices. The availability of a wide range of cryosurgery devices with different specifications and features has also made it easier for healthcare providers to choose the device that best suits their needs, contributing to the growth of this segment in the global cryotherapy market.
Cryotherapy Market by Application
Based on the applications, the cryotherapy market has been segmented into pain management, surgical applications, and health & beauty.
The 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. The surgical application segment dominates the global cryotherapy market because cryotherapy is a well-established and widely used technique for surgical procedures. In addition, cryotherapy is a minimally invasive procedure that is less painful and requires less recovery time compared to traditional surgery. Cryotherapy is also associated with fewer complications, such as bleeding and infection, which further increases its appeal as a surgical option. There is a growing trend toward the adoption of minimally invasive surgical techniques across various medical specialties, including dermatology, oncology, and pain management. Cryotherapy is an ideal option for many of these procedures, which is driving the demand for cryotherapy equipment and services. Finally, technological advancements in cryotherapy equipment and techniques have further enhanced the safety and efficacy of cryotherapy as a surgical option. This has contributed to the growth of the cryotherapy market, particularly in the surgical application segment.
The pain management segment accounts for the second-largest revenue share in the global cryotherapy market. Chronic pain is a common condition that affects a large number of people worldwide. As reported by the Boston University, globally, 1 in 5 or approximately 1.5 billion individuals suffer from chronic pain. The prevalence of chronic pain further increases with age. Cryotherapy has been shown to be effective in managing pain, particularly in conditions such as arthritis, fibromyalgia, and sports injuries. This drives the demand for cryotherapy treatments in the pain management segment. Being a minimally invasive procedure, cryotherapy is preferred compared to traditional pain management techniques, such as surgery or medication. This makes cryotherapy an attractive option for patients and contributes to the cryotherapy market growth in the pain management segment. There is a growing preference for non-pharmacological pain management options, such as cryotherapy, due to concerns about the side effects of long-term medication use. This trend is driving the demand for cryotherapy treatments in the pain management segment. Cryotherapy equipment and techniques are continually advancing, with new technologies being developed that are more effective and efficient at managing pain. This contributes to the growth of the market in the pain management segment.
Cryotherapy Market by End User
Based on the end users, the global 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. Hospitals are well-equipped with specialized cryotherapy equipment and have trained healthcare professionals who are experienced in administering cryotherapy treatments. This makes it easier for patients to access cryotherapy treatments and contributes to the growth of the market in the hospital segment. Hospitals are the primary healthcare facilities that provide cancer treatments, which is one of the primary indications for cryotherapy. The high incidence of cancer in the general population, combined with the availability of specialized equipment and trained healthcare professionals, makes hospitals the most common setting for cryotherapy treatments. Hospitals have a large patient pool, which includes patients with a wide range of medical conditions that can be treated with cryotherapy. This provides a large market for cryotherapy equipment and services, which contributes to the dominance of the hospital segment in the cryotherapy market. Hospitals are typically covered by insurance plans, which makes it easier for patients to access cryotherapy treatments. Hospitals are subject to strict regulatory standards and compliance requirements, which ensure that cryotherapy treatments are administered safely and effectively. This contributes to the overall growth and acceptance of cryotherapy treatments, particularly in the hospital segment.
Cryotherapy Market by Region
Based on the regions, the global cryotherapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the cryotherapy market in 2020, followed by the Asia Pacific. North America has a high incidence of cancer, particularly skin cancer, which is one of the primary indications for cryotherapy. North America has a well-established healthcare infrastructure, including hospitals and clinics that are equipped to provide cryotherapy treatments. This makes it easier for patients to access cryotherapy treatments and contributes to the cryotherapy market growth in the region. North America is home to many companies that are at the forefront of developing and commercializing cryotherapy equipment and techniques. These companies are driving technological advancements in the field and contributing to the growth of the market in the region. Patients and healthcare providers in North America are increasingly adopting minimally invasive procedures, including cryotherapy. There is a high awareness of the benefits of cryotherapy in North America, particularly in the sports and wellness industries. This is driving the demand for cryotherapy treatments in the region. The reimbursement policies for cryotherapy treatments in North America are generally favorable, which makes these treatments more accessible to patients and contributes to the growth of the cryotherapy market in North America.
Competitive Landscape
The prominent players operating in the global cryotherapy market are:
Strategic Developments
Cryotherapy is a therapeutic technique that involves exposing the body to extremely cold temperatures for a short period of time. It is used for various medical and wellness purposes, including pain management, athletic recovery, and skin treatment.
The revenue CAGR for the cryotherapy market is 11.14% during the forecast period from 2023 to 2031.
Medtronic Plc., Boston Scientific Corporation, and Zimmer Medizin Systeme GmbH are some of the major key players in the cryotherapy market.
The Asia Pacific region is projected to grow at high revenue CAGR in the global cryotherapy market.
The cryotherapy devices segment dominates the global market.
*Insights on financial performance are subject to the availability of information in the public domain