Number of pages: 120 | Report Format: PDF | Published date: 03 June, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
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:-