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The Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryotherapy involves the local or whole-body application of extremely cold temperatures to treat various medical conditions. It works by freezing and killing diseased or damaged cells without affecting surrounding healthy tissues. The most common cryotherapy applications are for treatment of skin conditions like warts, skin tags, moles and solar lentigo. It is also utilized for pain management of various musculoskeletal disorders like muscle soreness, sprains and injuries. The cryotherapy devices available in the market include cryosurgical units, localized cryotherapy units and whole body cryocabins or cryochambers.
Market Dynamics:
Cryotherapy is witnessing growing demand majorly due to the increasing prevalence of skin diseases and musculoskeletal disorders globally. According to American Academy of Dermatology, nearly 1 in 3 Americans are affected by skin diseases every year including skin cancer. Skin cancer is one of the most common cancers in the U.S. and worldwide. This high prevalence of skin diseases is expected to drive the cryotherapy market growth.
Second driver for cryotherapy market expansion is the rising awareness about non-invasive pain management options. Chronic pain affects millions of individuals worldwide and conventional pain medications often come with undesirable side effects. As an alternative, cryotherapy is being increasingly adopted for pain relief in conditions like arthritis, inflammation and muscle strains. Its non-invasive nature and minimal risks make it an attractive option for pain management.
Segment Analysis
The Cryotherapy market can be segmented into four major sub segments: –
Cryosurgery, which involves using extreme cold to remove abnormal tissues and destroy cancerous cells. It is the dominating subsegment as it dominates over 60% of market share due to increasing applications in treating various skin cancers.
Whole Body Cryotherapy, in which the entire body with the exception of the head, neck and portions of the hands and feet are exposed to extreme cold. This sub segment is emerging rapidly due to growing popularity of cryotherapy as an alternative pain therapy in sports injuries.
Topical Cryotherapy, which uses precise cooling to target specific body parts like joints, muscles or subcutaneous fat layers to relieve joint pain or reduce inflammation. This subsegment is witnessing moderate growth due to wider availability and easy application.
Localized Cryotherapy, which delivers cold exposure to localized areas of the body like specific muscles or sites of injury through use of catheters, probes, patches or sprays. This subsegment is growing at a steady pace due to its accurate targeting capabilities.
PEST Analysis
Political: The Cryotherapy market is experiencing favorable political environment across nations. Favorable regulations to promote cryotherapy as an alternative medical practice is propelling market growth.
Economic: Emerging economies like Brazil, India are witnessing higher discretionary expenditures on healthcare which is augmenting adoptions. However, lack of mandatory insurance may limit penetration in developing nations.
Social: Increased awareness about benefits of cryotherapy in treating chronic diseases, sports injuries and aesthetic procedures through social media promotions is driving market expansion.
Technological: Advancements in cryotherapy equipment with improved accuracy, portability and real-time monitoring capabilities are supporting market growth. Integration of IoT and AI in equipment is presenting new opportunities.
Key Takeaways
The global Cryotherapy market is expected to witness high growth, exhibiting CAGR of 11.7% over the forecast period, due to increasing prevalence of cancer and rising adoption of minimally invasive procedures. The market size for Cryotherapy is estimated to reach US$ 658.2 Mn by 2030.
Regional analysis: North America is expected to dominate the Cryotherapy market, accounting for over 40% of revenue share. This is attributed to well-established healthcare infrastructure, rising disposable incomes, higher acceptance of alternative therapies and awareness levels in the region. Asia Pacific is anticipated to witness fastest growth rate during the forecast period owing to rising medical tourism, growing infrastructure and improving access.
Key players operating in the Cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited. The key players are focused on new product launches and mergers & acquisitions to strengthen their market presence.
