The latest report by IMARC Group, titled "Cryotherapy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," finds that the global cryotherapy market size reached US$ 292 Million in 2021. Cryotherapy, also known as cryogenic therapy, is a non-invasive treatment that uses freezing or near-freezing temperatures to destroy abnormal skin growth, such as tumors, cancerous cells, and warts. It employs liquid nitrogen, compressed argon gas, and liquid nitrous oxide to achieve the desired cold temperature for cryosurgery and cryoablation. It is widely utilized to treat rheumatoid arthritis, cancer, anxiety, asthma, atopic dermatitis, migraine, and muscle soreness. It also alleviates pain, promotes faster recovery, and includes shorter hospital stays, smaller incisions, and lower complication risks. Nowadays, cryotherapy is gaining traction among individuals trying to reduce their body weight by boosting metabolism and maintaining high body temperatures.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Cryotherapy Market Trends:
The shifting inclination toward non-invasive and minimally invasive (MI) procedures among patients and healthcare professionals represents the primary factor driving the market growth. Besides this, the growing prevalence of chronic diseases, such as cancer and cardiovascular conditions, and the rising incidences of sports injuries have augmented the demand for cryotherapy. In addition, the increasing popularity of whole-body cryotherapy (WBC) for the treatment of various conditions, including malignant and benign tumors and tissue damages or lesions, is another major growth-inducing factor. Furthermore, several key players are introducing innovative cryochambers and cryo-saunas for treating inflammation, rheumatoid arthritis, and chronic pain. They are also developing thin and supercooled probes and cryoablation needles with helium-free thaw capabilities. Apart from this, the recent developments in cryotherapy techniques and the launch of technologically advanced and affordable cryotherapy devices have accelerated the product adoption rate. Other factors, including the emerging applications of cryotherapy treatment, rising concerns regarding beauty and wellness, improving healthcare infrastructure, and heavy investments in research and development (R&D) activities, are also creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 421.9 Million by 2027, growing at a CAGR of 6.25% during the forecast period (2022-2027).
- Based on the product, the market has been divided into cryosurgery devices (tissue contact probes, tissue spray probes, and epidermal and subcutaneous cryoablation devices), localized cryotherapy devices, and cryochambers and cryosaunas.
- The market has been segregated based on the application into surgical applications (oncology, cardiology, dermatology, and others), pain management and recovery, health, and beauty.
- On the basis of the end user, the market has been classified into hospitals and specialty clinics, cryotherapy centers, and spas and fitness centers.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Boston Scientific Corporation, Brymill Cryogenic Systems, CooperSurgical Inc., Cortex Technology, CryoConcepts LP, Erbe Elektromedizin GmbH, Kriosystem-Care Sp. z o.o., Medtronic plc, METRUM CRYOFLEX Sp. z o.o. Sp. k., Pacira BioSciences Inc., US Cryotherapy, and Zimmer MedizinSysteme GmbH.
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