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Cryotherapy Market: Global Opportunity Analysis and Industry Forecast, 2020-2030

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Sep 2021 | 68 Views
   
Author(s) : Onkar Sumant
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COVID-19

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Cryotherapy Market Outlook - 2030

Cryotherapy is widely used for the treatment of health conditions like pain, malignant & benign tumours, tissue damages or lesions, and sports injuries. It is a pain treatment that uses a method of localized freezing temperatures to deaden an irritated nerve & also used as a method of treating localized areas of some cancers (called cryosurgery), e.g. prostate cancer and to treat abnormal skin cells by dermatologists. In cryotherapy, a probe is inserted into the tissue next to the affected nerve to freeze the nerve. The freezing inactivates the nerve and, as a result, painful nerve irritation is relieved. Cryotherapy is a relatively safe and effective means of treating localized nerve irritation.

Market Scope and structure analysis:

Report Metrics

Details

  Market size available for years

  2020-2030

  Base year considered

  2020

  Forecast period

  2021–2030

  Forecast units

  Value (USD)

  Segments covered

  Product, Application, End Users, and Region

  Geographies covered

North America, Europe, Asia Pacific, Latin America and LAMEA

  Companies Covered

  • CSA Medical
  • Medtronic
  • Cooper Surgical
  • CryoTherapeutics.
  • THERANOVA, LLC.
  • TOMOWAVE LABORATORIES
  • Restore Cryotherapy
  • Galil Medical

 

 

COVID-19 scenario analysis:

Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as Hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industry is expected to witness a significant growth in the future owing to the demand for vaccine and treatment drugs for COVID-19. This in turn is expected to have a significant impact on the cryotherapy market.

COVID-19 is an infectious disease caused by severe acute respiratory coronavirus 2 (SARS-CoV-2) in humans. In January 2020, the World Health Organization formally declared it as a Public Health Emergency of International Concern and on March 11, 2020, the World Health Organization declared it as a pandemic. The pandemic has changed lives dramatically, people are working from home, mass transit is down, and cities are doomed. Medicine is changing too, because many physicians and resources are specifically dedicated to the COVID-19 emergency. Although medical treatment is changing, with the tendency to avoid surgery in most cases (e.g., benign disease and non-urgent indication) oncologic surgery is still performed in dedicated hospitals but cryotherapy surgery market are not running as it comes under non urgent services as whenever possible surgical procedures are being delayed as surgery plays a role in reducing the immune response and might increase the risk of developing COVID-19 in patients harbouring asymptomatic SARS-CoV-2 infection.

Top impacting factors: Market Scenario Analysis, Trends, Restrains, Opportunity, Challenges, Drivers and Impact Analysis:

Cryotherapy Market Dynamics

Driver: Technological Advancements in cryotherapy equipment

  • Cryotherapy has become an important treatment option, mainly due to the various technological innovations and advancements in cryotherapy equipment over the years. Developments have been observed in various equipment, including cryosurgery units and accessories.
  • Cryochambers and cryosaunas, which are widely used in the treatment of inflammation, rheumatoid arthritis, and pain management, along with general beauty and wellness therapies, have also undergone developmental enhancements.
  • Cryosurgical equipment has also witnessed significant developments such as the use of super cooled liquid nitrogen or other cryogens for cooling, the introduction of thin and efficient probes which are available in several sizes, and the use of narrow and improved cryoablation needles. For instance, in September 2018, Galil Medical launched the ICEfx cryoablation system, an upgradation to the firms existing Visual ICE system. The new system features an advanced needle platform with helium-free thaw capability, to accelerate thaw-time while eliminating the cost of helium. It is also compact, easily mobilized and simplifies the procedure through a set of user-friendly on-screen prompts.

Restraint:

Limited access to cryotherapy and lack of awareness

  • Cryotherapy remains limited to very few geographic regions. The extent of cryotherapy practices is majorly limited to North America and Europe, with few other countries like Japan, China, and Australia witnessing any developments in this field, mainly due to lack of awareness. Even though it is found to be safer and less-painful than highly invasive surgical procedures, it is generally utilized only for surgical treatments on a large scale.
  • According to the “International Patient Survey: Lederhosen disease,” patients found cryotherapy to be a more effective treatment option but less available than conventional methods.
  • The US NIH National Cancer Institute asserts that although cryosurgery may widely be available for the treatment of cervical neoplasia’s, a very limited number of hospitals and cancer centres throughout the US house the necessary technology to perform cryosurgery for other noncancerous, precancerous, and cancerous conditions.
  • Limited access to cryotherapy and a lack of awareness regarding its benefits and advantages may restrict market growth to a certain extent during the forecast period.

Lack of evidence for the efficacy of whole-body cryotherapy

While whole-body cryotherapy (WBC) is widely used as a treatment option in spas, health & wellness centres, and fitness centres, the US FDA released a report in 2016 warning the public against the claims made by spas and wellness centres regarding the efficacy of WBC., the FDA is yet to ascertain whether the therapy is able to treat diseases or conditions like Alzheimer’s, fibromyalgia, migraines, rheumatoid arthritis, multiple sclerosis, and stress. To date, the US FDA has not approved a single WBC device as a medical device.

Cryosurgery equipment, on the other hand, is used with the clearance and approval of the US FDA and other regulatory bodies. Even though most WBC devices have received European Medical Device Approval and UL (Underwriters Laboratories) listing, the chances of FDA approval for devices like Cryochambers and cryosaunas seem remote, especially after the death of a 24-year-old spa worker in 2015. Such stern warnings, issued by authoritative bodies discouraging the use of whole-body cryotherapy, may challenge market growth in the coming years.

Opportunity:

Growing focus on expanding cryotherapy applications

Cryotherapy is currently used as a treatment option for several medical conditions, including cancer, cardiac conditions, and dermatological conditions. Partial and whole-body cryotherapy is used as a therapy for inflammation, pain management, and soreness. Being minimally invasive and drug-free, cryotherapy is further being explored for applications in the treatment of various other medical conditions and diseases.

A study published in the US NIH National Library of Medicine (NIH/NLM) in July 2017, on the “Clinical Practice Guidelines for Cryosurgery of Pancreatic Cancer,” states that cryosurgery is less invasive, safer, and improves targeting of cancer with fewer complications.

Key Market player’s strategies:

 In 2019, Medtronic collaborated with Phillips (Netherlands) to facilitate the sale of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures, for the advance treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder. Kriosystem Life was the official supplier of cryotherapy devices for The World Games 2017, held in Wroclaw, Poland.

Segment

Sub-Segment

  Product:

  • Cryosurgery Devices
    • Tissue Contact Probes
    • Tissue Spray Probes
    • Epidermal and Subcutaneous Cryoablation Devices
  • Localized Cryotherapy Devices
  • Cryochambers & Cryosaunas

 

  Application:

 

  • Surgical Applications
    • Oncology
    • Cardiology
    • Dermatology
    • Other Surgical Applications
  • Pain Management
  • Recovery, Health, and Beauty

 

  End user:

  • Hospitals & Specialty Clinics
  • Cryotherapy Centres
  • Spas & Fitness Centres

 

  Key Market Players:

Medtronic (Ireland), Galil Medical (US), CooperSurgical (US). Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).


Key benefits of the report:

  • This study presents the analytical depiction of the global cryotherapy market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cryotherapy market share.
  • The current market is quantitatively analyzed from 2021 to 2030 to highlight the global cryotherapy market growth scenario.
  • The report provides a detailed global analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the report:

  • Which of the product segments will dominate the cryotherapy market in the next five years?
  • Emerging countries have immense opportunities for the growth and adoption of cryotherapy, will this scenario continue in the next five years?
  • Increasing availability and awareness of advanced technology in the emerging market is impacting the growth for developed markets. How will the pricing difference impact the overall market?
  • What are the upcoming technologies in the cryotherapy market?
  • Which application segment will dominate the cryotherapy market in the next five years?
 
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