The global cryotherapy market was valued at $213 million in 2020, and is projected to reach $392 million by 2030, registering a CAGR of 7.5% from 2021 to 2030. Cryotherapy is widely used for treatment of health conditions such as pain, malignant & benign tumours, tissue damages or lesions, and sports injuries. Cryotherapy is a pain management treatment that uses a method of localized freezing temperatures to kill an irritated nerve, abnormal skin cells, or localized areas of some cancers (called cryosurgery), e.g., prostate cancer and skin cancer. In cryotherapy, a probe is inserted into the tissue next to 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.
The global cryotherapy market is driven by factors such as rise in incidences of cancer and sports injury, growth in demand for minimally invasive therapies, and increase in application of cryotherapy procedure in dermatology for beauty treatment are the major drivers that influence the market growth. Furthermore, rise in incidences of sports injuries, cancer, and cardiac conditions is also expected to propel the global cryotherapy market growth. For instance, according to the American Journal of Sports Medicine report of 2016, more than 3.5 million athletes aged 14 years and under, experience a sports related injury every year in the U.S. Around 77% of these injuries affect lower leg, ankle, or foot. Thus, cryotherapy is extensively used by athletes to relive muscular pain and improve sleep quality.
However, use of hazardous cryogenic gases in various cryotherapies and lack of awareness about benefits of cryotherapy are the factors that hinder the market growth.
The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected around 210 countries across the globe. Due to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system. Governments have also issued limitations and bans on medical procedures and elective surgeries. These restrictions have hampered demand for cryotherapy equipment. Due to these restrictions, cryotherapy equipment manufacturing companies are facing problems such as in-person product demonstrations, operating their facilities at full capacity, and attending conferences that help generate future sales opportunities. In addition, lockdown in Asia-Pacific countries such as China and India have resulted in delays in production and shipment of cryotherapy products. All these factors are expected to negatively impact growth of the cryotherapy market.
Cryotherapy Market Segmentation
The global cryotherapy market is classified on the basis of product, application, end user and region. By product, the market is divided into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosuanas. The cryosurgery devices segment is further segmented into hospitals & clinics, cryotherapy centers, and spas & fitness centers. The localized cryotherapy devices segment is further segmented into hospitals & clinics, cryotherapy centers, and spas & fitness centers. The cryochambers & cryosuanas is further segmented into hospitals & clinics, cryotherapy centers, and spas & fitness centers. By application, it is segmented into surgical applications, pain management, sports medicine & physiotherapy, and beauty applications. By end user, the market is categorized hospitals & clinics, cryotherapy centers, and spas & fitness centers. By region, the market is analyzed across, North America, Europe, Asia-Pacific and LAMEA.
Product segment review
By product, the cryosurgery device segment was the major revenue contributor, and is projected to grow significantly during the forecast period. Key factors such as increase in demand for minimally invasive surgeries and rise in health concerns among consumers are expected to drive the market growth.
By Product
Cryosurgery Devices segment is projected as one of the most lucrative segment.
Application segment review
By application, the surgical application segment was the major revenue contributor, and is projected to grow significantly, owing to increase in number of patients suffering from osteoarthritis, rheumatoid arthritis, and others. Furthermore, increase in prevalence of chronic disease along with rise in elderly population are the key factors driving the market growth.
End user segment review
By end user, the hospital & clinics segment was the major revenue contributor, and is projected to grow significantly during the forecast period, owing to a huge customer base, increase in healthcare expenditure, rise in disease incidences, and presence of supportive regulatory systems.
By End User
Hospitals and Clinics segment held a dominant position in 2020 and will continue to maintain the lead over the forecast period.
Region segment review
By region, North America accounted for the largest share in 2020, and is anticipated to maintain its dominance from 2020 to 2030, owing to increase in R&D activities to develop cryotherapy devices, presence of major players & their product availability, and well-established healthcare infrastructure in the region.
By Region
Asia-Pacific would exhibit the highest CAGR of 9.5% during 2021-2030.
The key market players profiled in the cryotherapy market include Impact Cryotherapy, Brymill Cryogenic Systems, Cooper Companies (Coopersurgical), Erbe Elektromedizin GmbH, Kriosystem Life, Medtronic Plc, Metrum Cryoflex, Cryoconcepts LP, US Cryotherapy, and Zimmer Medizinsysteme GmbH.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the cryotherapy market size along with the current trends and future estimations to elucidate the imminent investment pockets.
- It offers cryotherapy market analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
- A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
- The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global cryotherapy market growth.
Key Market Segments
By Product
- Cryosurgery devices
- Hospital & Clinics
- Cryotherapy Centers
- Spas & Fitness Center
- Localized Cryotherapy Devices
- Hospital & Clinics
- Cryotherapy Centers
- Spas & Fitness Center
- Cryochambers & Cryosaunas
- Hospital & Clinics
- Cryotherapy Centers
- Spas & Fitness Center
By application
- Surgical Application
- Pain management
- Sports medicine & physiotherapy
- Beauty Application
By End User
- Hospital & Clinics
- Cryotherapy Centers
- Spas & Fitness Center
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Impact Cryotherapy
- Brymill Cryogenic Systems
- Cooper Companies (Coopersurgical)
- Erbe Elektromedizin GmbH
- Kriosystem Life
- Medtronic Plc
- Metrum Cryoflex
- Cryoconcepts LP
- US Cryotherapy
- Zimmer Medizinsysteme GmbH.
Cryotherapy Market Report Highlights
| Aspects | Details |
 By Product |
|
 By Application |
|
 By End User |
|
 By Region |
|
 Key Market Players | US Cryotherapy|, Brymill Cryogenic Systems, Cooper Companies (Coopersurgical), Zimmer Medizinsysteme GmbH., Metrum Cryoflex, Erbe Elektromedizin GmbH, Medtronic Plc, Kriosystem Life, Cryoconcepts LP, Impact Cryotherapy |
Analyst Review
Cryotherapy is a minimally invasive therapy that involves use of extremely cold temperatures to destroy diseased tissue. Cryotherapy is generally recommended for patients suffering from arthritis, cancer, or sports injuries.
Factors such as rise in sales of cryotherapy devices and increase in number of non-invasive and minimally-invasive procedures per every year is the major factor that propels growth of the market. In addition, rise in investments in R&D activities to develop innovative products, increase in geriatric population, and rise in number of chronic diseases drives growth of the market. However, use of hazardous cryogenic gases in various cryotherapies, lack of awareness about benefits of cryotherapy, and strict rules & regulations associated with product approvals are major factors that hinder the market growth.
The total market value of Cryotherapy Market is $392 Million in 2020
The forecast period in the report is from 2021 to 2030
The market value of Cryotherapy in 2020 was 213 million in 2020
The base year for the report is 2020
Yes, Cryotherapy Market companies are profiled in the report
The top companies that hold the market share in Cryotherapy Market are Impact Cryotherapy, Brymill Cryogenic Systems, Cooper Companies (Coopersurgical), Erbe Elektromedizin GmbH
No, there is no value chain analysis provided in the Cryotherapy Market report
The key trends in the Cryotherapy Market areincrease in prevalence of chronic disease along with rise in elderly population are the key factors driving the market growth.t
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