According to the new market research report ” Cryotherapy Market by Product (Cryosurgery Devices, Localized Cryotherapy Devices, Cryosaunas), Application (Surgical Application, Pain Management, Health & Beauty), End User (Hospitals & Specialty Clinics, Spas) – Global Forecast to 2024“, published by MarketsandMarkets™, The cryotherapy market is expected to grow from USD 206 million in 2019 to USD 319 million by 2024, at a CAGR of 9.1% during the forecast period.
Growth in the cryotherapy market is primarily driven by factors such as the growing incidences of sports injuries, cardiac diseases, & cancers, and technological advancements in cryotherapy technology.
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The study involved four major activities to estimate the current size of the cryotherapy market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakdown and data triangulation was used to estimate the market size of segments and subsegments
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.
Browse in-depth TOC on “Cryotherapy Market”
112 – Tables
31 – Figures
120 – Pages
Challenge: 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 centers, and fitness centers, the US FDA released a report in 2016 warning the public against the claims made by spas and wellness centers regarding the efficacy of WBC. While it may help in alleviating pain and speeding up recovery, 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.
North America is expected to hold a dominant share in the cryotherapy market during the forecast period
North America held the largest share of the market in 2018 and is projected to continue to do so during the forecast period. Factors such as the growing popularity of cryotherapy, rising prevalence of cancer, increase in sports and physical activity-related injuries, and rising prevalence of CVDs are driving the North American cryotherapy market. Lately, the US has seen a growing popularity of cryotherapy among athletes and fitness & beauty enthusiasts, leading to many professional and collegiate training departments installing cryosauna machines at their facilities.
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Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). These leading players offer an expansive product portfolio for cryoablation and have a wide geographic presence. The other players in this market include Impact 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).
– 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.