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.
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
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By product, the cryotherapy market is segmented into cryosurgery devices (tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices), localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is expected to witness the fastest growth during the forecast period. Advantages offered by cryosurgery, such as fewer side effects and greater affordability, are increasing its adoption. Consequently, the demand for cryotherapy devices is also growing.
Cryotherapy is widely used for the treatment of health conditions like pain, malignant & benign tumors, tissue damages or lesions, and sports injuries. The cryotherapy applications market is segmented into surgical applications (oncology, dermatology, cardiology, and other surgical applications); pain management; and recovery, health, & beauty applications. The surgical applications segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to higher adoption of cryoablation for cancer treatment as well as the advantages offered by this technique over traditional surgery.
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. Moreover, the Canadian Cancer Society encourages the adoption of cryosurgery/cryoablation for the treatment of various cancer conditions.
Key Market Players
The major vendors in the cryotherapy market include 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).
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