Cryotherapy – Freezing is good!
Cryotherapy, also called cryoablation, is a non-invasive therapy used for alleviating pain, treating abnormal skin, and treating localized tumors. Cryotherapy can be administered locally or on whole body. The surgeon uses cryo probes through which liquid nitrogen or high pressure argon gas flows freezing and destroying the tumor cell. A MRI, ultrasound or CT scan is used to guide the cryo probe to reach the treatment site in the body. Cryotherapy can also be applied topically for treating skin and eye lesions. In topical cryotherapy, liquid nitrogen is applied using cotton swab or a spraying device. A whole body cryotherapy (WBC) is used to help improve the athlete performance, recover early from injuries and muscular pain. Lack of evidences proving higher safety and effectiveness of WBC, however, is limiting the wide scale adoption of this therapy and thus, limiting growth of cryotherapy market.
The global cryotherapy market was valued at US$ 2,414.2 million in 2015 and is expected to witness a moderate CAGR of 8.5% during the forecast period (2016 – 2024).
Figure 1. Global Cryotherapy Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014–2024
Source: Coherent Market Insights Analysis (2017)
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Cryotherapy Market on High Growth Trajectory on Back of Increasing Incidence of Cancer
According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide. Around14 million new cases of cancer were diagnosed in 2012, with around 8.8 million fatalities associated with it in 2015. According to the World Cancer Research Fund (WCRF) International, 1.1 million new case of prostate cancer cases were diagnosed in 2012, of which 88% were in the developed countries including France, Australia, the U.S., New Zealand, and Switzerland. Surgery, radiotherapy, and chemotherapy are the current treatment options for cancer. Demand for non-invasive and targeted therapies is high, leading to the advent of nano-technology. This is also expected to boost growth of the cryotherapy market in near future.
Lack of Clinical Evidences Limiting the Growth of Cryotherapy Market
Though use of argon gas and cryo probes are approved for use by the FDA, whole body cryotherapy products are not yet approved by the regulatory body. The FDA does not find any strong evidences claiming better safety and effectiveness over the existing treatment therapies with established safety and effectiveness. Moreover, the death of a 24 year old woman in October 2015 due to freezing cold in an unlicensed spa raised concerns over the safety of whole-body cryotherapy. The National Institutes of health (NIH) is however supporting studies on use of cryo chambers as a method of whole body cryotherapy. Manufacturers such as the US Cryotherapy are conducting studies to establish the safety and effectiveness of whole body cryotherapy, especially cryo chambers.
Cryotherapy Market to Gain Further Traction in Developed Economies
Major players operating in the global cryotherapy market include CryoConcepts LP, Wallach Surgical Devices, CooperSurgical, Inc., Cryoalfa, Medtronic PLC, US Cryotherapy, Metrum Cryoflex, Brymill Cryogenic Systems, and Galil Medical, Inc. High healthcare expenditure in developed economies of North America and Europe is responsible for a higher demand for cryotherapy in these regions. Moreover, developed regions offer better healthcare infrastructure and are usually early adopters of new technologies. The cryotherapy market in North America and Europe is fueled by increasing demand from athletes and film actors to recover from injury faster and prevent aging. Companies need to constantly develop innovative products for cryotherapy in order to gain larger user base in emerging economies such as India, China, and Brail. Increasing healthcare expenditure in developing economies and high prevalence of skin disorders, and cancer is expected to attract more users here.
Cryotherapy is an alternative tumor treatment option, usually preferred in cases wherein removal of tumor using conventional surgery is not effective. Cryotherapy is also utilized in treating skin disorders, for anti-aging, muscle pain and recovery, and for muscle-related injuries. Cryotherapies are broadly classified as localized/surgical cryotherapy or cryosurgery and whole-body cryotherapy. Cryosurgery is used for treatment of skin conditions, cancer, and pain. Whole body cryotherapy (WBC) find applications in health and fitness, generally performed opted for by athletes and film personalities. Liquid nitrogen cooled sauna or cryotherapy chamber (exposed to fresh oxygenated cooled air) are some of the more non-conventional techniques employed in WBC. Cryotherapy chambers are usually preferred by cryotherapy centers or at home-facilities. Cryo-guns, cryo probes and gas cylinders are mainly used in hospitals and clinics for major cryotherapy procedures.
The global cryotherapy market growth is expected to be mainly driven by increasing incidence of cancer and high prevalence of skin disorders. According to WCRF International, 1.1 million new cases of prostate cancer among men were diagnosed in 2012. Incidence rates are especially high in Australia, New Zealand, North America, and in Western and Northern European countries.
Moreover, the global cryotherapy market is characterized by varied end users such as hospitals, cryotherapy centers, fitness centers, and specialty clinics. Use of cryotherapy as a mode of alleviating muscular pain is increasing rapidly with the advent of cryotherapy chambers. Exposure to fresh oxygenated cooled air rather than liquid nitrogen, which poses threat to life if exposed for long time, is driving attention for cryotherapy chambers among consumers intending to reduce pain by cryotherapy. Although, treatment has been beneficial in many cancer cases, more studies are required to establish safety and effectiveness as opposed to chemotherapy, surgery, and radiation therapy.
This report segments the global cryotherapy market on the basis of product type, application, therapy type, end user, and geography. On the basis of product type, the global cryotherapy market is categorized into cryo-gun, cryo probes, gas cylinders, and others. On the basis of application, the market is segmented into oncology, cardiology, dermatology, pain management, and others. On the basis of therapy type, the global cryotherapy market is segmented into cryosurgery, ice-pack and cryo chamber therapy. The end user segment is divided into hospitals, fitness centers, specialty clinics and cryotherapy centers. For comprehensive understanding of market dynamics, the global cryotherapy market is analyzed across key geographical regions namely North America, Europe, Asia Pacific, Latin America, Africa, and Middle East. Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
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Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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