Cryotherapy Market
Cryotherapy is also known as cold treatment or icepack therapy, which is used in eradicating variety of tissue or nerve lesion and to cure diseases such as cervical cancer, retinoblastoma, skin cancer, and others. In addition, it is also used to relieve and relax body parts due to muscular sprains, tissue damage, and prolonged exercise by providing ice baths to patients. The cold temperature causes constriction of blood vessels, limiting the amount of inflammatory cytokines that are actually getting to that area causing extensive pain. In cryotherapy treatment, different gases are used such as argon and nitrogen. Liquid nitrogen is directly delivered to the targeted locations using cryoprobes utilized for treating primary tumours and malignancies in cancer. The advantage of cryosurgery involves factors such as it is less painful and has less intrusive approach, which results in faster recovery with a lower risk of infection transmission.
The global cryotherapy market is estimated to be valued at US$ 246.8 million in 2021 and is expected to exhibit a CAGR of 9.0 % during the forecast period (2021-2028).
Figure 1. Global Cryotherapy Market in Terms of Value (US$ Million), By Region, 2021
Increasing product launches and affordable cryotherapy devices are projected to boost the cryotherapy market growth during the forecast period
Increasing product launches, affordable cryotherapy devices, and the rising adoption of cryotherapy devices are expected to fuel the market growth during the forecast period. For instance, in May 2020, CryoBuilt, Inc., a manufacturer of whole body cryotherapy systems, launched EVEREST, an advanced and affordable product line of whole body cryotherapy chambers. EVEREST chambers use freshly oxygenated cold air to cool the chamber with no risk of exposure to harmful gas. The CryoBuilt, Inc.’s EVEREST line of chambers provide the ability to take full control on system with the CryoBrain app developed by the company.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 246.8 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 9.0% | 2028 Value Projection: | US$ 452.0 Mn |
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| Companies covered: |
Zimmer MedizinSystems, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, CryoAction Limited, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoalfa, CryoConcepts LP, Medtronic PLC., Metrum Cryoflex, and CryoBuilt, Inc. |
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Figure 2. Global Cryotherapy Market Share (%), By Product Type, 2021
Rising collaboration activities among key market players is a major factor that is expected to drive the cryotherapy market growth during the forecast period
Key market players are focusing on collaborations, which is expected to drive the market growth during the forecast period. For instance, in May 2019, Medtronic Plc an American-Irish registered medical device company entered into a collaboration with Amsterdam-based Koninklijke Philips N.V., a healthcare technology company. This collaboration is likely to provide an integrated, innovative image guidance solution for the procedure of cryoablation. This process is meant for the advanced treatment of a common heart rhythm disorder called paroxysmal atrial fibrillation. Such business development strategies by key market players is likely to propel growth of the global cryotherapy market.
Global Cryotherapy Market– Impact of Coronavirus (COVID-19) Pandemic
Coronavirus disease (COVID-19), the highly contagious viral disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), had catastrophic effect on the world’s demographics, resulting in more than 3.8 million deaths worldwide. Government in various countries had limitations medical procedures and elective surgeries performed in hospitals.
These restrictions negatively impacted the demand for cryotherapy equipment. Due to these restrictions, manufacturers of cryotherapy equipment were dealing with issues such as consumer behavioural changes, reduced demand, change in purchasing patterns, and re-routing of the supply chain. All these factors negatively impacted the growth of the cryotherapy market.
Global Cryotherapy Market: Restraint
Adverse effects associated with cryogenic gases is a major factor hampering the market growth. Mixture of a number of gases such as nitrogen, helium, neon, argon, hydrogen, methane, and liquefied natural gases are used in cryotherapy treatment that can cause various detrimental health effects. Cryogenic liquids and their associated cold vapours or gases can produce allergic side effects on the skin. Prolonged disclosure of the skin in extreme cold or contact with cold surfaces can cause frostbite and skin looks waxy yellow. In addition, flammable gases such as methane, hydrogen, carbon monoxide, and liquefied natural gas can result in hazards such as fire and explosion, owing to rapid expansion. Hence, safety concerns with gases used for cryotherapy is likely to hinder the market growth.
Key Players
Major players operating in the global cryotherapy market include Zimmer MedizinSystems, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, CryoAction Limited, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoalfa, CryoConcepts LP, Medtronic PLC., Metrum Cryoflex, and CryoBuilt, Inc.
Cryotherapy is the local or general use of low temperatures in medical therapy. Cryotherapy is specially known as pain management treatment that employs targeted freezing temperatures to destroy an irritated nerve, aberrant skin cells, or specific regions. In addition, it is also used for treatment of various cancers such as prostate cancer and skin cancer. This treatment involves inserting a probe into the tissue close to the afflicted nerve to freeze it. The freezing inactivates the nerve, hence relieving painful nerve irritation. Various gases are used to create the intense cold in cryotherapy. Liquid nitrogen, liquid nitrous oxide, and argon gas are some of the gases used in cryotherapy treatment. One of the most commonly used device for cryotherapy includes cryochambers. These chambers are of two types such as the Partial-Body Cryotherapy (PBC) and the whole body cryotherapy (WBC). These Partial-Body Cryotherapy (PBC) operates using nitrogen gas to decrease the temperature. This cryochamber is a tube-shape, which surrounds a person's body and has an open top to maintain the head at ambient temperature. Electricity is used in whole body cryotherapy (WBC) to lower the temperature within the chamber. In contrast to the first, the person enters the electrically powered chamber completely. Cryotherapy can be used to treat conditions that involve irritation of an isolated nerve that include nerve irritation between the ribs (intercostal neuralgia), cluneal nerve entrapment, hypogastric neuromas, and ilioinguinal neuroma.
Market Dynamics
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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