The global cryotherapy market is estimated to be valued at US$ 294.8 million in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).
Analysts’ Views on the Global Cryotherapy Market:
Cryotherapy is the use of extreme cold temperature in surgery or other medical treatment. Cryotherapy is mostly used to treat cancer and dermatologic diseases. Thus, the rising number of patients ailing from cancer and dermatologic diseases is expected to increase the number of product launches for the global cryotherapy market. Thus, it offers the opportunity for various manufacturers to offer innovative cryotherapy devices that allows users to perform cryotherapy more efficiently.
Figure 1. Global Cryotherapy Market Share (%), By Product Type, 2023
Global Cryotherapy Market - Drivers
Figure 2. Global Cryotherapy Market Share (%), By Region, 2023
Global Cryotherapy Market - Regional Analysis
Among regions, North America is estimated to hold a dominant position in the global cryotherapy market over the forecast period. North America is estimated to hold 33.5% of the market share in 2023. The global cryotherapy market is expected to witness significant growth in the coming years, driven by the high prevalence of cancer, cardiovascular diseases, and dermatologic disorders. Increasing use of cryotherapy for pain management is contributing to the growth of the global cryotherapy market in the North America region. For instance, in June 2021, a report was published by National Center for Biotechnology Information (NCBI), which stated that cryotherapy is the superficial application of cold as a therapeutic agent. One of its most common uses is to alleviate chronic pain in specific areas through local application or more broadly through non-local application.
Global Cryotherapy Market - Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization (WHO) declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, are facing problems with the transportation of things from one place to another.
However, the COVID-19 pandemic had a negative impact on the global cryotherapy market, owing to reduction in the bed and operating room capacity, which further led to considerable delays in urgent and semi-elective surgical interventions. According to an American College of Surgeons (ACSs) 2021 report, the nature of surgery and anesthesia practices changed during the COVID-19 pandemic as the most elective and non-urgent cases were postponed.
Cryotherapy Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 294.8 Mn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||11.3%||2030 Value Projection:||US$ 623.4 Mn|
Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited.
|Restraints & Challenges:||
Global Cryotherapy Market Segmentation:
The global cryotherapy market report is segmented into product type, application, end user, and region.
Among all the segmentation, the application segment is expected to dominate the market over the forecast period, and this is attributed to increasing prevalence of cancer. For instance, in December 2022, a report was published by Elsevier Inc., an academic publishing company, which stated that globally in 2020, there were an estimated 604,127 cervical cancer cases and 341.831 deaths.
Global Cryotherapy Market - Cross Sectional Analysis:
Key players are focusing on making cryotherapy solutions with advanced technology and emerging economies is also expected to boost demand cryotherapy market in North America region. For instance, in March 2020, °degree wellness inc, a provider of wellness treatment, announced the development of a new breakthrough in cryotherapy – the °CRYO Arctic Chamber. Compared to other methods of cryotherapy, the °CRYO Arctic Chamber utilizes a breathable air technology instead of liquid nitrogen for cooling, thereby eliminating the risk of asphyxiation related to nitrogen inhalation.
Global Cryotherapy Market: Key Developments
Increasing product launches by key players in the market are expected to drive the market growth over the forecast period. For instance, on August 8, 2023, Boston Scientific Corporation, a medical technology company, announced that it has received the U.S. Food and Drug Administration (FDA) approval for the POLARx Cryoablation System.
On May 31, 2023, IceCure Medical Ltd, a developer of the ProSense System, a minimally-invasive cryoablation technology that destroys tumors by freezing as an alternative to surgical tumor removal, announced that ProSense was recently installed and inaugurated at Kovai Medical Center and Hospital (KMCH) in Coimbatore, India.
On May 10 2023, Varian, a Siemens Healthineers company which is a medical technology company announced the launch of the Isolis cryoprobe, a single use, and disposable device designed for use with CryoCare systems that seeks to improve procedural efficiency and precision for cryoablation.
In February 2022, Medtronic, a healthcare technology company, announced that the Freezor and Freezor Xtra Cardiac Cryoablation Focal Catheters are the first and only ablation catheters approved by the U.S. Food and Drug Administration (FDA) to treat the growing prevalence of pediatric Atrioventricular Nodal Reentrant Tachycardia (AVNRT).
Global Cryotherapy Market: Key Trends
Global Cryotherapy Market: Restraint
Global Cryotherapy Market - Key Players
The major players operating in the global cryotherapy market include Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited.
Global Cryotherapy Market - Definition
Cryotherapy, or cryogenic therapy, is any form of treatment using freezing or near-freezing temperatures. This can include cryosurgery, or cryoablation, where liquid nitrogen is applied locally to destroy abnormal cells (such as tumors or cancerous cells). Small-scale cryotherapy can include ice bath immersion or cryotherapy facials.
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