Cryotherapy Market – Insights
Cryotherapy, also called cryoablation, is a non-invasive therapy used for alleviating pain, treating abnormal skin, and localized tumors. Cryotherapy can be administered locally or on the whole body. Surgeons use cryo probes through which liquid nitrogen or high pressure argon gas flows, freezing and destroying tumor cells. An MRI, ultrasound or CT scan is used to guide the cryo probe to reach the treatment site. Cryotherapy can also be applied topically for treating skin and eye lesions. In topical cryotherapy, liquid nitrogen is applied using a cotton swab or a spraying device. A whole body cryotherapy (WBC) is used to help improve an athlete’s performance, and for early recover from injuries and muscular pain. Lack of evidence 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 size was valued at US$ 210.6 million in 2019, and is expected to witness a CAGR of 8.8% over the forecast period (2019 – 2027).
Global Cryotherapy Market Share (%) Analysis, By Product Type, 2019
Source: Coherent Market Insights Analysis (2019)
Cryotherapy Market Is on a High Growth Trajectory Owing to Increasing Number of Non-Invasive and Minimally-Invasive Procedures Performed Annually
Increasing number of non-invasive and minimally-invasive procedures performed every year is expected to be the major driving force for the global cryotherapy market growth in the near future. The demand for non-invasive and minimally invasive procedures is increasing exponentially owing to increasing consumer preference on enhancing one’s physically features, and treating skin problems. For instance, American Society of Plastic Surgeons (ASPS) 2017 reports, there were 15.7 million minimally-invasive cosmetic procedures performed in the U.S. in 2017, which was a 2% increase compared to 2016.
Moreover, growing incidence of sports injuries, cancer, and cardiac conditions is also expected to propel the global cryotherapy market growth. For instance, according to the American Journal of Sports Medicine report of 2016, more than 3.5 million athletes aged 14 years and under, experience a sports related injury every year in the U.S. Around 77% of these injuries affect the lower leg, ankle, or foot. Cryotherapy is extensively used by athletes for relieving muscular pain and improving sleep quality.
Cryotherapy Market - Restraints
Use of argon gas and cryo probes are approved for use by the U.S. Food and Drug Administration (FDA), however whole body cryotherapy products are not yet approved by the regulatory body. Lack of sufficient evidence regarding safety and effectiveness of WBC products compared to existing treatment therapies is likely to hamper the market growth. Moreover, in October 2015, the fatal incident of an individual succumbing to freezing cold in an unlicensed spa has 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 also conducting studies to establish the safety and effectiveness of whole body cryotherapy, particularly cryo chambers.
Cryotherapy Market - Regional Insights
On the basis of region, the global cryotherapy market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. High healthcare expenditure in developed economies in North America and Europe is driving demand for cryotherapy in these regions. According to the National Health Expenditure Accounts (NHEA), U.S. healthcare spending increased by 3.9% in 2017, reaching $3.5 trillion, or $10,739 per person. The cryotherapy market in North America and Europe is fueled by increasing demand from increasing preference among consumers to recover from injury faster, and prevent aging.
Furthermore, market players are focused on developing innovative products in order to expand their consumer in emerging markets such as India, China, Brazil, and Argentina among others. Increasing prevalence of cancer and skin disorders is expected to dive demand for the cryotherapy in these countries. According to the report of Global Cancer Observatory published in May 2019 by the World Health Organization (WHO), in China 4.2 million new cases of cancer were diagnosed in both genders of all ages in 2018.
Global Cryotherapy Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Cryotherapy Market - Competitive Landscape
Major players operating in the global cryotherapy market include Mectronic Medicale s.r.l., CryoConcepts LP, Wallach Surgical Devices, CooperSurgical, Inc., Cryoalfa, Medtronic PLC., US Cryotherapy, Metrum Cryoflex, Brymill Cryogenic Systems, Galil Medical, Inc., Special Medical Technology Co., Ltd., and Zimmer MedizinSystems.
Cryotherapy is an alternative tumor treatment option, usually preferred in cases where 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 management. Whole body cryotherapy (WBC) finds applications in health and fitness. 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.
Increasing prevalence of cancer worldwide is expected to boost cryotherapy market growth. According to the National Cancer Institute, 2016, around 16.8 million new cases of cancer were diagnosed in the U.S., and 595,690 cancer-related deaths were estimated. Moreover, as per the same source, the number of people suffering from cancer is expected to reach 19 million by 2024. According to the Cancer Atlas, 2012, about 1.1 million new cancer cases and 600,000 cancer deaths are reported annually in Latin America and the Caribbean, where lung cancer is the leading cause of cancer-related deaths.
However, the 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 (in which overexposure can be life-threatening) is driving demand for cryotherapy chambers. However, further research is required to establish safety and effectiveness of cryotherapy chambers, compared to existing treatment methods such as chemotherapy, surgery, and radiation therapy.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 42 market data tables and 36 figures on "Cryotherapy Market” - Global forecast to 2027”
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
The primary research is conducted with the ecosystem players including, but not limited to:
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
Talk to our research consultant to design an exclusive report as per your research needs.
We aim to fulfil client's research demands with tailored research solutions.
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
We strive to provide most accurate and reliable research findings in our research reports.