Global Cryotherapy Market, By Product Type (Cryogun, Cryo Probes, Gas Cylinders, and Others), By Application (Oncology, Cardiology, Dermatology, Pain Management, and Other), By Therapy Type (Cryosurgery, Icepack therapy, and Cryo chamber therapy), By End User (Cryotherapy centers, Hospitals, Specialty clinics, and Fitness Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 210.6 million in 2019, and is projected to exhibit a CAGR of 8.8% over the forecast period (2019 - 2027), as highlighted in a new report published by Coherent Market Insights.
Increasing cancer prevalence, increasing awareness regarding health and fitness, product launches by market players, and increasing application in various therapeutic areas such as oncology, cardiology, dermatology, and pain management are the major factors driving growth of the cryotherapy market.
Moreover, various organizations are focusing on developing new technology and personalized solutions for better treatment of cancer, pain management, and skin problems which is expected to facilitate growth of the cryotherapy market. For instance, in April 2019, Denta-Cool launched a revolutionary cryotherapy device, Denta-Cool Mouthpiece, designed to effectively reduce oral pain and swelling. The product was launched in the North America market.
Furthermore, application of cryotherapy in animals for the purpose of relieving pain is expected to increase high growth opportunities for key players operating in the cryotherapy market. For instance, a Dubai-based startup Revive, is focusing on development of full-body cryotherapy cabins for competition horses. In July 2019, Revive launched world's first cryotherapy cabin for racehorses. Revive offers a full range of professional cryotherapy equipment in the sports and wellness industries.
Manufacturers in the cryotherapy market are focused on technological developments to expand their consumer base, and adding more benefits to cryotherapy devices. For instance, in January 2018, Cryo Innovations introduced its latest technology upgrade ‘Thermal Imaging’ to their XR cryotherapy chamber. This provides a more dynamic view of the user's body during a cryotherapy session, and thermal imaging displays temperatures throughout the body during cryotherapy in real time.
Browse 42 Market Data Tables and 36 Figures spread through 205 Pages and in-depth TOC on "Cryotherapy Market, By Product Type (Cryogun, Cryo Probes, Gas Cylinders, and Others), By Application (Oncology, Cardiology, Dermatology, Pain Management, and Other), By Therapy Type (Cryosurgery, Icepack therapy, and Cryo chamber therapy), By End User (Cryotherapy centers, Hospitals, Specialty clinics, and Fitness Centers), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027"
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Furthermore, increasing awareness regarding health and fitness among developed countries has led to an increase in demand for cryotherapy centers. For instance, according to U.S. Cryotherapy Locations Directory, there are more than 700 cryotherapy centers and spas in the U.S. distributed in the 45 states. As per the same source, there are more than 1400 cryotherapy centers across the globe.
Key Takeaways of the Cryotherapy Market:
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