The Global Cryotherapy Market was valued at US$ 2,414.2 million in 2015 and is projected to expand at a CAGR of 8.5 % during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing incidence of cancer and growing inclination of the populace towards maintaining beauty and wellness is expected to support growth of the global cryotherapy market over the forecast period.
Increasing number of sports injuries is consequently leading to higher adoption of cryotherapy to aid faster recovery and decrease muscle pain. Thus, use of cryo chambers is increasing exponentially in developed regions such as the U.S., U.K., Australia, and Germany. For instance, the management of Wales rugby team decided to provide cryotherapy to the team in a six day turnover period between its games with Italy and England (February 2017). The team required a faster recovery considering the spree of matches ahead, for which the Welsh Rugby Union flew its team from Rome to Wales. However, high capital investment and dearth of trained professionals to handle the cryotherapy equipment inhibits growth of the cryotherapy market in emerging economies in Asia Pacific and Africa.
A fast emerging application area of cryotherapy is in treatment of localized cancer. Though these claims are yet to be substantiated, increasing incidence of cancer and the quest to find a less painful treatment option for the same is expected to create a highly conducive environment for growth of the cryotherapy market. According to the World Health Organization (WHO), 14 million new cancer cases were diagnosed worldwide in 2012. The organization estimates that the incidence will increase by 70% over the following two decades. Moreover, according to WHO, cancer is the second leading cause of death worldwide. Increase in awareness about cryotherapy is expected to fuel the global cryotherapy market growth.
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Cryotherapy involves application of extremely cold air, as cool as -264 degree Fahrenheit, to heal injuries in athletes. Moreover, cryotherapy is a very effective solution in alleviating pain. Localized cryotherapy is widely used to treat tumor cells located in any part of the body. Prostate cancer is one of the prominent condition being treated by cryotherapy in developed regions such as the North America, and Europe. Furthermore, popularity of cryotherapy in these regions, along with in Australia, Japan and New Zealand is leading to establishment of cryotherapy centers across these developed economies.
According to a study published in January 2017 in the International Journal of Dermatology, patients with wart lesions responded more effectively with immunotherapy compared to cryotherapy. Thus, even for the treatment of cancer, abnormal skin and alleviating pain need more evidences to use of cryotherapy as a treatment option. Moreover, the FDA has not approved the use of whole body cryotherapy products in any of the medical conditions yet. The global cryotherapy market growth is therefore hindered due to lack of evidences.
Death of a 24 year old woman in October 2015 at an unlicensed spa due to freezing cold in a cryotherapy chamber raised concerns over the safety of whole-body cryotherapy. The state of Nevada’s health department therefore, issued guidelines for use of whole-body cryotherapy. The National Institutes of Health (NIH) is conducting extensive research on the use of cryo chambers in early recovery from sports injuries. Successful trials are expected to argue well for regulatory approval of cryotherapy for treating various conditions. Thus, while the prevailing conditions are not ideal for market growth, the cryotherapy market is expected to gain rapid traction on receiving regulatory approval for the same.
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