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 exposure to extremely cold temperature i.e. -264 degree Fahrenheit, to heal injuries and alleviating pain. Localized cryotherapy is majorly used for treatment of cancer, where tumor cells located in any part of the body are treated by cryotherapy. Furthermore, in developed economies such as North America and Europe, prostate cancer is majorly treated by cryotherapy. Moreover, cryotherapy is gaining significant traction in Australia, Japan, and New Zealand, which is resulting into establishment of cryotherapy centers across these economies.
According to a study published by the International Journal of Dermatology, in January 2017, patients suffering from wart lesions responded positively to immunotherapy as compared to cryotherapy. Therefore advances in cryotherapy are required for its applications in treatment of cancer, abnormal skin, and alleviating pain. Moreover, the Food and Drug Administration (FDA) has not approved the use of whole body cryotherapy products in any of the medical conditions so far, which is expected to restrain growth of the global cryotherapy market.
The state of Nevada’s health department issued guidelines for whole-body cryotherapy, as in October 2015, death of 24 year old woman was reported at an unlicensed spa due to freezing cold in a cryotherapy chamber, which raised concerns over the safety 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 favor regulatory approval of cryotherapy for treating various conditions.
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