Cryotherapy Market to Reach US$ 419.1 million by 2032, driven by Several Benefits of Cryotherapy: Global Insight Services
New York, March 2023: According to a new research study by Global Insight Services (GIS), the cryotherapy market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 419.1 million by 2032.
Several medical disorders, including pain, cancerous and benign tumours, tissue damage or lesions, and sports injuries, are treated using cryotherapy. In cryotherapy, which is also known as cryosurgery, irritated nerves, aberrant skin cells, and localised cancerous growths, such as skin cancer and prostate cancer, are killed by applying targeted freezing temperatures. Cryotherapy involves freezing a damaged nerve by inserting a probe into the tissue close to it. The freezing deactivates the nerve, relieving the unpleasant irritation of the nerve. Localized nerve irritation can be treated with cryotherapy in a relatively safe and efficient manner.
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Cryotherapy Market: Key Trends and Drivers
Many malignancies, as well as certain precancerous or non-cancerous disorders, are treated using cryotherapy. In addition to liver and prostate tumours, Retinoblastoma, early-stage basal cell and squamous cell carcinomas, actinic keratoses, and cervical intraepithelial neoplasia are among the precancerous diseases that can be successfully treated with cryosurgery. Because to the high incidence and prevalence of cancer as well as the increasing public knowledge of different types of cryotherapy techniques, the oncology sector may have the largest market share over the projection period.
With the quick advancements in contemporary imaging, less invasive ablative therapies have become well-liked alternatives to surgical tumour removal or cancer treatment. Cryoablation techniques are widely employed, and tumour ablation modalities are presently available in clinical practise. Research on how cryotherapy affects the treatment of cancer is expanding as well. Consequently, it is anticipated that the oncology segment will benefit more from the substantial and growing body of research on the advantages of cryotherapy and combined cryoablation cancer treatments.
Cryotherapy Market: Restraints & Challenges
Cryotherapy is not widely available and is not well known. Cryotherapy is still only available in a small number of places. Cryotherapy is mostly used in North America and Europe, and only a small number of other nations, including Japan, China, and Australia, have seen any breakthroughs in this area. This is largely owing to a lack of knowledge in those countries. While being safer and less unpleasant than extremely invasive surgical procedures, it is often only used for extensive surgical treatments. The “International Patient Survey: Ledderhose disease” revealed that patients thought cryotherapy was a more efficient treatment choice than traditional ones, but that it was also less accessible. Although cryosurgery may be widely accessible for the treatment of cervical neoplasias, according to the US NIH National Cancer Institute, only a very small number of hospitals and cancer centres in the US have the necessary equipment to perform cryosurgery for other noncancerous, precancerous, and cancerous conditions. Throughout the foreseeable period, limited availability of cryotherapy and a lack of knowledge about its advantages might limit market growth to some extent.
Cryotherapy Market Report Findings
The cryosurgery devices segment is anticipated to hold a majority of the cryotherapy market size throughout the study period.
Based on the product type, the cryotherapy market is segmented into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The market segment for cryosurgery devices is anticipated to develop at the quickest rate during the projected period. Cryosurgery is becoming more popular as a result of its benefits, which include fewer side effects and higher cost. As a result, there is a rising need for cryotherapy equipment.
The surgical application segment is anticipated to hold a majority of the cryotherapy market size throughout the study period.
By application, the market is segmented into surgical application, pain management, and recovery, health, and beauty. In 2022, the surgical applications category accounted for the greatest market share; this pattern is anticipated to be true throughout the forecast period. The increased adoption of cryoablation for cancer therapy as well as the benefits of this method over conventional surgery might be attributable to the sizeable proportion of this market.
The hospital & speciality clinics segment is anticipated to hold a majority of the cryotherapy market size throughout the study period.
Based on end user, the market is segmented into hospital & speciality clinics, cryotherapy centers, and spas & fitness centers. Hospitals and speciality clinics made up the largest revenue contributor, and they are expected to expand considerably during the projection period due to their large customer base, rising healthcare costs, rise in illness occurrences, and the presence of regulatory frameworks that are supportive of their growth.
The North America region is estimated to exhibit the highest growth rate during the cryotherapy market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the cryotherapy market and accounted for the largest revenue share in 2022 and is expected to be the most lucrative region during the forecast period. The North American cryotherapy market is being driven by factors such the increased popularity of cryotherapy, the incidence of cancer, the growth in sports and physical activity-related injuries, and the prevalence of CVDs. The use of cryotherapy by athletes and fitness and beauty lovers has grown recently in the US, causing several professional and college training departments to install cryosauna equipment at their facilities. The Canadian Cancer Society further promotes the use of cryosurgery/cryoablation for the treatment of certain cancer diseases.
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Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the cryotherapy market include include Brymill Cryogenic Systems (US), CooperSurgical Inc. (US), Cryo Innovations (US), CRYO SCIENCE sp.z o.o. (Poland), CryoBuilt, Inc. (US), CryoConcepts, LP (US), CRYONiQ LLC (US), Erbe Elektromedizin GmbH (Germany), METRUM CRYOFLEX Sp. z o.o. (Poland), and Zimmer MedizinSysteme GmbH (Germany), among others.
Recent Developments in the Cryotherapy Market
- In May 2022, Four ground-breaking cryogenic procedures were offered by the wellness centre Bulgari SPA London, which is open to both men and women. The Cryotherapy Sports Massage focuses on particular locations to reduce pain and inflammation and hasten the healing process after injuries.
- In April 2022, Three significant ProSense System events were hosted by IceCure Medical Ltd. at the European Conference on Interventional Oncology (ECIO) in Vienna, Austria. IceCure Medical Ltd. is the creator of the minimally invasive cryoablation technology, the ProSense System, which uses freezing to destroy tumours as an alternative to surgical tumour removal.
Cryotherapy Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current cryotherapy market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future cryotherapy market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the cryotherapy market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the cryotherapy industry.
Cryotherapy Market Segmentation
By Product Type
- Cryosurgery Devices
- Localized Cryotherapy Devices
- Cryochambers & Cryosaunas
- Surgical Application
- Pain Management
- Recovery, Health, and Beauty
By End User
- Hospital & Speciality Clinics
- Cryotherapy Centers
- Spas & Fitness Centers
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of World
- Latin America
- Middle East