Cryotherapy refers to a medical therapy that finds its use in the application of low temperature to a damaged or an injured part of a body.
Cryotherapy refers to a medical therapy that finds its use in the application of low temperature to a damaged or an injured part of a body. Cryotherapy is extensively used for the purpose of treatment of post-operative swelling, swelling, sprains, soft tissue damage, and muscle pains. This new form of treatment is regarded as one of the most promising procedure for cancer treatment, which is likely to drive the global cryotherapy market.
The global cryotherapy market has been segmented on the basis of product, application, end user, and region. The main objective of providing such a comprehensive report is to provide a deep insight into the market.
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Global Cryotherapy Market: Notable Developments
The global cryotherapy market has come across quite a few developments in the last few years. These market developments suggest a trend and give an idea about the growth factors of the global cryotherapy market. One such development of the market is mentioned below:
- In 2019, Medtronic Plc entered into a collaboration with Amsterdam-based Koninklijke Philips N.V. This collaboration is expected to lead to Medtronic selling the products of Philips. This is collaboration is likely to provide an integrated, innovative image guidance solution for the procedure of cryoablation. This process is meant for the advance treatment of a common heart rhythm disorder called paroxysmal atrial fibrillation. Such a strategic move is likely to encourage growth of the global cryotherapy market.
Some of the key market players of the global cryotherapy market are
- Medtronic plc.
- Brymill Cryogenci Systems
- Wallach Surgical Devices Inc
- Cooper Surgical, Inc.
- Zimmer MedizinSysteme GmbH
- Galil Medical, Inc.
Global Cryotherapy Market: Growth Drivers
Increased Demand for Minimally Invasive and Non-invasive Procedures Bolsters Demand
The global cryotherapy market is expected to be driven by the rising number of minimally-invasive and non-invasive procedures performed worldwide. Growing preference for minimally-invasive and non-invasive procedures is rising amongst the people, particularly in case of treatment of skin problems and enhancement of one’s physical attributes.
Apart from that, a rise in the number of sports injuries together with cardiac conditions and cancer is likely to encourage development of the global cryotherapy market in the years to come. According to the findings of American Journal of Sports Medicine report for 2016, every year around 3.5 million athletes who are aged 14 years and under are faced with injuries associated with sports. Nearly 77% of all of these injuries affect the foot, ankle, and lower leg of an athlete. Cryotherapy is widely utilized by the athletes for alleviating pain in the muscles and bettering quality of sleep.
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However, only the use of cryo probes and gas have been approved by the U.S. Food and Drug Administration and the products of whole body cryotherapy are yet to receive approval from the regulatory agency. Furthermore, absence of substantial evidence pertaining to the effectiveness and safety of whole body cryotherapy products is likely to hamper the growth of the global cryotherapy market in the years to come.
Global Cryotherapy Market: Regional Outlook
In terms of region, the global cryotherapy market is split into the key regions of Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. North America is likely to dominate the market over the tenure of assessment due to the presence of highly advanced healthcare infrastructure. In addition, high per capita medical expenditure is estimated to emerge as another growth factor for the market.
The global cryotherapy market is segmented as:
Product
- Cryosurgery Devices
- Localized Cryotherapy Devices
- Cryosaunas
Application
- Surgical Application
- Pain Management
- Health & Beauty
End User
- Hospitals and Specialty Clinics
- Spas
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5-Point Growth Formula
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The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
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