The global Cryotherapy market size is expected to hit around US$ 10.4 billion by 2030 and is projected to grow at a CAGR of 20.3% during forecast period 2021 to 2030.
The global Cryotherapy market size is expected to hit around US$ 10.4 billion by 2030 and is projected to grow at a CAGR of 20.3% during forecast period 2021 to 2030.
Growth Factors
The introduction of advanced cryotherapy devices, increasing R&D investments, and the growing prevalence of chronic conditions such as cancer and arthritis are expected to propel market growth.
Approval and introduction of technologically advanced cryotherapy devices by key players operating in the space are anticipated to significantly support market growth during the forecast period. For instance, in June 2020, Beaver Visitec International (BVI), a U.S.-based manufacturer, launched its new CryoTreq, a handheld cryo-surgery device in the European market. This newly launched device is approved for the treatment of retinal tears and detachments. Similarly, in April 2019, Channel Medsystems, Inc., received the FDA approval for its Cerene Cryotherapy Device intended for the treatment of heavy menstrual bleeding. This newly approved device delivers cold therapy to freeze the lining of the uterus to significantly diminish future menstrual bleeding.
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Furthermore, the high prevalence of various chronic conditions such as cancer, arthritis, pain, among others, and increasing awareness about the usage of cold therapy for their treatment has further fueled the market growth. As per the Globocan estimates, in 2020, around 19,292,789 new cases of cancer were diagnosed, globally. Also, as per the CDC estimates, in 2020, around 63.0 million adults were suffering from arthritis in the U.S. This number is expected to reach around 78.0 million by 2045.
Report Highlights
The cryosurgery segment dominated the market in 2020 with a revenue share of 64.5%. Increased demand for minimally invasive cryosurgery for the treatment variety of diseases such as cancer, benign tumors, etc. has supported the segmental growth. Cryosurgery enables the destruction of abnormal cells or tissues, while healthy tissue is protected. In comparison with conventional procedures, this procedure carries limited side effects and thus facilitates faster recovery.
Icepack therapy and chamber therapy segments are predicted to show robust growth during the forecast period. Icepack therapy involves the usage of cold temperatures to slow down blood flow and helps to reduce the pain and swelling. Icepack therapy is mainly used for pain management in arthritis pain, swelling after surgery, back injuries and back pain, and sports injuries. Chamber therapy involves the use of very low temperatures, around -60°C to -110°C, for pain management and other applications such as relaxation and beauty treatment. This therapy is recommended for individuals suffering from chronic pain due to any medical condition such as rheumatoid arthritis. Creating Beautiful Bodies Blvd (CBB BLVD) offers Brisbane Cryotherapy Chamber, which is a whole-body cryochamber that offers benefits such as muscle healing, pain relief, reduces anxiety and inflammation, prevents dementia, improves symptoms of eczema, and helps in the treatment of headaches.
The cryogun segment dominated the overall market with the largest revenue share of 25.9% in 2020 and is projected to maintain its dominance throughout the forecast period. High use of this device in cryotherapy and product advancement is among the major factors contributing to the large share held by this segment. In addition, the high incidence of cancer and dermatologic conditions is also expected to be major factors propelling the demand for cryoguns.
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On the other hand, the cryochambers and cryosaunas segment is projected to grow at the highest rate during the forecast period due to its increasing application in pain management. The demand for cryochamber therapy is growing among the patients suffering from musculoskeletal conditions, such as rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis. In addition, increasing demand for cryochambers in athletic training facilities, spas, and beauty centers has further supported the segment growth.
The surgical applications segment dominated the market and accounted for the largest revenue share of 71.0% in 2020. Based on surgical applications, the market is sub-segmented into oncology, cardiology, dermatology, and others. Oncology dominated the surgical applications segment as cryotherapy is widely applied for the treatment of a variety of cancers such as prostate, cervical, and skin. Thus, the rising prevalence of these cancers and growing awareness about cryotherapy-based treatment approaches are anticipated to be prominent factors responsible for its large share.
The pain management segment is anticipated to show significant growth owing to the high prevalence of joints and muscle pain in the adult population and the introduction of innovative cryotherapy products for their treatment. In April 2019, U.S.-based, Omax Health, Inc. launched its new product CryoFreeze CBD Pain Relief Roll-On as part of its cryotherapy sports line portfolio.
Hospitals and specialty clinics led the market and accounted for the largest revenue share of 43.1% in 2020. This large share is attributed to the fact that hospitals and specialty clinics serve as primary centers for cryosurgery. In addition, increasing demand for cryosurgery procedures at hospitals and clinics owing to its various advantages has further supported the segmental growth. As per the study published by the NIH’s National Library of Medicine, in July 2017, the use cryosurgery for treating cancer is safer, less invasive, and enhances the targeting of cancer cells with few associated complications.
The cryotherapy centers segment is estimated to witness lucrative growth during the forecast period. The high growth of this segment can be credited to the increasing establishment of cryotherapy centers in the key markets. For instance, in January 2021, Cryo@Wolf established its new cryotherapy center in Georgetown, Texas. This newly launched center offers whole body cryotherapy treatments to reduce inflammation, pain, and weight.
North America dominated the cryotherapy market and held the largest revenue share of 37.4% in 2020 and is projected to maintain the lead throughout the forecast period. Well-established healthcare infrastructure, favorable reimbursement scenarios, and the high adoption of technologically advanced solutions in the region have led to its high share. Moreover, the local presence of leading players and continuous strategic initiatives by them is also likely to support regional growth.
In Europe, the market is expected to account for a significant share owing to the approval and launch of innovative cryotherapy products in the region. For instance, in December 2019, the health officials of Europe approved the use of CSA Medical’s system for cryotherapy for the treatment of COPD patients with chronic bronchitis. Asia Pacific region is projected to witness the highest growth during the forecast period. This high growth is credited to the presence of a huge target population in emerging countries such as India and China and increasing efforts by leading players to ensure the availability of cryotherapy devices in these countries.
Key Players
- Brymill Cryogenic Systems
- MetrumCryoflex Sp. z oo, Sp.
- CryoConcepts LP
- Medtronic
- CooperSurgical, Inc.
- Cortex Technology
- MectronicMedicaleS.r.l.
- Cryoalfa
- ERBE Elektromedizin GmbH
- Special Medical Technology Co., Ltd.
Market Segmentation
- Therapy Type
- Cryosurgery
- Icepack Therapy
- Chamber Therapy
- Device Type Outlook
- Cryogun
- Cryo Probes
- Tissue Contact Probes
- Tissue Spray Probes
- Gas Cylinders
- Localized Cryotherapy Devices
- Cryochambers&Cryosaunas
- Others
- Application Outlook
- Surgical Applications
- Oncology
- Cardiology
- Dermatology
- Other Surgical Applications
- Pain Management
- Others
- Surgical Applications
- End-use Outlook
- Hospitals & Specialty Clinics
- Cryotherapy Centers
- Spas & Fitness Centers
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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