Cryotherapy Market worth $319 million by 2024 – Growing Incidence of Sports Injuries, Cancer, and Cardiac Conditions

PUNE, India, 2021-Aug-12 — /EPR Network/ —

The Key Growth Elements in Detailed?

The rising incidence of sports injuries, cardiac conditions, and cancers and the growing demand for minimally invasive procedures are the key drivers of the cryotherapy market. Technological advancements in cryotherapy equipment and its growing popularity in the beauty, wellness, and fitness industries are also supporting the growth of this market.

Worldwide Growth Opportunities in Terms of Revenue:

The Cryotherapy Market is expected to grow from USD 206 million in 2019 to USD 319 million by 2024, at a CAGR of 9.1% during the forecast period

The cryosurgery devices segment is projected to grow at the highest rate during the forecast period

By product, the cryotherapy market is segmented into cryosurgery devices (tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices), localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is expected to witness the fastest growth during the forecast period. Advantages offered by cryosurgery, such as fewer side effects and greater affordability, are increasing its adoption. Consequently, the demand for cryotherapy devices is also growing.

Surgical applications held the largest share of the cryotherapy market in 2018

Cryotherapy is widely used for the treatment of health conditions like pain, malignant & benign tumors, tissue damages or lesions, and sports injuries. The cryotherapy applications market is segmented into surgical applications (oncology, dermatology, cardiology, and other surgical applications); pain management; and recovery, health, & beauty applications. The surgical applications segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to higher adoption of cryoablation for cancer treatment as well as the advantages offered by this technique over traditional surgery.

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Regional Growth, Development and Demand Analysis:

North America held the largest share of the market in 2018 and is projected to continue to do so during the forecast period. Factors such as the growing popularity of cryotherapy, rising prevalence of cancer, increase in sports and physical activity-related injuries, and rising prevalence of CVDs are driving the North American cryotherapy market. Lately, the US has seen a growing popularity of cryotherapy among athletes and fitness & beauty enthusiasts, leading to many professional and collegiate training departments installing cryosauna machines at their facilities. Moreover, the Canadian Cancer Society encourages the adoption of cryosurgery/cryoablation for the treatment of various cancer conditions.

Major Key Players Mentioned in the research report are:

The major vendors in the cryotherapy market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). These leading players offer an expansive product portfolio for cryoablation and have a wide geographic presence. The other players in this market include Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).

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Recent Developments in Cryotherapy Market:

• In 2019, Medtronic collaborated with Phillips (Netherlands) to facilitate the sale of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures, for the advance treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder.
• Kriosystem Life was the official supplier of cryotherapy devices for The World Games 2017, held in Wroclaw, Poland.