Cryotherapy Market Size, Regional Opportunities And Future Scope By 2030

Cryotherapy Industry Overview

The global cryotherapy market size was valued at USD 6.39 billion in 2021 and is expected to advance at a compound annual growth rate (CAGR) of 7.2% by 2030.

Some of the major factors propelling the growth are rising demand for minimally invasive procedures, high prevalence of skin disorders & chronic diseases, and an increase in demand for cryotherapy in beauty & wellness clinics, fitness centers, and pain management. The market has been adversely impacted by the COVID-19 pandemic. Amid the pandemic, a slowdown in demand and disruption in the supply of cryotherapy products were observed, due to the strategies designed to curb the pandemic. However, the impact of COVID-19 reduced significantly by the end of 2020 in most countries.

Gather more insights about the market drivers, restrains and growth of the Global Cryotherapy Market

 U.S. cryotherapy market size, by therapy type, 2020 - 2030 (USD Billion)

Some countries were affected by the third wave of COVID-19 and the effect lasted until the third quarter of 2021. The rising prevalence of cancer and chronic conditions, such as rheumatic conditions, arthritis, and fibromyalgia, coupled with the rise in the geriatric population, are among the major factors that increase the demand for cryotherapy.  According to the WHO, globally, cancer is the second-leading cause of death. In 2020, globally, cancer cases reached 19.3 million, and the number of deaths due to cancer was 9.96 million. Cryosurgery is a minimally invasive procedure. It offers multiple advantages over conventional surgeries, including rapid wound healing, shorter hospital stays, and lesser pain & surgical wounds.

Moreover, cryotherapy recently gained more traction in beauty & aesthetics. Also, athletes and celebrities are embracing it as a new trend. All such factors are expected to accelerate the market growth. There are some adverse effects of cryosurgery procedure, including the formation of blisters, scarring, infection, pain, ulcers, damage to healthy tissues, vessels & nerves injury, and whitening of treated skin. In addition, it requires constant vigilance of professional technicians, which could act as a limitation in lower and middle-income countries. Furthermore, whole-body cryotherapy is not approved for treatment purposes. Due to this, it is not reimbursable, and it requires out-of-pocket expenditures. All these factors could impede the market growth over the forecast period.

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Market Share Insights

  • October 2021: CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic, which provides computer-controlled cryotherapy solutions for knee-associated treatments.
  • October 2021: IceCure Medical Ltd. submitted an amendment to NMPA China regarding the IceSense3 Cryoprobes system registration certificate.
  • August 2020: Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million.

Key Companies profiled:

Some of the key players in the global cryotherapy market include:

  • Brymill Cryogenic Systems
  • Metrum Cryoflex
  • CryoConcepts LP
  • Medtronic
  • Cortex Technology
  • Medtronic Medicale S.r.l.
  • Cryoalfa
  • Wallach Surgical Devices
  • Zimmer MedizinSysteme GmbH

Order a free sample PDF of the Cryotherapy Market Intelligence Study, published by Grand View Research.

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