Cryotherapy Market Worth US$ 520.9 million by 2030

United States, New York, 2023-Jan-24 — /EPR Network/ —According to the Market Statsville Group (MSG), the global cryotherapy market size is expected to grow from USD 243.8 million in 2021 to USD 520.9 million by 2030, at a CAGR of 8.8% from 2022 to 2030. Cryotherapy is a non-invasive treatment for pain relief and repairing orthopedic problems. It entails freezing and removing unwanted skin, such as warts and tags, and localized malignancies to treat prostate, cervical, and liver cancer. For cryoablation and cryosurgery, it employs liquid nitrogen, liquid nitrous oxide, and compressed argon gas. Cryotherapy can also help with rheumatoid arthritis, anxiety, asthma, migraines, and muscular discomfort. It is often used by those who want to lose weight by improving metabolism and sustaining high body temperatures. Compared to standard therapeutic treatments, cryotherapy promotes faster recovery, has fewer risks of impacting non-targeted regions, and is commonly utilized to treat oncological, dermatological, and cardiovascular illnesses.

The increased prevalence of chronic medical disorders worldwide is one of the main factors fueling market expansion. Several medical conditions can be treated using whole-body cryotherapy (WBC), including benign and malignant tumors, tissue damage, lesions, and sports injuries. Furthermore, patients and healthcare providers’ growing demand for minimally and non-invasive treatment methods are propelling market expansion. Other growth-inducing variables include technical breakthroughs such as the invention of cryochambers and cryo-saunas for treating rheumatoid arthritis, inflammation, and chronic pain.

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In accordance with this, the increased use of thin and supercooled probes and cryoablation needles with helium-free thaw capabilities contribute to market expansion. Other factors, such as major improvements in healthcare infrastructure and intensive research and development (R&D), are expected to propel the industry forward.

COVID–19 Impact on the Global Cryotherapy Market

COVID-19 had a negative influence on the market due to disease outbreak strategies, and there was a halt in demand and disruption in the supply of cryotherapy products during the pandemic. However, the impact of COVID-19 in most nations will be greatly diminished by the end of 2020. The third wave of COVID-19 hit several nations, and the effect continued until the third quarter of 2021.

Global Cryotherapy Market Dynamics

Cryotherapy has become an important therapeutic option, owing to technological developments and innovations in cryotherapy equipment. There have been advancements in various equipment, including cryosurgery machines and accessories. Cryochambers and cryosaunas have also been improved extensively in treating inflammation, rheumatoid arthritis, pain management, and general beauty and wellness therapies. Furthermore, cryosurgical equipment has seen considerable advancements, such as the use of supercooled liquid nitrogen or other cryogens for chilling, the introduction of thin and efficient probes in various diameters, and the use of narrow and better cryoablation needles.

For instance, Galil Medical introduced the ICEfx cryoablation system in September 2018, an upgrade to the company’s current Visual ICE system. The new system has an upgraded needle platform with helium-free thawing capabilities, allowing faster thawing while saving money on helium. It is also small, portable, and streamlines the operation with a series of user-friendly on-screen directions.

There are still just a few places where cryotherapy is accessible. Due to ignorance, the use of cryotherapy is primarily restricted to North America and Europe, with just a few other countries—including Japan, China, and Australia—making any headway in this area. It is typically only used for extensive surgical operations despite being safer and less painful than severely invasive surgical procedures. According to the “International Patient Survey: Ledderhose disease,” patients judged cryotherapy to be a more successful treatment choice than traditional techniques, but it was less widely available.

As per the National Cancer Institute of the United States, while cryosurgery is widely available for the treatment of cervical neoplasias, only a small number of hospitals and cancer centers in the United States have the necessary technology to perform cryosurgery for other noncancerous, precancerous, and cancerous conditions. Limited availability of cryotherapy and a lack of information about its benefits advantages may limit market expansion throughout the foreseeable period.

Cryotherapy is being utilized to treat various medical problems, including cancer, heart disease, and dermatological disorders. Both partial and whole-body cryotherapy is used to treat inflammation, pain, and discomfort. Cryotherapy is being researched for the treatment of various other medical problems and diseases since it is less intrusive and drug-free.

Scope of the Global Cryotherapy Market

The study categorizes the cryotherapy market based on product, end-user, and application at the regional and global levels.

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By Product Outlook (Sales, USD Million, 2017–2030)

• Cryosurgery Devices
  • Tissue Contact Probes
  • Tissue Spray Probes
  • Epidermal and Subcutaneous Cryoablation Devices
• Localized Cryotherapy Devices
• Cryochambers & Cryosaunas

By End-user Outlook (Sales, USD Million, 2017–2030)

• Hospitals & Specialty Clinics
• Cryotherapy Centers
• Spas & Fitness Centers

By Application Outlook (Sales, USD Million, 2017–2030)

• Surgical Applications
  • Oncology
  • Cardiology
  • Dermatology
  • Other Surgical Applications
• Pain Management
• Recovery, Health, and Beauty

By Region Outlook (Sales, USD Million, 2017–2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Cryosurgery devices Segment accounts for the highest CAGR during the forecast period by product

Based on the product, the cryotherapy market is segmented into cryosurgery devices (tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices), and localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is expected to grow the fastest CAGR due to the benefits of cryosurgery, such as fewer side effects and lower costs. As a result, demand for cryotherapy devices is booming.

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Surgical applications Segment is projected to account for the largest market share, by application

Based on the application, the global cryotherapy market is divided into pain management, surgical applications (dermatology, oncology, cardiology, and other surgical applications), and recovery, health, & beauty applications. Cryotherapy is frequently used to treat problems such as pain, malignant and benign tumors, tissue damage or lesions, and sports injuries. In 2021, the surgical applications segment held the largest market share due to the growing use of cryoablation for cancer therapy and this method’s advantages over conventional surgery.

North America is projected to account for the largest market share, by Region

Based on the regions, the global cryotherapy market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. North America dominated the market in 2021, owing to the growing popularity of cryotherapy, the rising incidence of cancer, sports, and physical activity-related injuries, and the rising prevalence of CVDs. Cryotherapy has recently gained appeal among athletes and fitness and beauty fans in the United States, prompting several professional and college training departments to install cryosauna equipment in their facilities. Furthermore, the Canadian Cancer Society promotes cryosurgery/cryoablation to treat many cancer disorders.

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Key Market Players in the Global Cryotherapy Market

The global cryotherapy market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.

Major players in the global cryotherapy market are:

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