Cryotherapy Market Growth, Top Manufacturer Analysis and Forecast to 2030

Posted on 2023-04-24 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Apr 24, 2023 — /EPR Network/ —

Cryotherapy Industry Overview

The global Cryotherapy Market size is expected to reach USD 11.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.2% from 2022 to 2030. This growth is due to a rise in demand for cryotherapy in fitness, beauty & wellness, increased prevalence of chronic diseases, and the high demand for minimally invasive procedures. A rise in the demand for minimally invasive procedures for the treatment of chronic diseases is also among the primary factors driving the market growth. Cryosurgery is a minimally invasive procedure. It has various advantages over conventional surgeries, including lesser pain, rapid wound healing, minimal surgical wounds, shorter hospital stays, and lower risk of complications.

Cardio Clinic at Asklepios St. Georg, one of the top heart centers in Germany, claims to perform around 300 cardiac cryoablation procedures every year. In fitness, beauty, and wellness treatments, there is a high demand for cryotherapy. Due to the high incidence of sports injuries, several sports clubs and sports teams are using cryo chambers for quicker recovery of injuries. For instance, the German rowing team, Wales Rugby Team, and the Chinese Olympic team have their own cryo chambers. All these factors are anticipated to boost market growth over the coming years. The COVID-19 pandemic adversely affected the market. Amid the pandemic, owing to stringent government regulations and lockdown to control the pandemic, a slowdown in the demand for cryotherapy was observed in the initial phase of the pandemic.

However, the market regained its pace by the end of 2020 in most countries. Companies are adopting strategies, such as new product development and partnerships. For instance, in August 2020, Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million. CRYOPDP-a French pioneer company-provides temperature-controlled logistics solutions for cell & gene therapy and clinical research communities. In October 2021, CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic. It is the first clinic in Poland to provide computer-controlled cryotherapy solutions for knee-associated treatments.

Cryotherapy Market Segmentation

Grand View Research has segmented the global cryotherapy market based on therapy type, device type, application, end-use, and region:

Based on the Therapy Type Insights, the market is segmented into Cryosurgery, Icepack Therapy and Chamber Therapy.

The cryosurgery segment dominated the global market and accounted for the maximum share of more than 55.00% of the overall revenue in 2021. This can be attributed to the rise in demand for surgical procedures across the globe.
Chamber therapy is expected to be the fastest-growing segment owing to an increase in the application of cryotherapy in various fields, such as beauty & wellness, fitness, and others. Chamber therapy is getting popular among athletes and sportspersons.

Based on the Device Type Insights, the market is segmented into Cryogun, Cryo Probes, Gas Cylinders, Localized Cryotherapy Devices, Cryochambers & Cryosaunas and Other Device Types.

Cryochamber is expected to grow at the fastest CAGR of more than 10.00% during the forecast period, which can be attributed to a rise in the number of cryotherapy centers and its high adoption by beauty clinics & fitness centers.
Cryoguns also held a significant market share in 2021. Cryoguns are used to treat a wide range of medical conditions, including dermatology and oncology conditions. Due to its minimal invasiveness, reduced pain, and bleeding, it is much more convenient & comfortable than traditional surgery treatment.

Based on the Application Insights, the market is segmented into Surgical Applications, Pain Management, Beauty & Wellness, Fitness, Cold Storage and Others.

The fitness application segment is anticipated to register the fastest growth rate of more than 11.5% from 2022 to 2030 due to increased awareness about the benefits of cryotherapy in fitness coupled with a rise in the adoption of cryo chambers in fitness clubs.
Pharmaceutical cold chain logistics is another major application of cold storage. It is used in vaccinesand drug preservation as well as transportation.

Based on the End-Use Insights, the market is segmented into Hospitals and Specialty Clinics, Cryotherapy Centers, Spas & Fitness Centers and Others.

The hospitals & specialty clinics end-use segment is expected to register the fastest growth rate of 8.1% over the forecast period. Advancements in cryotherapy technology for the treatment of various diseases and disorders increase the demand for cryosurgery and related products in hospitals and specialty clinics.
The spa & fitness centers segment is estimated to register the fastest CAGR from 2022 to 2030. Cryotherapy is a new trend in fitness and wellness with substantial benefits. Due to this, more and more people are opting for this service, creating high demand.

Cryotherapy Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

Various small and large-scale manufacturers offer products for cryosurgery & other cold therapies, resulting in intense competition among players.

Some prominent 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.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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