Rising rates of sports injuries, heart disease and cancer, along with increasing demand for minimally invasive procedures, are key drivers for the cryotherapy market. Technological advances in cryotherapy equipment and growing popularity in the beauty, wellness and fitness industries are also supporting the growth of this market.
Cold therapy is another name for cryotherapy. It is a method of exposing specific parts of the body to a very cold environment. This therapy can be used on specific areas as well as the entire body.
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on the basis of products The market is segmented into into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is further divided into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. The cryosurgery devices segment held the largest share of the cryotherapy market
on the basis of end users The market is segmented into hospitals & specialty clinics, cryotherapy centers, and spas & fitness centers . The hospitals & specialty clinics segment estimated to command the largest share of the market in 2019 and this segment is also projected to register the highest CAGR owing to the increasing adoption of cryoablation for cancer and cardiac diseases. The affordability and safety offered by cryosurgery over traditional surgery and the rising prevalence of CVDs, cancer, & sports injuries are expected to increase the adoption of cryotherapy in hospitals & specialty clinics.
Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the booming medical tourism in the region, the growing geriatric population in Japan, and the rising prevalence of cancer in India.
Key market Players
The major players operating in the cryotherapy market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). Other players involved 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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Expected Revenue Growth:
The cryotherapy market is projected to reach USD 319 million by 2024 from USD 206 million in 2019, at a CAGR of 9.1%.
Medtronic (Ireland) held the dominant position in the cryotherapy market in 2018. This can be attributed to its extensive portfolio of cryosurgical equipment for cardiac applications. The firm strives to maintain its leading position by engaging in inorganic and organic growth strategies such as product launches, approvals, partnerships, and collaborations.