“The cryotherapy market is projected to grow at a CAGR of 9.1% during the forecast period.”
The cryotherapy market is projected to reach USD 319 million by 2024 from USD 206 million in 2019 at a CAGR of 9.1%. The rising incidence of sports injuries, cardiac conditions, and cancers is driving the growth of the market. Increasing demand for minimally invasive procedures, technological advancements in cryotherapy equipment, and the growing popularity in the beauty, wellness, and fitness industries are also supporting the growth of this market. However, the limited access to cryotherapy and lack of awareness about its benefits may restrain the market to a certain extent during the forecast period.
“The cryosurgery devices segment is projected to dominate the cryotherapy products market during the forecast period.”
The cryotherapy products market has been segmented into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is further segmented into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. The cryosurgery devices segment held the largest share of this market in 2018 and is also estimated to grow at the highest CAGR during the forecast period. Cryosurgery is a comparatively simpler procedure compared to laser treatment, with fewer side effects and is more affordable. It is therefore considered to be suited for the treatment of cardiac arrhythmias, ophthalmologic conditions, and various types of cancers, as well as for cosmetic surgeries.
“The surgical applications segment held the largest market share in 2018.”
By application, the cryotherapy market is segmented into surgical applications, pain management, and recovery, health, & beauty applications. The surgical applications segment accounted for the largest share of this market in 2018. The large share of this segment can be attributed to higher adoption of cryoablation for cancer treatment. Cryoablation is a minimally invasive procedure with few side-effects; these benefits are also driving the adoption of cryotherapy for surgical applications.
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“The North American cryotherapy market is expected to hold the largest market during the forecast period.”
Geographically, the cryotherapy market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The North American market is expected to hold the largest share of this market during the forecast period. The growing popularity of cryotherapy, increasing prevalence of cancer & CVDs, and the rising number of sports and physical activity-related injuries are the key factors driving the North American cryotherapy market.
Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C-level – 39%, Director-level – 28%, and Others – 33%
- By Region: North America - 32%, Europe – 30%, APAC – 25%, and RoW – 13%
The major players in the market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US), 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).
- This report studies the cryotherapy market based on product, application, end user, and region.
- The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders.
- Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and respective countries.
Key Benefits of Buying the Report
- This report focuses on various levels of analysis industry trends, market share of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the cryotherapy market, and high-growth regions with their drivers, restraints, challenges, and opportunities.
- The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.