According to Emergen Research, the cryotherapy market size was USD 214.9 million in 2020 and is expected to research USD 407.5 million in 2028 and register a revenue CAGR of 8.5% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled, “Cryotherapy Market By Product (Localized Cryotherapy Devices, Cryosurgery Devices, Cryochambers & Cryosaunas, Gas Cylinders, Others), By Therapy (Icepack Therapy, Cryosurgery, Chamber Therapy), By Application (Pain Management, Surgical, Health & Beauty), By End Use (Hospitals & Clinics, Spas & Fitness Centers, Cryotherapy Centers, and By Region Forecast to 2028”
According to Emergen Research, the cryotherapy market size was USD 214.9 million in 2020 and is expected to research USD 407.5 million in 2028 and register a revenue CAGR of 8.5% during the forecast period, 2021-2028.
Market Dynamics:
Cryotherapy, also known as cryosurgery or cryoablation is a minimally invasive process of using extreme cold to freeze and destroy abnormal tissues, skin cells and is gradually becoming a prominent therapeutic approach. The cold temperature causes the blood vessels to constrict and relax body parts with muscular sprains, and tissue damages. It is widely used for treating various cancers including cervical, prostate, liver, and skin among others along with other chronic conditions such as cardiovascular diseases, retinoblastoma, and many dermatological conditions. Technologically advanced cryosurgery devices such as cryosaunas, cryochambers, cryoguns are widely used in pain management and basic beauty and wellness treatments.
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Revenue growth of the global market is significantly driven by factors such as high adoption of cryotherapy for treating skin problems such as dark spots, warts, and skin tags, increasing incidence of sports-related injuries, and increasing number of spas, fitness centers, and cryotherapy centers across the globe. In addition, increasing healthcare expenditure, high demand for minimally invasive processes, and rising investments in research and development activities are other key factors expected to fuel market growth going ahead. However, lack of awareness about the benefits of cryotherapy, inaccessibility to cryotherapy in many underdeveloped countries, and harmful effects of cryogenic gases are key factors expected to hamper overall market growth during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Icepack Segment to Register Steady Revenue Growth:
The icepack segment is expected to register a steady revenue CAGR over the forecast period. Factors such as high patient pool, increasing prevalence of chronic pain, and rising popularity of icepack therapy for pain management in arthritis, back injuries, sports injuries, back pain, and pain after surgery are expected to drive revenue growth of the segment over the forecast period.
Surgical Applications Segment to Account for Largest Revenue Share:
The surgical applications segment is expected to account for largest revenue share over the forecast period owing to rising incidence of cardiac diseases, cancers, and sports injuries, and high adoption of advanced cryotherapy in many developed and developing economies.
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North America to Lead in Terms of Revenue Share:
North America accounted for largest revenue share in the global market over the forecast period owing to factors such as high prevalence of cancer and cardiac disorders, rising number of sports-related activities, rapid healthcare infrastructural developments, and increasing adoption of cryotherapy. Other factors such as rising awareness about benefits of cryotherapy, increasing product launches and product approvals, and increasing research and development activities are expected to fuel North America market growth during the forecast period.
Major Companies in the Market Include:
- Medtronic plc
- CryoConcepts LP
- Cortex Technology ApS
- CooperSurgical, Inc.
- Medtronic
- Mectronic Medicale S.r.l.
- Kriosystem-Care Sp. z o.o.
- Metrum Cryoflex Sp. z o.o.
- Erbe USA
- Brymill Cryogenic Systems
- Zimmer MedizinSysteme GmbH
For the purpose of this report, Emergen Research has segmented the global cryotherapy market on the basis of product, therapy, application, end-use, and region:
Product Outlook (Revenue, USD Million; 2018–2028)
- Localized Cryotherapy Devices
- Cryosurgery Devices
- Cryogun
- Tissue Spray Probes
- Tissue Contact Probes
- Epidermal & Subcutaneous Cryoablation Devices
- Cryochambers & Cryosaunas
- Gas Cylinders
- Others
Therapy Outlook (Revenue, USD Million; 2018–2028)
- Icepack Therapy
- Cryosurgery
- Chamber Therapy
Application Outlook (Revenue, USD Million; 2018–2028)
- Pain Management
- Surgical
- Cardiology
- Oncology
- Dermatology
- Health & Beauty
End Use Outlook (Revenue, USD Million; 2018–2028)
- Hospitals & Clinics
- Spas & Fitness Centers
- Cryotherapy Centers
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Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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