The growth of the cryotherapy market is attributed to surging demand for minimally invasive procedures and growing prevalence of various cancers. Cryotherapy is a minimally invasive procedure that relies on freezing temperatures to eliminate diseased or damaged tissue. It offers benefits such as less pain, quick recovery, and minimal scarring.
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According to the American Cancer Society, 1.9 million new cancer cases are estimated to be diagnosed in the U.S. in 2023. Growing cancer burden is demanding advanced treatment procedures such as cryotherapy.
Market Trends
Rising adoption of whole body cryotherapy and growing popularity of cryotherapy for aesthetic purposes are some key market trends expected to propel the cryotherapy market growth over the forecast period. Whole body cryotherapy involves exposing the whole body to temperatures between -110°C to -140°C for a short duration. This offers benefits such as relief from muscle soreness, weight management, and anti-aging effects.
According to the American Society of Plastic Surgeons, 26.2 million cosmetic procedures were performed in the U.S. in 2022. It reflects growing consumer inclination towards aesthetic treatments. Owing to minimal pain and scarring, cryotherapy is gaining acceptance for procedures such as fat reduction and skin rejuvenation.
Cryotherapy Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$294.8 million |
|
Estimated Value by 2030 |
$623.4 million |
|
Growth Rate |
Poised to grow at a CAGR of 11.3% |
|
Historical Data |
2018–2021 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Device Type |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
• Increase in prevalence of cardiovascular diseases • Rise in geriatric (aging) population worldwide |
|
Restraints & Challenges |
• High cost of cardiovascular devices and cardiac procedures • Stringent regulatory policies and product recalls |
Market Opportunities
The localized cryotherapy devices segment is anticipated to witness a high growth of 12.1% during the forecast period. Portable cryotherapy devices are used for localized application of extreme cold to small areas of the body. These devices target specific areas or trigger points of pain with minimal side effects and little risk of frostbite. The non-invasive nature and convenience of localized cryotherapy devices is expected to drive their demand. The cryosurgery devices segment accounted for over 30% of the total market share in 2023. Cryosurgery devices use liquid nitrogen or argon gas to apply extreme cold to destroy diseased or damaged tissue. It is commonly used to treat skin conditions like warts and skin lesions as well as some cancers. The increasing preference for minimally invasive procedures and effectiveness of cryosurgery in cancer treatment is expected to support the growth of this segment.
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Key Market Takeaways
The global cryotherapy market is anticipated to witness a CAGR of 11.3% during the forecast period. This is owing to rising awareness about the benefits of cryotherapy and increasing adoption of minimally invasive therapies.
On the basis of product type, cryosurgery devices segment is expected to hold a dominant position in 2024. This is owing to higher preference of cryosurgery over other therapies in cancer treatment.
On the basis of application, cancer segment is expected to hold the largest share in 2024. This is due to increasing demand for cryotherapy in skin cancer treatment.
On the basis of end user, hospitals segment is expected to hold a dominant position over the forecast period. This is due to availability of advanced cryotherapy equipment and skilled professionals.
North America is expected to hold a dominant position over the forecast period. This is due to established healthcare infrastructure, higher adoption of advanced treatments, and presence of leading cryotherapy device manufacturers in the region.
Competitor Insights
Zimmer MedizinSysteme GmbH
Boston Scientific Corporation
Mectronic Medicale S.r.l
Impact Cryotherapy
C A Manufacturing Sp zoo
Cortex Technology
CooperSurgical Inc.
Brymill Cryogenic Systems
Stryker
Cryoswiss GmbH
CryoConcepts LP.
Medtronic
METRUM CRYOFLEX Sp, z o.o.
CryoBuilt, Inc.
Advanced Monitors Corporation
STERIS
DJO LLC
Pregna International Limited.
Recent Developments
In May 2023, IceCure Medical Ltd. received the U.S. Food and Drug Administration approval for POLARx Cryoblation System.
In May 2023, Varian announced the launch of Isolis cryoprobe. It is a single-use and disposable device. This device is designed to use with CryoCare systems that seeks to improve procedural efficiency and decision for cryoablation.
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Detailed Segmentation:
By Product Type:
- Cryosurgery Devices
- Cryo Probes
- Cryoablation Devices
- Localized Cryotherapy Devices
- Cryochambers
- Cryosaunas
By Application:
- Cancer
- Cardiovascular Surgery
- Dermatologic Disorders
- Pain Management
- Others
By End User:
- Hospital
- Specialty Clinics
- Others (Spas and Fitness Centers)
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
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