Global Cryotherapy Units Market - 2022-2029

Global Cryotherapy Units Market - 2022-2029

Market Overview

Cryotherapy Units Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 7.2% during the forecast period (2022-2029).

Cryotherapy, also termed cold therapy, is the local or general use of low temperatures in medical therapy. It may be used to treat a range of tissue lesions. The most important use of the term implies surgical treatment, particularly known as cryosurgery or cryoablation. It is the application of very low temperatures to damage abnormal or diseased tissue and is used most commonly to treat skin conditions. Growth in the cryotherapy unit market is largely driven by factors such as the growing incidences of sports injuries, cancer, cardiac diseases, and technological advancements in cryotherapy technology.

Market Dynamics: Technological advancements in cryotherapy equipment drive market growth

Cryotherapy has become a crucial treatment option, mainly due to the several technological innovations and advancements in cryotherapy equipment. Several developments have been observed in numerous equipment, which includes cryosurgery units and accessories. Cryochambers and cryosaunas are widely used to treat rheumatoid arthritis, inflammation, and pain management. Moreover, cryosurgical equipment has witnessed considerable developments in the forecast period. For instance, in November 2021, India Medtronic Private Limited, a wholly-owned subsidiary of Medtronic plc, which is the global leader in healthcare technology, announced the launch of the Arctic Front Cardiac Cryoablation Catheter System. Cryoballoon ablation is an invasive procedure that offers a short recovery time and comparable safety and efficacy to standard radiofrequency therapy but with the benefit of greater treatment efficiency.

Limited access to cryotherapy and lack of awareness adversely impacted the market growth. Cryotherapy stays limited to a few geographic regions. The scope of cryotherapy practices is majorly limited to Europe and North America, with few other countries, such as China, Japan, and Australia, witnessing developments in this field, mainly owing to the lack of awareness. Even though it is safer and less painful than highly invasive surgical procedures, it is utilized only for surgical treatments on a large scale. According to the International Patient Survey: Ledderhose disease, patients, found cryotherapy to be an effective treatment option, though less available than traditional methods. The US National Cancer Institute states that although cryosurgery may be broadly available for the treatment of cervical neoplasias, the limited number of hospitals and cancer centers in the US have access to the necessary technology to achieve cryosurgery for other precancerous, noncancerous, and cancerous conditions. Restricted access to cryotherapy and a lack of awareness regarding its benefits and advantages may inhibit market growth to a certain level during the forecast period.

Market Segmentation: The cryosurgery devices segment will project the fastest growth in the market throughout the forecast period

Based on product, the cryotherapy market is segmented into cryosurgery devices (tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices), localized cryotherapy devices, and cryochambers & cryo saunas.

The cryosurgery devices segment is estimated to witness the fastest CAGR during the forecast period. Advantages offered by cryosurgery include fewer side effects and greater affordability of cryosurgery devices, which are increasing its adoption. Therefore, the demand for cryotherapy devices is growing.

Based on the applications market is segmented into surgical applications (oncology, dermatology, cardiology, and other surgical applications); pain management; and recovery, health, & beauty applications.

The surgical applications segment held a significant market share in the forecast period. Cryotherapy is broadly used for the treatment of various health conditions, such as pain, tissue damage or lesions, malignant and benign tumors, and sports injuries. The surgical applications segment held the dominant position in the market in 2022, a trend that is likely to continue during the forecast period. The huge share of this segment can be ascribed to the higher adoption of cryoablation for cancer treatment and the advantages offered by this technique over conventional surgery.

Geographical Penetration: North America is the dominating region during the forecast period.

Based on geography, the study analyzes the cryotherapy units market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America dominated the market in 2022 and is projected to continue growing during the forecast period. Factors such as the rising prevalence of cancer, the growing popularity of cryotherapy, and the increase in sports and physical activity-related injuries, are driving the North American cryotherapy units market. The US has seen a growing recognition of cryotherapy among fitness & beauty enthusiasts due to the many professional and academic training departments establishing cryosauna machines at their facilities. Moreover, the Canadian Cancer Society promotes the adoption of cryosurgery/cryoablation for the treatment of numerous cancer conditions.

Competitive Landscape:

The cryotherapy units market is highly competitive, owing to the presence of big food brands. The key cryotherapy units players which are contributing to the growth of the global market include Medtronic, Galil Medical, CooperSurgical, Zimmer MedizinSysteme, Metrum Cryoflex, Brymill Cryogenic Systems, Erbe Elektromedizin, CryoConcepts, US Cryotherapy, Professional Products, and Kriosystem Life, Guangzhou OSANO Beauty Equipment Co., Ltd., Guangzhou Osano Beauty Equipment Co., Ltd., Slim Wellness Studio LLC, Xian Triumph Tech Co., Ltd., Amy Beauty Equipment Manufacture, among others. The major players are adopting new product launches and expansion strategies for global growth in the cryotherapy units market. In August 2022, Medtronic, a global leader in healthcare technology, completed the acquisition of Affera, Inc. This acquisition helped expand the company's cardiac ablation portfolio to include its first-ever cardiac mapping and navigation platform, which encompasses a differentiated, fully integrated diagnostic, focal pulsed field and radiofrequency ablation solution. The company also gets the Affera Prism-1 cardiac mapping and navigation platform, which is compatible with Medtronic and multiple competitive therapeutic catheters and technologies. The company also offers the Sphere-9 cardiac diagnostic and ablation catheter that enables the rapid creation of detailed electro-anatomical maps and delivers radio frequency and pulsed-field (PF) cardiac ablation therapies. In November 2021, Cooper Surgical acquired Generate Life Sciences, a privately held leading donor egg and sperm provider for fertility treatments, for $1.6 Billion. This acquisition will expand the company's fertility and labor and delivery offerings.

COVID-19 Impact: Negative impact on the global cryotherapy units market.

COVID-19 has certainly negatively impacted the growth of the market in 2020. The governments of various countries set strict regulations on the kind of elective surgery and medical procedure that hospitals are allowed to perform. During the Covid pandemic, there was a decrease in demand for cryotherapy Units and an interruption in their supply owing to transportation regulations. Due to these challenges, manufacturers of cryotherapy units were forced to confront challenges such as a shift in customer behavior and a demand reduction. The decline in hospital visits and diagnostic tests for CVD and cancer has led to the downfall of the treatment solutions associated with such diseases. Therefore, a considerable decline in the market value of cryotherapy units globally is estimated in 2020.

The global cryotherapy unit’s market report would provide an access to approximately 64 market data tables, 51 figures and 170 pages