Cryotherapy Market Insights, Competitive Landscape and, Market Forecast - 2027

Cryotherapy Market Insights, Competitive Landscape and, Market Forecast - 2027

CRYOTHERAPY MARKET BY PRODUCT TYPE (CRYOSURGERY, CRYOSAUNA, CRYOCHAMBERS, AND OTHERS), BY APPLICATION (SKIN DISEASES, CANCER, NEUROLOGICAL DISEASES, AND OTHERS), BY END-USER (HOSPTIALS, CLINICS, AND OTHERS) BY GEOGRAPHY IS ESTIMATED TO REGISTER GROWTH AT A REMARKABLE CAGR FORECAST DURING 2022-2027 OWING TO SURGE IN PREVALENCE OF CANCER AND RISING NUMBER OF SPORTS AND OTHER INJURIES

The global cryotherapy market was valued at USD 258.17 million in 2021, growing at a CAGR of 8.01% during the forecast period from 2022 to 2027 to reach USD 408.44 million by 2027. The cryotherapy market is slated to witness prosperity owing to factors such as increasing prevalence of chronic diseases such as cancer, neurological diseases, bone diseases, and others, increasing demand for healthy skin, rise in sports and other injuries, and the growing focus on improving the safety and usability of cryotherapy for end-users are further expected to result in the appreciable revenue growth in the cryotherapy market during the forecast period (2022-2027).

CRYOTHERAPY MARKET DYNAMICS:

Among the noteworthy drivers of the cryotherapy market, the rising prevalence of different cancer types turns out to be the major factor for accelerating the cryotherapy market. As per the data cited by the World Health Organization 2022, worldwide around 2.26 million cases of breast, 2.21 million cases of lung, 1.93 million cases colon and rectum, 1.41 million cases of prostate, and 1.09 million cases stomach cancer were reported in 2020. Cryoablation is intended for killing the cancer cells via exposure to extreme cold.

Further, increasing demand for healthy skin is going to boost the market growth for cryotherapy market. Cryotherapy is effective in the correction and treatment for various skin diseases including viral wart, molluscum contagiosum, actinic keratosis, solar lentigo, seborrheic keratosis, and dermatofibroma among others. Cryotherapy freezes the superficial epidermal lesions of the skin causing the skin abnormalities such as dark spots, sun damage, lesions, and others to get removed, resulting in healthy skin.

The rising cases of bone diseases such as rheumatoid arthritis, and others is another factor for the increasing usage of cryotherapy. According to the World Health Organization 2022, worldwide around 528 million people suffered from osteoarthritis in 2019. As per the same source, worldwide 18 million people had rheumatoid arthritis in 2019. Cryotherapy is effective in providing relieve to arthritic pain.

However, the risks associated with cryotherapy and lack of knowledge regarding cryotherapy may act as the restraining factors to the cryotherapy market growth.

The cryotherapy market reported a short period of restraint in market growth due to the implementation of lockdown as necessary measures to prevent the spread of COVID-19 infection leading to suspension of cryotherapy procedures and related appointments. Also, during the initial phases owing to the lockdown the manufacturing and supply of cryotherapy devices was affected leading to further decline in the market. However, with the resumption of activities across industries including the healthcare sector, there has been a rising demand for cryotherapy and the post-COVID scenario is going to be uplifting for the cryotherapy market during the forecast period from 2022-2027.

CRYOTHERAPY MARKET SEGMENT ANALYSIS:

Cryotherapy Market by Type (Cryosurgery, Cryosauna, Cryochambers, and Others), Application (Skin Diseases, Cancer, Neurological Diseases, and Others), End-User (Hospitals and Clinics, and Others) Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Based on the application segment of the cryotherapy market, the cancer category is projected to register a significant growth in revenue in the cryotherapy market during the forecast period (2022-2027).

This can be ascribed to the increasing prevalence of different cancer types and application of cryotherapy in their treatment.

As per WHO 2021, breast cancer is the most prevalent cancer type and worldwide nearly around 2.3 million women were diagnosed with breast cancer in 2020.

Also, as per WHO 2022 data, around 1.20 million cases of skin cancer were recorded globally in 2020.

Also, according to the data provided by American Society of Clinical Oncology 2022, worldwide 905,677 people were diagnosed with liver cancer in 2020.

Also, there are several advantages associated with cryotherapy in cancer treatment over other methods. Cryotherapy is a minimally invasive procedure and it requires no or low levels of local anesthesia. It shortens the recovery time and is highly recommended to those patients who are not responding well to other treatment options.

Cryotherapy allows more control to doctors for over preserving the healthy tissue surrounding tumors. In case of bone cancers treatment, cryotherapy carries less risk of permanent joint damage and reduces the need for amputation.

Therefore, considering the advantages associated with cryotherapy and their growing popularity for controlling cancer development, this application category is expected to generate considerable revenue thereby pushing the overall growth of the global cryotherapy market during the forecast period.

NORTH AMERICA IS EXPECTED TO DOMINATE THE OVERALL CRYOTHERAPY MARKET:

Among all the regions, North America is expected to lead in revenue generation in the global cryotherapy market. This can be ascribed to the presence of large patient pool associated with cancer and skin diseases, and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

One of the prominent factors supporting the growth of the North America cryotherapy market is the extensive use of cryotherapy majorly in the United States in the treatment of cancer. As per American Cancer Society 2022, it has been estimated that around 1.9 million new cancer cases will be diagnosed in the US in 2022. Also, according to Centers for Disease Control and Prevention (CDC) 2022, around 1,752,735 new cancer cases were reported in 2019 in the US.

Moreover, as per American Academy of Dermatology Association 2022 data, every day around 9,500 people are diagnosed with skin cancer in the US. Cryotherapy has application in the treatment of small skin cancers that affect the surface layers of the skin, thereby increasing its demand to treat skin cancer at early stages leading to a rise in the North American Cryotherapy market.

The increasing number of innovative product launches and approvals in the region are going to increase the demand for Cryotherapy, positively impacting the cryotherapy market. For example, in July 2020, Channel Medsystems® received the US Food and Drug Administration (FDA) recently clearance for the newest Cerene® cryotherapy device which is a next-generation technology for the treatment of heavy menstrual bleeding in the office setting.

Therefore, along with the presence of large patient pool in the country, the increasing focus of manufacturers on launching new products in the market is expected to bolster the growth of the cryotherapy market in the United States during the forecast period.

CRYOTHERAPY MARKET KEY PLAYERS:

Some of the key market players operating in the cryotherapy market includes Zimmer MedizinSysteme GmbH, Stryker, Impact Cryotherapy, The Cooper Companies Inc., METRUM CRYOFLEX POLSKA Sp. z o.o., TITAN CRYO, Cryonic SAS, MECOTEC GmbH, KRION LLC, CryoConcepts LP., Brymill Cryogenic Systems, Pregna International Ltd., °CRYO, Vacu Activ, Channel Medsystems Inc., Enovis, IceCure Medical, Chaban Group, Cryo Innovations, AB CRYONiQ and others.

RECENT DEVELOPMENTAL ACTIVITIES IN CRYOTHERAPY MARKET:

In September 2021, CryoAction launched electronically-cooled whole body cryotherapy chambers.

In January 2021, Pregna International Ltd., leading women’s healthcare organisation launched its ground-breaking cryotherapy device – CryoPop, for the treatment of cervical cancer.

KEY TAKEAWAYS FROM THE CRYOTHERAPY MARKET REPORT STUDY

Market size analysis for current cryotherapy market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the cryotherapy market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened for last 3 years

Key companies dominating the global cryotherapy market.

Various opportunities available for the other competitor in the cryotherapy market space.

What are the top performing segments in 2021? How these segments will perform in 2027.

Which is the top-performing regions and countries in the current cryotherapy market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for cryotherapy market growth in the coming future?

TARGET AUDIENCE WHO CAN BE BENEFITED FROM THIS CRYOTHERAPY MARKET REPORT STUDY

Cryotherapy market products providers

Research organizations and consulting companies

Cryotherapy market -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in cryotherapy market

Various end users who want to know more about the cryotherapy market and latest technological developments in the cryotherapy market.

FREQUENTLY ASKED QUESTIONS FOR CRYOTHERAPY MARKET:

1. What is Cryotherapy?

Cryotherapy is the medical treatment in which abnormal cells are removed with the application of extreme cold and is used in the treatment of skin diseases and some cancers.

2. What is the market for the global cryotherapy market?

The global cryotherapy market was valued at USD 258.17 million in 2021, growing at a CAGR of 8.01% during the forecast period from 2022 to 2027 to reach USD 408.44 million by 2027.

3. What are the drivers for the global cryotherapy market?

The cryotherapy market is slated to witness prosperity owing to factors such as the growing prevalence of different cancer types, increasing number of skin problems such as warts, and others, rising demand for healthy skin, and the growing focus on improving the safety and usability of cryotherapy for end users are further expected to result in the appreciable revenue growth in the cryotherapy market during the forecast period (2022-2027).

4. Who are the key players operating in the global cryotherapy market?

Some of the key market players operating in the cryotherapy market includes Zimmer MedizinSysteme GmbH, Stryker, Impact Cryotherapy, The Cooper Companies Inc., METRUM CRYOFLEX POLSKA Sp. z o.o., TITAN CRYO, Cryonic SAS, MECOTEC GmbH, KRION LLC, CryoConcepts LP., Brymill Cryogenic Systems, Pregna International Ltd., °CRYO, Vacu Activ, Channel Medsystems Inc., Enovis, IceCure Medical, Chaban Group, Cryo Innovations, AB CRYONiQ and others.

5. Which region has the highest share in the cryotherapy market?

North America is expected to dominate the overall cryotherapy market during the forecast period, 2022 to 2027. This can be ascribed to the presence of large patient pool associated with cancer, and skin diseases, high tech medical facilities, government initiatives, and a highly potent market in terms of product development and launches, and the local presence of key market players among other factors in the region.

Please Note: It will take 3-5 business days to complete the report upon order confirmation.