Cryotherapy Market Analysis and Forecast to 2032: By Product Type (Cryosurgery Devices, Localized Cryotherapy Devices, Cryochambers & Cryosaunas), By Application (Surgical Application, Pain Management, Recovery, Health, and Beauty), By End User (Hospital

Cryotherapy Market Analysis and Forecast to 2032: By Product Type (Cryosurgery Devices, Localized Cryotherapy Devices, Cryochambers & Cryosaunas), By Application (Surgical Application, Pain Management, Recovery, Health, and Beauty), By End User (Hospital & Speciality Clinics, Cryotherapy Centers, Spas & Fitness Centers), and By Region

The cryotherapy market was valued at USD 240.6 million in 2022 and it is anticipated to grow up to USD 419.1 million by 2032, at a CAGR of 5.6% during the forecast period.

Several medical disorders, including pain, cancerous and benign tumours, tissue damage or lesions, and sports injuries, are treated using cryotherapy. In cryotherapy, which is also known as cryosurgery, irritated nerves, aberrant skin cells, and localised cancerous growths, such as skin cancer and prostate cancer, are killed by applying targeted freezing temperatures. Cryotherapy involves freezing a damaged nerve by inserting a probe into the tissue close to it. The freezing deactivates the nerve, relieving the unpleasant irritation of the nerve. Localized nerve irritation can be treated with cryotherapy in a relatively safe and efficient manner.

Market Trends and Drivers

Many malignancies, as well as certain precancerous or non-cancerous disorders, are treated using cryotherapy. In addition to liver and prostate tumours, Retinoblastoma, early-stage basal cell and squamous cell carcinomas, actinic keratoses, and cervical intraepithelial neoplasia are among the precancerous diseases that can be successfully treated with cryosurgery. Because to the high incidence and prevalence of cancer as well as the increasing public knowledge of different types of cryotherapy techniques, the oncology sector may have the largest market share over the projection period.

With the quick advancements in contemporary imaging, less invasive ablative therapies have become well-liked alternatives to surgical tumour removal or cancer treatment. Cryoablation techniques are widely employed, and tumour ablation modalities are presently available in clinical practise. Research on how cryotherapy affects the treatment of cancer is expanding as well. Consequently, it is anticipated that the oncology segment will benefit more from the substantial and growing body of research on the advantages of cryotherapy and combined cryoablation cancer treatments.

Market Restraints and Challenges

Cryotherapy is not widely available and is not well known. Cryotherapy is still only available in a small number of places. Cryotherapy is mostly used in North America and Europe, and only a small number of other nations, including Japan, China, and Australia, have seen any breakthroughs in this area. This is largely owing to a lack of knowledge in those countries. While being safer and less unpleasant than extremely invasive surgical procedures, it is often only used for extensive surgical treatments. The "International Patient Survey: Ledderhose disease" revealed that patients thought cryotherapy was a more efficient treatment choice than traditional ones, but that it was also less accessible. Although cryosurgery may be widely accessible for the treatment of cervical neoplasias, according to the US NIH National Cancer Institute, only a very small number of hospitals and cancer centres in the US have the necessary equipment to perform cryosurgery for other noncancerous, precancerous, and cancerous conditions. Throughout the foreseeable period, limited availability of cryotherapy and a lack of knowledge about its advantages might limit market growth to some extent.

Cryotherapy Market Segmental Overview

The report analyses the cryotherapy market based on product type, application, end user, and region.

Cryotherapy Market by Product Type

Based on the product type, the cryotherapy market is segmented into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The market segment for cryosurgery devices is anticipated to develop at the quickest rate during the projected period. Cryosurgery is becoming more popular as a result of its benefits, which include fewer side effects and higher cost. As a result, there is a rising need for cryotherapy equipment.

Cryotherapy Market by Application

By application, the market is segmented into surgical application, pain management, and recovery, health, and beauty. In 2022, the surgical applications category accounted for the greatest market share; this pattern is anticipated to be true throughout the forecast period. The increased adoption of cryoablation for cancer therapy as well as the benefits of this method over conventional surgery might be attributable to the sizeable proportion of this market.

Cryotherapy Market by End User

Based on end user, the market is segmented into hospital & speciality clinics, cryotherapy centers, and spas & fitness centers. Hospitals and speciality clinics made up the largest revenue contributor. They are expected to expand considerably during the projection period due to their large customer base, rising healthcare costs, rise in illness occurrences, and the presence of supportive regulatory frameworks their growth.

Geographical Analysis of Cryotherapy Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the cryotherapy market and accounted for the largest revenue share in 2022 and is expected to be the most lucrative region during the forecast period. The North American cryotherapy market is being driven by factors such the increased popularity of cryotherapy, the incidence of cancer, the growth in sports and physical activity-related injuries, and the prevalence of CVDs. The use of cryotherapy by athletes and fitness and beauty lovers has grown recently in the US, causing several professional and college training departments to install cryosauna equipment at their facilities. The Canadian Cancer Society further promotes the use of cryosurgery/cryoablation for the treatment of certain cancer diseases.

Major Players in the Cryotherapy Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the cryotherapy market include Brymill Cryogenic Systems (US), CooperSurgical Inc. (US), Cryo Innovations (US), CRYO SCIENCE sp.z o.o. (Poland), CryoBuilt, Inc. (US), CryoConcepts, LP (US), CRYONiQ LLC (US), Erbe Elektromedizin GmbH (Germany), METRUM CRYOFLEX Sp. z o.o. (Poland), and Zimmer MedizinSysteme GmbH (Germany), among others.

COVID-19 Impact

The COVID-19 pandemic has had a negative influence on the market. Due to the efforts used to contain the pandemic, a decrease in demand and interruption in supply of cryotherapy goods were seen during the pandemic. By the end of 2020, most nations saw a major reduction in COVID-19's effects. The third wave of COVID-19 pandemic had an impact on several nations, and it persisted until the third quarter of 2021. Cryotherapy is becoming more and more popular due to a number of variables, including the increased incidence of cancer and chronic diseases including fibromyalgia, arthritis, and rheumatic illnesses.

Recent Developments

In May 2022, Four ground-breaking cryogenic procedures were offered by the wellness centre Bulgari SPA London, which is open to both men and women. The Cryotherapy Sports Massage focuses on particular locations to reduce pain and inflammation and hasten the healing process after injuries.

In April 2022, Three significant ProSense System events were hosted by IceCure Medical Ltd. at the European Conference on Interventional Oncology (ECIO) in Vienna, Austria. IceCure Medical Ltd. is the creator of the minimally invasive cryoablation technology, the ProSense System, which uses freezing to destroy tumours as an alternative to surgical tumour removal.

Frequently Asked Questions

Q1. How big is the cryotherapy market?

Ans. The cryotherapy market was valued at USD 240.6 million in 2022 and it is anticipated to grow up to USD 419.1 million by 2032, at a CAGR of 5.6% during the forecast period.

Q2. What is the cryotherapy market growth rate?

Ans. The growth rate of the cryotherapy market is 5.6%.

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the cryotherapy market in 2022.

Q4. Which segment accounted for the largest cryotherapy market share?

Ans. By end user, the hospital & speciality clinics segment accounted for the largest cryotherapy market share in 2022.

Q5. Who are the key players in the cryotherapy market?

Ans. The cryotherapy market report includes players such as Brymill Cryogenic Systems (US), CooperSurgical Inc. (US), Cryo Innovations (US), CRYO SCIENCE sp.z o.o. (Poland), CryoBuilt, Inc. (US), CryoConcepts, LP (US), CRYONiQ LLC (US), Erbe Elektromedizin GmbH (Germany), METRUM CRYOFLEX Sp. z o.o. (Poland), and Zimmer MedizinSysteme GmbH (Germany), among others.

Q6. What is the factor driving the cryotherapy market growth?

Ans. The major factor driving the growth of the market is several benefits of cryotherapy.

Q7. What are the key growth strategies of cryotherapy market players?

Ans. The key growth strategies of cryotherapy market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the cryotherapy market during the forecast period?

Ans. The North America region will provide more business opportunities for the cryotherapy market during the forecast period.

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