Cryotherapy Market Size is expected to proliferate at an appreciable rate over 2021-2027, owing to the increasing cancer patient population worldwide. The number of cancer cases per year is estimated to reach 29.5 million by 2040 globally. Rapid advancements in technology will also lead to the subsequent development of innovative cryotherapy machines, which can perform live system diagnosis and deploy the dispersion technology to ensure evenly dispersed cooling in the chamber. Cryotherapy is a minimally invasive therapy that uses extremely low temperature to remove tissue lesions. This form of therapy has been gaining widespread adoption to treat skin conditions like warts and skin tags as well as prostate, liver, cervical, and other forms of cancer.
Rising incidences of skin cancer and the high awareness about the cryotherapy benefits in the realms of beauty and wellness are anticipated to foster the overall market progression over the coming years. This treatment is capable of activating the body’s metabolism and circulation, thereby leading to the rejuvenation of the skin. Myriad other benefits such as reduction of calories, weight, cellulite, as well as oxygenation of the cells will further add impetus to the industry demand during the forecast timeline.
On the basis of therapy type, the cryosurgery segment is set to account for a considerable share by 2027, which can be credited to its rapid acceptance as a preferred option when cancer does not effectively respond to the standard treatment. This type of cryotherapy treatment can also be done with local anesthesia and repeated safety in conjunction with other cancer treatments, hence further impelling the segment expansion in years ahead.
From a regional perspective, the North America market is poised to expand at a remarkable rate through 2027, due to the rapid healthcare infrastructural developments, technological innovation, and high prevalence of skin cancer in countries including the United States. As per reliable estimates, nearly 9,500 people in the country are diagnosed with skin cancer every day.
The global market growth is expedited by the presence of key companies such as KrioSystem Life, US Cryotherapy, Brymill Cryogenic Systems, Medgyn, Wallach Surgical Devices, CryoAlfa, Sanarus, Cortex Technology, PHYSIOMED ELEKTROMEDIZIN, CryoConcepts, GRAND Cryo, Metrum CryoFlex, HealthTronics, Impact Cryotherapy, Galil Medical (Boston Scientific), CooperSurgical (Cooper Medical), Zimmer MedizinSystems, and Medtronic, among others.
These market participants are focusing on new product launches and mergers & acquisitions to expand their businesses across the global market. For instance, Medtronic gained the U.S. FDA expanded approval for its Arctic Front Cardiac Cryoablation Catheters Family in June 2021, designed as a substitute for antiarrhythmic drug therapy to treat recurrent symptomatic paroxysmal AFib (atrial fibrillation).
The novel coronavirus pandemic has attained growing global attention owing to the immediate care & access disruptions, along with a full range of gaps in terms of cancer treatments and screenings. In 2020, a substantial decline in cancer visits and surgeries was observed with variation by the site of service and cancer type. During the peak of the pandemic in April 2020, screenings for lung, prostate, colon, and breast cancers were reduced by 56%, 74%, 75%, and 85% respectively, which have created adverse impacts on the overall industry expansion.
However, strong focus on physical fitness and exercise during the pandemic, alongside the gradual relaxation of the lockdown and other strict measures implemented worldwide, will help the industry regain traction in years ahead. Cold treatment including cryotherapy has the potential to transfer the blood to the core and vital organs, thus leading to the slowdown of the metabolic process and reduction in swelling post-workout. The treatment can also numb the muscle soreness and relieve pain, which will likely help drive up its demand during the forecast timeframe.
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