Cryotherapy Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2488
Cryotherapy Market size is projected to experience significant growth from 2018 to 2024.
Increasing incidence of cancer and rising prevalence of skin disorders globally will fuel the growth of global cryotherapy market over the forecast period. Cryosurgery is a favorable option for inoperable and nonresponsive patients. Various types of cancer including cervical, prostate, retinoblastoma as well as skin cancer are remediable with cryotherapy. With increase in cancer treatment rate, the demand for cryotherapy will propel in the forthcoming years.
Cryotherapy is a minimally invasive procedure and is preferred over open surgeries owing to its benefits such a less pain, fewer scars and complications as well as less hospital stay. Moreover, it offers local application and is restricted to the abnormal tissues that helps in maintaining healthy tissues and reducing side effects. Increasing inclination of patients towards minimally invasive procedures will propel the demand for such therapies boosting the cryotherapy market.
Furthermore, technological advancements, growing popularity in the beauty, wellness, and fitness industries, skilled healthcare professionals, available disposable incomes and favorable reimbursement policies will drive the market. Aforementioned factors will project a significant growth in the cryotherapy market during the forecast period.
However, stringent regulations regarding product approval and lack of effectiveness & safety data on whole body cryotherapy are major factors restraining the market growth. Moreover, hazardous effects of cryogenic gases used in various cryotherapies could limit the adoption of this therapy, thereby hampering the cryotherapy market growth over the forecast period.
The cryosurgery segment dominated the global cryotherapy market in 2016 and is expected to maintain the position in future. The high growth of this segment is due to the rising incidence of cardiac conditions and cancer. Moreover, technological advancement in cryosurgery devices and increasing preference for minimally invasive procedures will propel the demand for cryosurgery during the forthcoming years.
The cryoguns market segment is expected to lead the market in the forthcoming years due to its high use in various therapies. Key factor contributing to the cryotherapy market growth is the rising demand in developing economies as well as innovation in surgical technologies. For instance, TrackerCam, an advanced cryogun, offers an in-built camera that allows physicians to view lesions with a better clarity during cryosurgical procedures.
The oncology segment accounted for the highest revenue share in 2016 in the cryotherapy market due to increased prevalence of various types of cancer and growing awareness of cryotherapy-based treatments. Various types of cancer such as cervical, skin, prostate and lung can be treated using cryogenic gases.
Based on end-use, hospitals and clinics segment is expected to hold the largest market share throughout the forecast period owing to the growing popularity and benefits of cryotherapy-based procedures that are mostly performed at hospitals.
U.S. dominated the global cryotherapy market in 2016, attributable to the presence of well-developed healthcare infrastructure, technological advancements, skilled professionals increasing adoption of cryotherapy for treatment of skin disease and cancer and presence of dominant market players in the region. Furthermore, high per capita healthcare expenditure and availability of advanced products such as cryoguns, cryoprobes and other devices are expected to drive the market growth.
Chinese market is expected to witness a significant growth in the cryotherapy market during the analysis period. According to World Health Organization (WHO), the prevalence of cancer in developing countries is higher as compared to developed countries. Moreover, healthcare reforms in China, increasing per capita income and growing awareness of available medical services are key factors that will boost the cryotherapy market over the forecast period.
Some of the key industry players in cryotherapy market include Medtronic, Zimmer MedizinSystems, CooperSurgical, Galil Medical, Impact Cryotherapy, Healthtronics, Metrum CryoFlex, Erbe Elektromedizin, GRAND Cryo, CryoConcepts, PHYSIOMED ELEKTROMEDIZIN, Cortex Technology, Sanarus, CryoAlfa, Wallach Surgical Devices, Medgyn, Brymill Cryogenic Systems, US Cryotherapy and KrioSystem Life. Key strategies adopted by the industry players include strategic collaborations, partnerships, mergers and innovative product launches to expand their business product portfolio.
Cryotherapy Market by Type, 2013-2024 (USD Million)
- Icepack therapy
- Chamber therapy
Cryotherapy Market by Product, 2013-2024 (USD Million)
- Gas cylinders
Cryotherapy Market by Application, 2013-2024 (USD Million)
- Pain management
Cryotherapy Market by End-use, 2013-2024 (USD Million)
- Hospitals and clinics
- Cryotherapy centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Brymill Cryogenic Systems
- Cortex Technology
- Erbe Elektromedizin
- Galil Medical
- GRAND Cryo
- Impact Cryotherapy
- KrioSystem Life
- Metrum CryoFlex
- PHYSIOMED ELEKTROMEDIZIN
- US Cryotherapy
- Wallach Surgical Devices
- Zimmer MedizinSystems
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