Cryotherapy Market - By Therapy (Cryosurgery, Chamber, Icepack), Device [Cryosurgery (Tissue contact, spray probes), Localized, Cryochambers], Application (Surgical, Pain Management, Sports), End-user, Global Forecast (2023-2032)

Cryotherapy Industry Analysis

Cryotherapy Market size was valued to be USD 260.9 million in 2022 and is anticipated to reach USD 589.5 million in 2032 with a CAGR of 8.5% from 2023 to 2032. Some of the major factors propelling the growth of market includes the increasing prevalence of chronic diseases, increasing popularity of cryotherapy for sports and fitness applications, growing preference for minimally/ non-invasive procedures, and increasing demand for wellness and cosmetic procedures.
 

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Cryotherapy is a non-invasive therapy used to treat localized tumours, abnormal skin, and discomfort. It involves the application of cold temperatures for the treatment of cancer-related lesions and malignant tissues. Cryotherapy is widely used for treating soft tissue damage, postoperative swelling, oedema, muscle pain, and sprains. The cold temperature causes blood vessels to constrict, which reduces the quantity of inflammatory cytokines responsible for causing extensive pain. Cryotherapy offers a myriad of benefits in the field of beauty and wellness such as activation of metabolism and circulation, allowing skin rejuvenation.
 

COVID-19 Impact

Due to the measures implemented to control the pandemic, resulted in sluggish demand and disruption in the supply chain of cryotherapy products. The lockdown significantly impacted the overall demand for cryotherapy globally. Due to the restrictions, manufacturers dealt with issues such as changes in purchasing patterns and re-routing of the supply chain. As COVID cases declined, the strict restrictions were eased, increasing the number of visits to hospitals and cryotherapy centers, and thereby supporting the growth of the cryotherapy market.
 

On the other hand, the COVID-19 pandemic resulted in a significant rise in the number of patients with cancer and other chronic diseases such as rheumatic diseases, arthritis, and fibromyalgia, which has been attributed to being a driving force for the market. Additionally, there has been an upsurge in studies related to the advantages of cryotherapy for the treatment of COVID-19. For instance, the article "Cryotherapy as a Treatment for Loss of Smell from COVID" was published in March 2022, mentioning that the extreme cold treatment is increasingly being studied due to its health benefits. The research suggests that the extreme cold temperature can help in restoring sense of smell after COVID-19.
 

Cryotherapy Market Driving Factors

The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, or osteoarthritis are driving market trends. According to World Health Organization, globally, there were 19.3 million new instances of cancer and 10.0 million cancer-related deaths in 2020. Therefore, the introduction of cryosurgery with minimal invasion offering multiple advantages over the conventional surgeries including a shorter hospital stay, quicker wound healing, and reduced discomfort. Owing to such advantages the adoption of cryotherapy for chronic diseases including cancer is significantly increasing.
 

The rising product launches and increasing technological advancements in cryotherapy devices, broadening cryotherapy applications, increasing investment in the healthcare sector by developing nations and increasing research on unexplored potential of the cryotherapy are favourable growth prospect of the market. Popularity of cryotherapy through social media and its use in beauty & wellness, and the advertisement & endorsement by athletes and celebrities is expected to propel the market expansion.
 

Cryotherapy Therapy Segmentation  

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Based on therapy type, global cryotherapy market is categorized into cryosurgery, chamber therapy, and icepack therapy. In 2022, the cryosurgery segment held the largest business share, of 51.6% of the total market. Due to the increasing awareness and demand for minimally invasive procedures, cryosurgery is gaining attention as it does not require surgical incisions. This approach has fewer side effects compared to conventional methods, including a lower risk of infection and a faster recovery. Additionally, it can be used in conjunction with other treatments such as radiation, chemotherapy, and hormone therapy.
 

Moreover, it has applications for treating a wide range of medical conditions, reduces pain and bleeding, and allows precise targeting of abnormal tissues, which are some of the factors driving the growth of this segment.
 

Cryotherapy Device Segmentation  

Based on device, the cryotherapy market is classified into cryosurgery devices, localized cryotherapy devices, cryochambers & cryosaunas, and cryogun. The cryosurgery device segment accounted for largest market share of 39.2% in 2022 and is expected to reach USD 213.8 million by 2032. The cryosurgery device segment is further sub-segmented into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. Among these, the tissue contact probes accounted for highest market share due to accuracy in delivering desired amount of cold to the targeted areas and high durability.
 

The cryosurgery is minimally invasive procedures used for treating various types of medical condition such as skin cancer or prostate cancer. Due to rising prevalence of cancer and increasing number of cryosurgeries for cancer patients has increased the demand for cryosurgery devices. Other factors such as precision, versatility, cost-effectiveness, and minimal invasive nature contributes to the widespread use of cryosurgery devices.
 

Cryochambers and cryosaunas segment is expected to grow at fastest CAGR of 10.0% during the forecast period due to the advantages provided such as pain reduction, muscle repair, weight loss, reduced inflammation, dementia prevention, and improvements in eczema symptoms.
 

Cryotherapy Application Segmentation  

Based on application, the cryotherapy market is divided into surgical applications, pain management, sports medicine and physiotherapy, and beauty applications. The surgical application segment accounted for highest revenue share in 2022 and is expected to grow at a CAGR of 8.1% from 2023 to 2033. The surgical application segment is subdivided into oncology, cardiology, dermatology, and other surgical applications. Among these, oncology segment dominated the market due to the high prevalence of cancer and increasing demand and utilization of cryotherapy for various types of cancer such as prostate or skin cancer.
 

Due to the high prevalence of cancer, high preference for minimally invasive procedures and shorter procedure time compared to traditional methods the demand for cryotherapy for surgical procedures is increasing. The utilization of cryotherapy in surgical procedures reduces the trauma to patient, reduces the post-operative pain and leads to faster recovery enhance the growth of this segment.
 

Cryotherapy End -user Segmentation    

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Based on end user, the cryotherapy market is divided into hospitals & speciality clinics, cryotherapy centres, and spas & fitness centres. Hospitals & speciality clinics segment was valued at USD 148.4 million in 2022. The demand for cryosurgery and related products in hospitals and specialist clinics has increased due to the advancements in cryotherapy technology and wide applicability of cryotherapy for the treatment of various medical conditions. In the coming years, spa & fitness centres are expected to grow at highest CAGR of 10.6% as cryotherapy is a new trend in fitness and wellness due its advantages in pain management, muscle recovery, and improving circulation.
 

Cryotherapy Regional Analysis

Based on the region, the cryotherapy market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America had the biggest revenue share of about 40.6% in 2022, and it is expected to reach USD 228.6 million by 2032. This is due to the substantial quantities of disposable income, technologically advanced healthcare infrastructure, and high medical expenditure in the U.S. This region has a greater number of cryotherapy facilities contributing to the growth of market in this region.
 

Due to untapped market potential, rising interest in cryosurgery for cancer and skin treatments along with the rapidly evolving healthcare infrastructure, and rising disposable incomes in emerging Asian nations, Asia Pacific is anticipated to experience the fastest market growth during the forecast period.
 

Cryotherapy Industrty Leaders

The prominent players in cryotherapy market are Galil Medical, CooperSurgical, Medtronic Plc, Impact Cryotherapy, Brymill Cryogenic Systems, Zimmer MedizinSysteme GmbH, Quantum Cryogenics, Erbe Elektromedizin GmbH, US Cryotherapy, Cortex Technology, Boston Scientific Corporation, Kriosystem Life, and Metrum Cryoflex. These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches to maintain a competitive edge in the industry.
 

Cryotherapy Market Industry News:

• In April 2021, Zimmer MedizinSysteme GmbH and MECOTEC GmbH announced partnership for developing and distributing the next generation of cryo chambers for applications in field of medicine, sports and performance management, as well as wellness and beauty. This strategic initiative helped company in enhancing product portfolio and revenue growth.
   
• In May 2019, Philips collaborated with Medtronic plc to provide an innovative, integrated image guidance solution for cryoablation procedures. This initiative helped them to boost the revenue of the company.
   

The global cryotherapy market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:

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Market Size, By Therapy Type

• Cryosurgery
• Chamber therapy
• Icepack therapy

Market Size, By Device

• Cryosurgery device
  • Tissue contact probes
  • Tissue spray probes
  • Epidermal & subcutaneous cryoablation devices
• Localized cryotherapy device
• Cryochambers and cryosaunas
• Cryogun

Market Size, By Application

• Surgical applications 
• Oncology
• Dermatology
• Cardiology
• Other surgical applications
• Pain management
• Sports medicine and physiotherapy
• Beauty applications

Market Size, By End user

• Hospitals & speciality clinics
• Cryotherapy centers
• Spas & fitness centers

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada
• Europe 
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America 
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa 
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa