The global cryotherapy market size was US$ 243.8 million in 2021. The global cryotherapy market size is forecast to reach US$ 520.9 million by 2030, growing at a compound annual growth rate (CAGR) of 8.8% during the forecast period from 2022 to 2030.
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A non-invasive method of treating pain and fixing orthopedic issues is cryotherapy. In order to cure prostate, cervical, and liver cancer, it requires freezing and removing undesirable skin, such as warts and tags, as well as localized malignancies. It uses compressed argon gas, liquid nitrogen, and liquid nitrous oxide for cryoablation and cryosurgery. Rheumatoid arthritis, anxiety, asthma, migraines, and muscular discomfort can all benefit from cryotherapy. People who desire to lose weight by enhancing their metabolism and maintaining high body temperatures frequently utilize it. Cryotherapy is frequently used to treat oncological, dermatological, and cardiovascular disorders since it promotes quicker healing and has lower risks of damaging non-targeted areas.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing Market Growth
The increase in demand for minimally invasive therapies and the rise in the application of cryotherapy procedures in dermatology for beauty treatment drive the global market.
The increase in cases of sports injuries, cancer, and cardiac conditions boosts the global market growth.
The use of dangerous cryogenic gases in various cryotherapies and the lack of understanding about the benefits of cryotherapy may slow down the overall market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic had a negative impact on the global market. Governments throughout the world issued nationwide lockdowns and social segregation measures in response to the COVID-19 pandemic to avoid the healthcare system’s breakdown. Additionally, governments have imposed restrictions and outright bans on elective surgery and medical operations. As a result, these factors affected the demand for cryotherapy equipment. Companies that produce cryotherapy equipment were having trouble giving in-person product demonstrations, running their facilities at full capacity, and going to conferences that can lead to future sales prospects as a result of these restrictions.
Regional Analysis
North America garnered a substantial market share in 2021 and is forecast to remain dominant during the forecast period. As a result of the increased disposable income levels, well-established healthcare infrastructure, and growing per capita healthcare expenditure. In addition, rise in R&D activities to create cryotherapy devices and the existence of major players & their product availability.
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The Asia Pacific region is forecast to have considerable growth during the forecast period. As a result of the increasing awareness about cryosurgery in cancer and skin treatments and the growing development of healthcare infrastructure.
Leading Competitors
The leading prominent companies profiled in the global cryotherapy market are:
Brymill Cryogenic Systems
Metrum Cryoflex
CryoConcepts LP
Medtronic
Cortex Technology
Medtronic Medicale S.r.l.
Cryoalfa
Wallach Surgical Devices
Zimmer MedizinSysteme GmbH
Other Prominent Players
Scope of the Report
The global cryotherapy market segmentation focuses on Product, End-User, Application, and Region.
Segmentation based on Product
Cryosurgery Devices
o Tissue Contact Probes
o Tissue Spray Probes
o Epidermal and Subcutaneous Cryoablation Devices
Localized Cryotherapy Devices
Cryochambers & Cryosaunas
Segmentation based on End-User
Hospitals & Specialty Clinics
Cryotherapy Centers
Spas & Fitness Centers
Segmentation based on Application
Surgical Applications
o Oncology
o Cardiology
o Dermatology
o Other Surgical Applications
Pain Management
Recovery, Health, and Beauty
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Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
Key questions answered in the global market report are:
— How does a global company acquire markets?
— What are its core strategies and policies?
— What factors will influence the market over the forecast period?
— What are the factors driving and restraining the market?
— What are the leading competitors in the global market?
— Which region is growing at a higher pace in the global market?
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