The global cryotherapy market size is estimated to be at USD 3,224.6 million in 2018 and is anticipated to grow at CAGR of 9.8% between 2019 to 2026. Cryotherapy in medical therapy is application of low temperature to an injured area. It is chiefly used for treating malignant tissues and damaged tissues also termed as lesions. Cryotherapy is widely engaged for treating muscle pains, sprains, swelling, soft tissue damage and post-operative swelling.
Cryotherapy is primarily renowned for its surgical treatment in cryoablation and cryosurgery. Cryosurgery is application of extreme cold to destroy abnormal or diseased tissues followed by ice pack therapy to an injured area of the body. Cryotherapy is considered as one of the most potent treatment for cancer available. National Cancer Institute has disclosed new figures stating that 1,735,350 cases of cancer were diagnosed in 2018. The rising incidence of cancer will augment growth in cryotherapy market.
Cryotherapy is in part indebted to cryosurgery for its increasing number of minimally invasive surgeries resulting in fewer scars, less pain and fewer complications. Increasing adoption of minimally invasive surgeries is responsible for cryotherapy market growth in the future. This notwithstanding, rising incidences of cancer and cardiological disorders will push market growth further up. Cryotherapy is also credited with treating arthritis and rheumatoid conditions which will boost market growth for cryotherapy during forecast period. The continuous evolution of technological advancements that finds use in cryotherapy with latest finds will also help bolster market growth during forecast period.
Furthermore, cryochambers and cryosurgical equipment that comprise an installment base in developing countries will drive growth in market. In dermatology, increasing application of this procedure for beauty treatments is anticipated to boost growth. However, strict Government regulations and side effect of escaping hazardous cryogenic gases will hinder growth of market during forecast period.
By Device Type
By Therapy Type
By Application Type
The global cryotherapy market is segmented on the basis device type, therapy, application and geography. The device type is further segmented into cryoprobes, cryochambers, gas cylinders, gas pressure gauges and thermocouple devices. The therapies are used in pain management with help of gases like carbon dioxide, argon, liquid nitrogen and dimethyl ether- propane. The gases are used externally with cryoprobes and cryoguns. It naturally follows that cryoguns are by far the most advocated market followed by cryoprobes.
Based on therapy type, cryotherapy market is segmented into cryosurgery, ice pack therapy and chamber therapy. Cryosurgery holds major market share owing to dominant number of minimally invasive surgery. Cryosurgery helps in treating the damaged tissues without hurting the damaged tissues in the body. Lesser side-effects and faster recovery would influence the market during forecast period.
Cryotherapy is employed in treatment of listed diseases such as oncology, dermatology, cardiology, ophthalmology and gynecology. Oncology dominated the market segment because of increasing number of patients suffering from cancer and growing number of mortality cases.
Region wise, North America dominates the entire cryotherapy market. The domination of the market is due to massive healthcare expenditure by Government and well-developed healthcare infrastructure in US and Canada. The availability of cryotherapy products in the region would also help market growth in the region. In 2014, total national healthcare expenditure of the US was USD 3.0 trillion and is slated to remain high in coming years. Presence of reputed healthcare infrastructure and high per capita expenditure in the US is expected to drive application of cryogenic gases for therapeutic purposes. Availability of cryoguns, cryoprobes and other devices are expected to increase demand for this sector.
Asia Pacific is likely to do booming growth in forecast period mainly due to increasing awareness regarding use of cryotherapy, observed market growth, latent market potential, and burgeoning healthcare infrastructure. Added to these market strengths, fewer side effects, low cost of treatment and growing accessibility of treatment would seek high market growth in forecast period in this region. Cryotherapy market is highly competitive and product advancement is the key strategy adopted by major establishments.
The key players in global cryotherapy market include Cryo Concepts LP, Medtronic plc, Brymill Cryogenci Systems, Cortex Technologies, Cooper Surgical, Inc., Cortex Technologies, Galil Medical, Inc., Mectronic Medicale, S.r.l, Wallach Surgical Dvice and Zimmer Medizin System.