The global cryotherapy market is anticipated to reach USD 5,860.6 million by 2025 according to a new report published by Polaris Market Research. In 2017, product type, cryoguns segment capture the largest market shares in terms of revenue and hold the major share in the market. Regionally, North America accounted for the major share in the cryotherapy treatment market.
The cryotherapy market is majorly driven by the factors such as increasing prevalence of cancer and various skin related disorders. In addition, the increasing number of minimally invasive surgery for treating various disorders, and relative less adverse effects of cryotherapy would also spur the market of cryotherapy during the forecast period. Growing popularity of cryotherapy worldwide, as it helps in the effective curing of the injuries without damaging the healthy tissues. Furthermore, increased application of cryotherapy in the treatment of dermatology to also support the growth of cryotherapy market. However, the stringent government policies, and relative side effects of cryogenic gases to impede the growth of cryotherapy market during the forecast period.
On the basis of the device type, the cryotherapy market is segmented into cryoguns, cryoprobes, gas cylinders, cryo chambers, gas pressure gauges, and thermocouple devices. Based on the therapy type, the cryotherapy market is segmented into cryosurgery, icepack therapy, and chamber therapy. On the basis of application, cryotherapy is used in the treatment of oncology, cardiology, dermatology, pain management, ophthalmology, and gynecology.
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By geography, the global cryotherapy market is segmented into five major regions, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of geography, North America dominates the entire cryotherapy market. The growth in the market is majorly driven by the increasing healthcare expenditure by the local governments and developed healthcare infrastructure in the U.S. and Canada. Furthermore, the availability of well-developed cryotherapy products in this region would also influence the market growth during the forecast period. While, the Asia Pacific is anticipated to make dominating growth in the forecast period owing to increasing awareness for the use of cryotherapy, unmet market needs & untapped market potential, and developing healthcare infrastructure would also support the market growth in the Asia Pacific during the foreseeable future. Additionally, the reduced cost of this treatment, fewer side effects, and increasing the accessibility of treatment in this region would also spur the market during the forecast period.
The leading companies operating in cryotherapy market are CryoConcepts LP, Medtronic plc., Brymill Cryogenic Systems, Cortex Technologies, CooperSurgical, Inc., Cortex Technologies, Galil, Medical, Inc., Mectronic Medicale, S.r.l., Wallach Surgical Device, and Zimmer MedizinSystems.
Key Findings from the study suggest devices available in the market are continuously concentrating on the technological advancements. Companies while developing new devices procedures consider the factors such as increasing awareness and acceptance for cryotherapies in the developing countries. North America is presumed to dominate the global cryotherapy market over the forecast years and Asia Pacific region shows signs of high growth owing to the booming economies of India, and China.