Cryotherapy Market Is Extrapolated To Reach A Value Of USD 11.99 Bn By 2030
Posted by rahul nikade on August 8th, 2022
Cryotherapy Industry Overview
The global cryotherapy market size is expected to reach USD 11.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.2% from 2022 to 2030. This growth is due to a rise in demand for cryotherapy in fitness, beauty & wellness, increased prevalence of chronic diseases, and the high demand for minimally invasive procedures. A rise in the demand for minimally invasive procedures for the treatment of chronic diseases is also among the primary factors driving the market growth. Cryosurgery is a minimally invasive procedure. It has various advantages over conventional surgeries, including lesser pain, rapid wound healing, minimal surgical wounds, shorter hospital stays, and lower risk of complications.
Cryotherapy Market Segmentation
Grand View Research has segmented the global cryotherapy market based on therapy type, device type, application, end-use, and region:
Based on the Therapy Type Insights, the market is segmented into Cryosurgery, Icepack Therapy, Chamber Therapy.
- The cryosurgery segment dominated the global market and accounted for the maximum share of more than 55.00% of the overall revenue in 2021.
- This can be attributed to the rise in demand for surgical procedures across the globe. In comparison with traditional techniques, this procedure carries limited side effects and thus facilitates faster recovery. In addition, it can be used as an adjunct therapy with other therapies, such as radiation, chemotherapy, and hormone therapy.
- Chamber therapy is expected to be the fastest-growing segment owing to an increase in the application of cryotherapy in various fields, such as beauty & wellness, fitness, and others. Chamber therapy is getting popular among athletes and sportspersons.
Based on the Application Insights, the market is segmented into Surgical Applications, Pain Management, Beauty & Wellness, Fitness, Cold Storage, Others.
- The fitness application segment is anticipated to register the fastest growth rate of more than 11.5% from 2022 to 2030 due to increased awareness about the benefits of cryotherapy in fitness coupled with a rise in the adoption of cryo chambers in fitness clubs.
- This can be attributed to its ability to stimulate natural healing in the body and provide faster pain relief. Delayed Onset of Muscle Soreness (DOMS) is broadly defined as muscular pain, stiffness, and tenderness observed post a high-intensity workout regime.
- Cold storage had the largest share in 2021. It has a pivotal role in the healthcare industry, including various applications, such as bone marrow transplantation, in vitro fertilization, and cord blood banking.
- Pharmaceutical cold chain logistics is another major application of cold storage. It is used in vaccines and drug preservation as well as transportation. For instance, Pfizer’s COVID-19 vaccine requires to be stored at -70 degrees Celsius. Owing to all these factors, cold storage had a significant share in 2021.
Based on the End-use Insights, the market is segmented into Hospitals and Specialty Clinics, Cryotherapy Centers, Spas & Fitness Centers, Others.
- The hospitals & specialty clinics end-use segment is expected to register the fastest growth rate of 8.1% over the forecast period.
- Advancements in cryotherapy technology for the treatment of various diseases and disorders increase the demand for cryosurgery and related products in hospitals and specialty clinics. Various key hospitals and clinics started offering cryotherapy-based treatment.
- The spa & fitness centers segment is estimated to register the fastest CAGR from 2022 to 2030. Cryotherapy is a new trend in fitness and wellness with substantial benefits. Due to this, more and more people are opting for this service, creating high demand.
Based on the Device Type Insights, the market is segmented into Cryogun, Cryo Probes, Gas Cylinders, Localized Cryotherapy Devices, Cryochambers & Cryosaunas, Other Device Types.
- Cryochamber is expected to grow at the fastest CAGR of more than 10.00% during the forecast period, which can be attributed to a rise in the number of cryotherapy centers and its high adoption by beauty clinics & fitness centers. A cryo-chamber can be used in athletic training facilities, spas, and beauty treatment.
- According to the NCBI research article, cryo chambers and cryosauna have benefits, such as pain relief & muscle healing, weight loss, reduced inflammation, dementia prevention, and improvements in symptoms of eczema. However, some reports contradict treatment claims.
- Cryoguns also held a significant market share in 2021. Cryoguns are used to treat a wide range of medical conditions, including dermatology and oncology conditions. Due to its minimal invasiveness, reduced pain, and bleeding, it is much more convenient & comfortable than traditional surgery treatment.
- In addition, cryoguns are used to treat a wide range of medical conditions, including dermatology and oncology conditions. Common warts, common verruca, cutaneous horn, cutaneous lesions, dermatofibroma, eyelid margin lesions, hemorrhoids, hypertrophic scarring, keloid, and skin tags are some of the most common dermatological conditions treated using cryoguns.
Cryotherapy Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Various small- and large-scale manufacturers offer products for cryosurgery & other cold therapies, resulting in intense competition among players. For instance, in January 2021, Pregna International Ltd. launched CryoPop in India. It is a cryotherapy device indicated to treat precancerous cervical cancer lesions. Moreover, companies are using their resources to aid in the development of new products and enhance the supply chain.
Some prominent players in the global cryotherapy market include
- Brymill Cryogenic Systems
- Metrum Cryoflex
- CryoConcepts LP
- Cortex Technology
- Medtronic Medicale S.r.l.
- Wallach Surgical Devices
- Zimmer MedizinSysteme GmbH
Order a free sample PDF of the Cryotherapy Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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