The cryotherapy market refers to the global market for therapies that use extreme cold to treat a variety of conditions, including pain, inflammation, and skin disorders.
The cryotherapy market is driven by several factors, including the increasing prevalence of sports injuries, growing demand for minimally invasive treatments, and advancements in technology. The market is segmented by product type, application, and end user. Types of cryotherapy products include cryosurgery equipment, local cryotherapy devices, and whole-body cryotherapy chambers. Applications of cryotherapy include pain management, recovery, beauty, and others. End users of cryotherapy products and services include hospitals, clinics, and spas.
The Cryotherapy Market refers to the commercial market for products and services related to the use of cryotherapy for various medical and cosmetic purposes. Cryotherapy involves the use of extremely cold temperatures to treat a variety of conditions, including pain management, inflammation, skin conditions, and recovery from athletic activity. The market for cryotherapy products such as cryotherapy chambers, cryosaunas, and cryotherapy sprays is growing, with an estimated market size of several billion dollars globally. The market is expected to continue growing due to increasing awareness of the benefits of cryotherapy and the development of new and innovative products. Additionally, the rise of wellness and beauty industries is also driving growth in the cryotherapy market.
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Rise in prevalence of chronic diseases and surge in number of non-invasive and minimally-invasive procedures drive the growth of the global cryotherapy market. North America contributed to the highest share in 2020, and is expected to continue its lead position by 2030. During the Covid-19 pandemic, governments of various countries put limitations and bans on several medical procedures and elective surgeries. This reduced cryotherapy procedures and demand for cryotherapy equipment.
According to the report published by Allied Market Research, the global Cryotherapy Market generated $213 million in 2020, and is estimated to reach $392 million by 2030, witnessing a CAGR of 7.5% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.
Covid-19 Scenario:
During the Covid-19 pandemic, governments of various countries put limitations and bans on several medical procedures and elective surgeries. This reduced cryotherapy procedures and demand for cryotherapy equipment.
Moreover, cryotherapy equipment manufacturing companies have been facing issues such as in-person product demonstrations, carrying out production in their facilities at full capacity, and organizing conferences. This leads to reduced sales volumes.
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The report offers detailed segmentation of the global cryotherapy market based on product, application, end user, and region.
Based on product, the cryosurgery devices segment held the largest share in 2020, contributing to more than two-fifths of the total share, and is projected to maintain its lead in terms of revenue during the forecast period.
Moreover, this segment is estimated to manifest the fastest CAGR of 8.4% from 2021 to 2030. The research also analyzes the segments including localized cryotherapy devices and cryochambers & cryosaunas.
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Based on end user, the hospitals and clinics segment accounted for the largest share in 2020, contributing to nearly half of the global cryotherapy market, and is estimated to maintain its leadership status during the forecast period. However, the cryotherapy centers segment is expected to portray the fastest CAGR of 8.4% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding more than one-third of the total share, and is expected to continue its lead position by 2030. However, Asia-Pacific is projected to witness the fastest CAGR of 9.5% during the forecast period.
Leading players of the global cryotherapy market analyzed in the research include Impact Cryotherapy, Brymill Cryogenic Systems, Cooper Companies (Coopersurgical), Erbe Elektromedizin GmbH, Kriosystem Life, Medtronic Plc, Metrum Cryoflex, Cryoconcepts LP, US Cryotherapy, and Zimmer Medizinsysteme GmbH.
Key Benefits:
The study provides an in-depth analysis of the market with current trends and future estimations to elucidate imminent investment pockets.
It offers a quantitative analysis from 2016 to 2023, which is expected to enable stakeholders to capitalize on prevailing market opportunities.
Extensive analysis by product helps understand the various types of procedures used for treatment.
Comprehensive analysis of all geographical regions has been provided, which helps determine prevailing opportunities.
Key players have been profiled and their strategies thoroughly analyzed, which helps understand the competitive outlook of the global market.
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