Growth in the cryotherapy market is primarily driven by factors such as the growing incidences of sports injuries, cardiac diseases, & cancers, and technological advancements in cryotherapy technology. The rising incidence of sports injuries, cardiac conditions, and cancers and the growing demand for minimally invasive procedures are the key drivers of the cryotherapy market. Technological advancements in cryotherapy equipment and its growing popularity in the beauty, wellness, and fitness industries are also supporting the growth of this market.
Global Forecast to 2024", is expected to reach USD 319 million by 2024 from USD 206 million in 2019, at a CAGR of 9.1%.
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Cryotherapy Market Dynamics
Driver: Technological Advancements in cryotherapy equipment
Cryotherapy has become an important treatment option, mainly due to the various technological innovations and advancements in cryotherapy equipment over the years. Developments have been observed in various equipment, including cryosurgery units and accessories. Cryochambers and cryosaunas, which are widely used in the treatment of inflammation, rheumatoid arthritis, and pain management, along with general beauty and wellness therapies, have also undergone developmental enhancements.
Restraint: Limited access to cryotherapy and lack of awareness
Cryotherapy remains limited to very few geographic regions. The extent of cryotherapy practices is majorly limited to North America and Europe, with few other countries like Japan, China, and Australia witnessing any developments in this field, mainly due to lack of awareness. Even though it is found to be safer and less-painful than highly invasive surgical procedures, it is generally utilized only for surgical treatments on a large scale. According to the “International Patient Survey: Ledderhose disease,” patients found cryotherapy to be a more effective treatment option but less available than conventional methods.
Opportunity: Growing focus on expanding cryotherapy applications
Cryotherapy is currently used as a treatment option for several medical conditions, including cancer, cardiac conditions, and dermatological conditions. Partial and whole-body cryotherapy is used as a therapy for inflammation, pain management, and soreness. Being minimally invasive and drug-free, cryotherapy is further being explored for applications in the treatment of various other medical conditions and diseases.
Challenge: Lack of evidence for the efficacy of whole-body cryotherapy
While whole-body cryotherapy (WBC) is widely used as a treatment option in spas, health & wellness centers, and fitness centers, the US FDA released a report in 2016 warning the public against the claims made by spas and wellness centers regarding the efficacy of WBC. While it may help in alleviating pain and speeding up recovery, the FDA is yet to ascertain whether the therapy is able to treat diseases or conditions like Alzheimer’s, fibromyalgia, migraines, rheumatoid arthritis, multiple sclerosis, and stress. On the other hand, the FDA warns, cryotherapy involving liquid nitrogen lowers the oxygen in the air, which could leave people feeling light-headed or cause a loss of consciousness. To date, the US FDA has not approved a single WBC device as a medical device.
The APAC cryotherapy market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global cryotherapy market in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the booming medical tourism in the region, the growing geriatric population in Japan, and the rising prevalence of cancer in India.
The major players operating in the cryotherapy market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). Other players involved in this market include Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).
Critical questions the report answers:
Which of the product segments will dominate the cryotherapy market in the next five years?
Emerging countries have immense opportunities for the growth and adoption of cryotherapy, will this scenario continue in the next five years?
Increasing availability and awareness of advanced technology in the emerging market is impacting the growth for developed markets. How will the pricing difference impact the overall market?
What are the upcoming technologies in the cryotherapy market?
Which application segment will dominate the cryotherapy market in the next five years?
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