Cryotherapy Market Analysis | 2022-2028

“The Cryotherapy Market was estimated at US$ 253 million in 2021 and is expected to grow at a CAGR of 6.86% during 2022-2028 to reach US$ 354 million by 2028.”

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Market Dynamics

Introduction

Cryotherapy is a medical treatment that involves exposing the body to freezing temperatures for a short duration. This therapy promotes various health benefits, including pain relief, reduced inflammation, and improved muscle recovery. Whole-body cryotherapy is the most common form, where individuals enter a cryotherapy chamber filled with nitrogen vapor, lowering the skin's surface temperature. The extreme cold is believed to stimulate the body's natural healing processes and release endorphins, offering potential relief for certain medical conditions and enhancing overall well-being. However, risks and precautions should be considered before undergoing cryotherapy treatments.

Cryosurgery is a procedure that is performed in a minimally invasive manner. It has several advantages over traditional operations, including faster wound healing, shorter hospital stays, and less pain and surgical wounds.

Market Drivers

The key elements of the cryotherapy market's growth drivers:

• Increasing demand for minimally invasive treatments such as cryotherapy fits with the trend of non-invasive therapies.

• High prevalence of skin illnesses and chronic diseases: Rising prevalence of skin illnesses and chronic disorders. Cryotherapy is a flexible therapeutic option for many health conditions.

• Cryotherapy is becoming increasingly popular in beauty and wellness clinics, leading to a surge in demand across many industries—improved adoption in fitness facilities and pain management procedures.

• Cryotherapy is gaining popularity in the beauty and aesthetics industry. Celebrities and athletes are adopting cryotherapy as a new and healthy trend.

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Segments Analysis

By Product Type

“Cryochamber dominates the market during the forecast period.”

The Cryotherapy market is segmented into cryogun, cryoprobes, gas cylinders, localized cryotherapy devices, cryochambers & cryosaunas, and others. The cryoprobes are further segmented into tissue contact probes and tissue spray probes. Cryochamber is predicted to develop at the fastest CAGR during the forecast period, owing to an increase in the number of cryotherapy centers and its widespread acceptance by beauty clinics and fitness centers.

Cryochambers can be found in athletic training facilities, spas, and beauty salons. Cryochambers and cryosaunas have benefits such as pain reduction and muscle mending, weight loss, reduced inflammation, dementia prevention, and improvements in eczema symptoms, according to the NCBI research article. Some reports, however, dispute treatment claims. According to the Cochrane Review, four published trials found no substantial benefits of cryotherapy in the treatment of muscle pain.

By Application Type

“The fitness application dominates the market during the forecast period.”

The market is segmented into medical, surgical applications, pain management, beauty and wellness, fitness, cold storage, and others. Because of increased awareness about the benefits of cryotherapy in fitness, as well as an increase in the deployment of cryochambers in fitness clubs, the fitness application category is expected to develop at the quickest rate.

This is due to its capacity to promote natural healing in the body and provide quicker pain relief. DOMS is characterized broadly as muscular discomfort, stiffness, and tenderness noticed following a high-intensity workout regimen. DOMS can be relieved more quickly with cryotherapy. All of these characteristics encourage the usage of cryotherapy in fitness facilities.

In 2021, cold storage held the highest proportion. It plays an important role in the healthcare business, with uses ranging from bone marrow transplantation to in vitro fertilization. Another important application of cold storage is pharmaceutical cold chain logistics. It is employed in the preservation of vaccinations and drugs, as well as transportation.

Pfizer's COVID-19 vaccine, for example, must be refrigerated at -70 degrees Celsius. Cold storage had a significant proportion in 2021 as a result of all of these causes. Furthermore, in the recent decade, cryosurgery has become a prominent therapeutic option in a variety of medical specialties, including oncology, cardiology, dermatology, and others.

Cryotherapy can be used to treat a variety of tumors, including retinoblastoma, prostate, skin, and cervical cancers. The main benefit of cryotherapy is that it can be repeated and used in conjunction with other therapies like chemotherapy, hormone therapy, and radiation.

By Therapy Type

“The cryosurgery category dominates the market during the forecast period.”

The cryotherapy market has been divided into cryosurgery, icepack therapy, and chamber therapy. In 2021, the cryosurgery category led the global market and accounted for the largest part of total revenue. This is due to an increase in demand for surgical operations around the world.

In comparison to traditional procedures, this approach has fewer side effects and hence allows for a speedier recovery. Furthermore, it can be used in conjunction with other therapies such as radiation, chemotherapy, and hormone therapy. Because of the increased use of cryotherapy in many industries such as beauty and wellness, fitness, and others, chamber therapy is predicted to be the fastest-growing segment.

Chamber therapy is becoming increasingly popular among athletes and sportspeople. Several research papers on sports injury-based cryotherapy therapies and their impact on various sports-related outcomes, such as muscular discomfort, damage, soreness, and delayed onset of muscle soreness, have been published.

Furthermore, extended usage of certain muscles frequently results in pain, soreness, loss of muscle strength, and exhaustion, particularly among sportsmen.

Regional Analysis

“North America dominates the market during the forecast period.”

The cryotherapy market is broken down geographically into geographies: North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the global market, owing to high disposable income levels, well-established healthcare infrastructure, and high per capita healthcare expenditure.

This area contains a large number of cryotherapy centers. According to a survey, North America is home to around 69% of all cryotherapy centers in the world. This will drive market expansion in the next years. During the projection period, Asia Pacific is expected to be the fastest-growing regional market.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. 

The following are the key players in the cryotherapy market (arranged alphabetically).

• Brymill Cryogenic Systems
• Cortex Technology
• Cryoalfa
• CryoConcepts LP
• Medtronic
• Metrum Cryoflex
• Wallach Surgical Devices
• Zimmer MedizinSysteme GmbH

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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Recent Market News

The market for cryotherapy is highly competitive. The market players are highly focused on mergers, expansions, and product approvals, to sustain in this market. Below are a few key developments:

• Pregna International Ltd. launched CryoPop in India in January 2021. It is a cryotherapy device used to treat lesions of precancerous cervical cancer. Furthermore, businesses are utilizing their resources to aid in the development of new products and to improve the supply chain.

• The expansion can be ascribed to untapped prospects, rising awareness of cryosurgery in cancer and skin treatments, fast-improving healthcare infrastructure, and rising disposable income levels in emerging countries. New product approval in developing regions is also projected to be a major driving force. For example, IceCure Medical Ltd. submitted a modification to NMPA China regarding the IceSense3 Cryoprobes system registration certificate in October 2021. IceCure Medical can commercialize its product in China after receiving clearance.

• Cryoport, Inc. bought CRYOPDP in August 2020 in an all-cash transaction worth roughly USD 56.0 million.