Cryotherapy Industry Overview

The global cryotherapy market size was valued at USD 6.39 billion in 2021 and is expected to advance at a compound annual growth rate (CAGR) of 7.2% by 2030.

Some of the major factors propelling the growth are increasing demand for minimally invasive procedures, high prevalence of skin disorders chronic diseases, and an increase in demand for cryotherapy in beauty wellness clinics, fitness centers, and pain management. The market has been adversely impacted by the COVID-19 pandemic. Amid the pandemic, a slowdown in demand and disruption in the supply of cryotherapy products were observed, due to the strategies designed to curb the pandemic. However, the impact of COVID-19 is significantly reduced by the end of 2020 in most countries.

Gather more insights about the market drivers, restrains and growth of the Global Cryotherapy Market

Some countries were affected by the third wave of COVID-19 and the effect lasted until the third quarter of 2021. The rising prevalence of cancer and chronic conditions, such as rheumatic conditions, arthritis, and fibromyalgia, coupled with the rise in the geriatric population , are among the major factors that increase the demand for cryotherapy. According to the WHO, globally, cancer is the second-leading cause of death. In 2020, globally, cancer cases reached 19.3 million, and the number of deaths due to cancer was 9.96 million. Cryosurgery is a minimally invasive procedure. It offers multiple advantages over conventional surgeries, including rapid wound healing, shorter hospital stays, and lesser pain surgical wounds.

Moreover, cryotherapy recently gained more traction in beauty aesthetics. Also, athletes and celebrities are embracing it as a new trend. All such factors are expected to accelerate the market growth. There are some adverse effects of cryosurgery procedure, including the formation of blisters, scarring, infection, pain, ulcers, damage to healthy tissues, vessels nerves injury, and whitening of treated skin. In addition, it requires constant vigilance of professional technicians, which could act as a limitation in lower and middle-income countries. Furthermore, whole-body cryotherapy is not approved for treatment purposes. Due to this, it is not reimbursable, and it requires out-of-pocket expenditures. All these factors could impede the market growth over the forecast period.

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Cryotherapy Market Segmentation

Grand View Research has segmented the global cryotherapy market based on therapy type, device type, application, end-use, and region:

Cryotherapy Therapy Type Outlook (Revenue, USD Million, 2018 - 2030)

• Cryosurgery
• Icepack Therapy
• Chamber Therapy

Cryotherapy Device Type Outlook (Revenue, USD Million, 2018 - 2030)

• Cryogun
• cryoprobes
  • Tissue Contact Probes
  • Tissue Spray Probes
• gas cylinders
• Localized Cryotherapy Devices
• Cryochambers Cryosaunas
• Other Device Types

Cryotherapy Application Outlook (Revenue, USD Million, 2018 - 2030)

• Surgical Applications
  • Oncology
  • Cardiology
  • dermatology
  • Others
• Pain Management
• Beauty Wellness
• Fitness
• cold storage
• Others

Cryotherapy End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals and Specialty Clinics
• Cryotherapy Centers
• Spas Fitness Centers
• Others

Cryotherapy Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• Europe
• Asian-Pacific
• Middle East and Africa
• Latin America

Market Share Insights

• October 2021: CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic, which provides computer-controlled cryotherapy solutions for knee-associated treatments.
• October 2021: IceCure Medical Ltd. submitted an amendment to NMPA China regarding the IceSense3 Cryoprobes system registration certificate.
• August 2020: Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million.

Key Companies profiled:

Some of the key players in the global cryotherapy market include:

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

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About Grand View Research

Grand View Research, US-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 1,200 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.