Cryotherapy Market
Overview and Scope
Cryotherapy is a therapeutic technique that involves exposing the body or specific body parts to extremely low temperatures for a brief period of time. It is commonly used to alleviate pain, reduce swelling, accelerate healing, improve recovery after exercise or injury, and enhance athletic performance.
Sizing and Forecast
The cryotherapy market size has grown rapidly in recent years. It will grow from $7.54 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to the rise in prevalence of cancer, rise in preference for minimally invasive techniques, increased applications of cryosurgery, increased popularity of cryotherapy for sports and fitness applications, growth in preference for minimally or non-invasive procedures.
The cryotherapy market size is expected to see rapid growth in the next few years. It will grow to $12.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to the increasing number of non-invasive and minimally invasive procedures, increasing product launches, reasonably priced cryotherapy equipment, rising cryotherapy device use, and growing focus on expanding cryotherapy applications. Major trends in the forecast period include technological advancements in cryotherapy equipment, product launches, technological advancements and penetration of cryotherapy, and healthcare advancements.
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Segmentation & Regional Insights
The cryotherapy market covered in this report is segmented –
1) By Therapy Type: Cryosurgery, Icepack Therapy, Chamber Therapy
2) By Device: Cryosurgery Device, Localized Cryotherapy Device, Cryochambers And Cryosaunas, Cryogun
3) By Application: Surgical Applications , Oncology, Dermatology, Cardiology
4) By End-user: Hospitals And Specialty Clinics, Cryotherapy Centers, Spas And Fitness Centers
North America was the largest region in the cryotherapy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cryotherapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing number of non-invasive and minimally invasive procedures is expected to propel the growth of the cryotherapy market going forward. Non-invasive and minimally invasive procedures are medical interventions designed to diagnose, treat, or manage health conditions with minimal disruption to the body’s normal anatomy and physiology. The demand for non-invasive and minimally invasive procedures is increasing due to reduced risk and complications, faster recovery, minimal downtime, and less pain and discomfort. Cryotherapy offers a non-invasive approach to treating various medical conditions and cosmetic concerns, making it an attractive option for patients seeking less invasive alternatives to traditional surgical interventions. For instance, according to The Aesthetic Society, a US-based organization of plastic surgery and cosmetic medicine, total minimally invasive cosmetic procedures in the USA reached 23.7 million in 2022, an increase of 70% from 2021. Further, Americans spent more than $11.8 billion on aesthetic procedures, up 2% from the previous year. Therefore, the increasing number of non-invasive and minimally invasive procedures is driving the growth of the cryotherapy market.
Key Industry Players
Major companies operating in the cryotherapy market are Medtronic Plc, Stryker, Boston Scientific Corporation, CooperSurgical Inc., Erbe Elektromedizin GmbH, Quantum Cryogenics, Zimmer MedizinSysteme GmbH, CryomedPro, CryoConcepts LP, Brymill Cryogenic Systems, US Cryotherapy, Cortex Technology, Impact Cryotherapy, MECOTEC GmbH, CryoBuilt Inc., Cryomachines Inc., IceCure Medical Ltd., Cryoalfa, Galil Medical Inc., CRYO Science, Titan Cryo.
The cryotherapy market report table of contents includes:
1. Executive Summary
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