About Cryotherapy
Cryotherapy, also called cryoablation, is a non-invasive therapy used for pain relief, treatment of abnormal skin, and localized tumors. Cryotherapy can be performed locally or on the whole body. Surgeons use cryoprobes, through which liquid nitrogen or high-pressure argon gas flows, freezing and destroying tumor cells. An MRI, ultrasound, or CT scan guides the cryoprobe to the treatment site. Cryotherapy can also be used topically to treat skin and eye lesions. In topical cryotherapy, liquid nitrogen is applied with a cotton swab or a sprayer. Whole-body cryotherapy (WBC) is used to improve an athlete's performance and to provide early recovery from injuries and muscle pain. With the increase in Covid-19 infections worldwide, concerns about a lack of life-saving devices and other important medical aids to prevent the spread of this pandemic and to provide optimal care for those infected are also growing. Until a pharmacological treatment is developed, ventilators are an important treatment preference for those COVID-19 patients who may need intensive care.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 7.16% |
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Cryotherapy market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
CryoConcepts LP (United States), Medtronic (Ireland), Mectronic Medicale s.r.l. (Italy), Wallach Surgical Devices (United States), Brymill Cryogenic Systems (United States), CooperSurgical, Inc. (United States), Cortex Technology ApS (Denmark), Metrum Cryoflex (Poland), Cryoalfa (Sweden), Erbe Elektromedizin GmbH (Germany), Galil Medical, Inc. (United States), PHYSIOMED ELEKTROMEDIZIN AG (Germany) and Sanarus (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Special Medical Technology Co., Ltd. (Czech) and Zimmer Medizin Systems (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Cryotherapy market by Type (Cryosurgery, Icepack Therapy and Chamber Therapy), Application (Pain Management, Surgical Application, Recovery and Health and Beauty) and Region.
On the basis of geography, the market of Cryotherapy has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Device Used, the sub-segment i.e. Cryoguns will boost the Cryotherapy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End-Use, the sub-segment i.e. Oncology will boost the Cryotherapy market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Application of This Cryotherapy in Dermatology for Beauty Treatments, Increasing Preference among Consumers to Recover from Injury Faster, and Prevent Aging and The Rapidly Developing Healthcare Infrastructure
Market Growth Drivers:
Adoption of Minimally Invasive Procedures and the Surging Prevalence of Cancer, Increasing Prevalence of Cancer and Skin Disorders and Increasing Adoption of Minimally Invasive Procedures in Treatments
Challenges:
Lack of Awareness
Restraints:
High Cost Associated With Cryotherapy
Opportunities:
Growing Popularity of Cryotherapy in Treating Various Types of Cancer and Musculoskeletal Conditions, Increased Focus on Advanced Product Designing and Development and The Growing Awareness of Alternative Cryotherapy-Based Treatment Approaches
Market Leaders and their expansionary development strategies
In October 2023, Impact Brands, a Winston-Salem-based private investment company focused on early-stage and emerging founder-led consumer brands, proudly announced a strategic investment in Icebox Cryotherapy Studios.
In February 2023, Azenta, Inc. announced the launch of the Cryo Store Pico™ ("Pico"), a novel automated cryogenic storage system designed for high-value biological samples used in the many stages of life sciences, from discovery to clinical use. Azenta is the provider of revolutionary automated cryogenic solutions including the BioStore™ III Cryo and the CryoPod Carrier. Pico is an extension of their innovative lineup, providing market leading automated cryogenic technology configured for clinical and laboratory applications.
WBC involves sitting or standing in a chamber that is cooled, using electricity or liquid nitrogen, to temperatures ranging from minus 200 to minus 300 degrees Fahrenheit for two to four minutes. Proponents of WBC claim that it has a wide range of health benefits, including (1) reducing stress, inflammation, and muscle and joint pain and (2) improving mental focus, insomnia, rheumatism, and various skin conditions. But the Food and Drug Administration (FDA) recently released a consumer update warning that WBC is a trend that lacks evidence and poses potential health risks, including frostbite, burns, and eye injuries from the extreme temperatures and asphyxiation when liquid nitrogen is used for cooling.
Key Target Audience
Providers of Cryotherapy, End-Users, Potential Investors, Regulatory Bodies, Market Research Firms and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.