Cryotherapy is a type of medical treatment that uses extreme cold applied to the skin, in order to freeze and destroy diseased or damaged tissue. Cryotherapy is used to freeze and destroy skin lesions like skin tags, warts, and moles. It also helps in reducing pain sensations and inflammation on areas like knees, back, arms, and heels that are affected by injuries, arthritis, and sprains. Cryotherapy devices provide faster healing and recovery along with painless treatment process. The global Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: With rising prevalence of conditions like arthritis, obesity, and sports injuries, the demand for painless and fast treatment options is increasing significantly. Cryotherapy provides a non-invasive solution to reduce pain and swelling around affected areas without requiring medication. It has minimal or no side effects and allows patients to recover quickly. The growing need for effective physiotherapy with minimum discomfort during the treatment process presents a major market opportunity for cryotherapy devices. Widespread promotion and adoption of cryotherapy as an alternative to medication can help address this unmet need and drive higher adoption of these systems over the forecast period.
Porter’s Analysis
Threat of new entrants: The cryotherapy market has moderate threat from new entrants due to high capital requirements for R&D and manufacturing. However, new entrants can differentiate by offering innovative therapies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from various manufacturers. However, increasing popularity of cryotherapy reduces risk of substitution.
Bargaining power of suppliers: Component and equipment manufacturers have low to moderate bargaining power as cryotherapy manufacturing requires technical expertise. Suppliers face pressure on pricing and service quality.
Threat of new substitutes: Substitutes like laser therapy, radiofrequency ablation and stem cell therapy pose moderate threat. However, cryotherapy offers localized treatment with fewer side effects.
Competitive rivalry: The market has high competitive rivalry due to presence of global and regional players. Manufacturers focus on new product launches and mergers to gain market share.
SWOT Analysis
Strength: Cryotherapy offers non-invasive treatment with minimal pain and side effects. Growing customer awareness of benefits like pain relief and skin rejuvenation boost demand.
Weakness: High cost of cryotherapy equipment and lack of reimbursement policies in some countries limit market growth. Lack of clinical evidence restricts usage in certain therapies.
Opportunity: Rising incidence of muscle injuries, wounds and dermatological disorders create opportunities. Growing medical tourism in Asia Pacific and Latin America is a key opportunity.
Threats: Stringent regulatory approvals and reimbursement policies in developed countries increase investment risks. Economic slowdowns impact discretionary healthcare spending.
Key Takeaways
The global cryotherapy market is expected to witness high growth during the forecast period supported by growing demand for non-invasive pain management therapies.
North America currently dominates the market owing to well-established healthcare infrastructure and favorable reimbursement policies. However, Asia Pacific is anticipated to showcase fastest growth due to rising medical tourism, increasing healthcare expenditure and growing disposable incomes in countries like China and India.
Key players operating in the cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Cortex Technology, CooperSurgical Inc., and DJO, LLC. Zimmer is a global leader in cryotherapy devices owing to its diversified product portfolio including whole body cryotherapy chambers, cold therapy systems, and cryoprobes. The company focuses on new product launches through R&D investments to strengthen its market position.
