The cryotherapy market is driven by increasing demand for painless and minimally invasive treatments across various applications such as dermatology, oncology, and pain management. Cryotherapy involves the local or topical application of extreme cold produced by liquid nitrogen spray or cold probe to treat various medical conditions including skin lesions, tumors, and pain. This therapy aims to destroy abnormal or diseased tissues by freezing them without harming surrounding healthy tissues. It results in fast recovery with minimal pain and scarring. Common cryotherapy devices include cryosurgery devices, localized cryotherapy devices, and cryochambers or whole body cryotherapy devices.
The Global Cryotherapy Market is estimated to be valued at US$ 365.19 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited.
The growing Cryotherapy Market Demand for painless and minimally invasive therapies to treat various medical conditions is expected to drive the cryotherapy market during the forecast period. Cryotherapy has emerged as an effective alternative to surgical procedures involving incisions and incisions for treating skin conditions, lesions, and tumors.
The increasing global expansion of healthcare infrastructure along with rising medical tourism in certain countries is expected to boost the adoption of cryotherapy worldwide. Furthermore, manufacturers are increasingly focused on developing cryotherapy devices with enhanced safety and efficacy which will further support the market growth.
Market Key Trends
Whole body cryotherapy is emerging as a popular wellness therapy and is gaining traction in sports medicine for muscle recovery and injury prevention. It involves brief exposure (2-4 minutes) to extremely cold air (-110°C to -160°C) in a cryosauna or cryotherapy chamber. Growing awareness about its applications in pain management, skin rejuvenation, and cardioprotection is increasing its demand. This trend is expected to continue driving the cryotherapy market during the forecast period.
Porter’s Analysis
Threat of new entrants: New players need high capital to establish manufacturing infrastructure and distribution channels which creates high entry barriers.
Bargaining power of buyers: Buyers have low bargaining power as there are few established players in the market offering differentiated products.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials used are commodity chemicals available from multiple sources.
Threat of new substitutes: There is a low threat from substitutes as cryotherapy is a unique non-invasive therapeutic technique for various medical conditions with no close substitutes.
Competitive rivalry: The market is moderately competitive with leading global players offering differentiated products and expanding geographically through M&A.
Geographical Regions
North America accounts for the largest share of the cryotherapy market owing to growing prevalence of sports injuries, cancer and technological advancements in the region.
Asia Pacific is poised to grow at the fastest pace during the forecast period driven by increasing healthcare expenditure, rising awareness regarding cryotherapy benefits and emerging economies expanding healthcare infrastructure in the region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
