The study involved four major activities to estimate the current size of the cryotherapy market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
According to the new market research report “Cryotherapy Market by Product (Cryosurgery Devices, Localized Cryotherapy Devices, Cryosaunas), Application (Surgical Application, Pain Management, Health & Beauty), End User (Hospitals & Specialty Clinics, Spas) – Global Forecast to 2024″, published by MarketsandMarkets™, the Cryotherapy Market is expected to reach USD 319 million by 2024 from USD 206 million in 2019, at a CAGR of 9.1%
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The rising incidence of sports injuries, cardiac conditions, and cancers and the growing demand for minimally invasive procedures are the key drivers of the Cryotherapy Market. Technological advancements in cryotherapy equipment and its growing popularity in the beauty, wellness, and fitness industries are also supporting the growth of this market.
Cryosurgery devices are estimated to account for the largest share of the cryotherapy product market in 2018
The Cryotherapy Market is segmented on the basis of products into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is further divided into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. The cryosurgery devices segment held the largest share of the Cryotherapy Market in 2018. The technological advancements in cryoablation technologies and the therapeutic advantages of cryoablation over other ablation modalities are the major factors driving the growth of this product segment.
Hospitals & specialty clinics are the primary end users of the global Cryotherapy Market
The market is segmented into hospitals & specialty clinics, cryotherapy centers, and spas & fitness centers on the basis of end users. The hospitals & specialty clinics segment estimated to command the largest share of the market in 2019 and this segment is also projected to register the highest CAGR owing to the increasing adoption of cryoablation for cancer and cardiac diseases. The affordability and safety offered by cryosurgery over traditional surgery and the rising prevalence of CVDs, cancer, & sports injuries are expected to increase the adoption of cryotherapy in hospitals & specialty clinics.
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The APAC Cryotherapy Market to grow at the highest CAGR during the forecast period
While North America is expected to dominate the global Cryotherapy Market in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the booming medical tourism in the region, the growing geriatric population in Japan, and the rising prevalence of cancer in India.
The major players operating in the Cryotherapy Market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). Other players involved in this market include Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).
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