The 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.
Cryotherapy involves the use of extreme cold to relieve pain through the process of freezing nerve fibers. It uses liquid nitrogen or other substances in controlled sprays for pain relief. Cryotherapy is gaining popularity for treating inflamed joints, tendons, muscles and several other conditions related to pain and inflammation. It has minimal side effects and is non-invasive in nature.
Market key trends:
One of the major trends driving the growth of cryotherapy market is increasing use of cryotherapy for pain management. Cryotherapy is widely being adopted as an alternative to drugs and surgery for pain relief. Conditions such as arthritis, joints swelling, muscle soreness, post-surgery inflammation etc are increasingly being treated with cryotherapy due to its minimal side effects and non-invasive nature. Studies have proven cryotherapy to be effective in reducing inflammation, swelling and relieving pain associated with various medical conditions. The treatment is also being used extensively by physiotherapists and rehabilitation centers due to its effectiveness and convenience. Overall growth in preference for minimally invasive procedures and alternative therapies for pain is positively influencing the demand for cryotherapy.
Threat of new entrants: The cryotherapy market requires high initial investments for equipment and machinery, limiting new entrants. However, technological advancements reducing equipment costs pose some threat.
Bargaining power of buyers: The presence of many established players makes it difficult for buyers to bargain extensively on prices. Nonetheless, rising demand gives buyers more options.
Bargaining power of suppliers: Key raw material suppliers possess some bargaining power due to their specialized technical expertise and established supply networks. However, availability of substitutes balances this power.
Threat of new substitutes: Though alternate cooling therapies exist, Cryotherapy's non-invasive nature reduces major substitutes threats. Growth opportunities remain due to its benefits over existing options.
Competitive rivalry: Intense competition exists among major global players due to Cryotherapy's established position in sports medicine and cosmetics industries.
Strengths: Cryotherapy is a non-invasive and painless procedure. Rapid cooling capabilities provide fast symptom relief for various conditions.
Weaknesses: High costs of equipment and procedures limit widespread adoption. Lack of awareness about cryotherapy benefits some potential users.
Opportunities: Growing geriatric population increase chronic pain cases, boosting demand. Expanding applications in areas like dermatology and wellness present opportunities.
Threats: Stringent regulatory norms for new medical applications. Economic slowdowns can negatively impact the largely disposable income-driven cosmetic cryotherapy segment.
The global Cryotherapy market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing prevalence of musculoskeletal disorders and sports injuries. The market size is estimated to reach US$ 635.7 Mn by 2030.
North America dominates currently due to advanced healthcare infrastructure and growing awareness. However, Asia Pacific is likely to progress fastest, driven by China, Japan and India with developing healthcare systems and large patient pools.
Key players operating in the cryotherapy market include 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. Major players are focused on product improvements and expanding to emerging markets through partnerships.