$319 Million Cryotherapy Market - Global Forecast to 2024

DUBLIN, Aug. 7, 2019 /PRNewswire/ -- The "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" report has been added to ResearchAndMarkets.com's offering.

The Cryotherapy Market is Projected to Reach USD 319 Million by 2024 from USD 206 Million in 2019 at a CAGR of 9.1%

The rising incidence of sports injuries, cardiac conditions, and cancers are driving the growth of the market. Increasing demand for minimally invasive procedures, technological advancements in cryotherapy equipment, and the growing popularity in the beauty, wellness, and fitness industries are also supporting the growth of this market. However, the limited access to cryotherapy and lack of awareness about its benefits may restrain the market to a certain extent during the forecast period.

The cryosurgery devices segment is projected to dominate the cryotherapy products market during the forecast period

The cryotherapy products market has been segmented into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is further segmented into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices.

The cryosurgery devices segment held the largest share of this market in 2018 and is also estimated to grow at the highest CAGR during the forecast period. Cryosurgery is a comparatively simpler procedure compared to laser treatment, with fewer side effects and is more affordable. It is therefore considered to be suited for the treatment of cardiac arrhythmias, ophthalmologic conditions, and various types of cancers, as well as for cosmetic surgeries.

The surgical applications segment held the largest market share in 2018

By application, the cryotherapy market is segmented into surgical applications, pain management, and recovery, health, & beauty applications. The surgical applications segment accounted for the largest share of this market in 2018. The large share of this segment can be attributed to a higher adoption of cryoablation for cancer treatment. Cryoablation is a minimally invasive procedure with few side-effects; these benefits are also driving the adoption of cryotherapy for surgical applications.

The North American cryotherapy market is expected to hold the largest market during the forecast period

Geographically, the cryotherapy market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. The North American market is expected to hold the largest share of this market during the forecast period. The growing popularity of cryotherapy, increasing prevalence of cancer & CVDs, and the rising number of sports and physical activity-related injuries are the key factors driving the North American cryotherapy market.

Market Dynamics

Drivers

• Increasing Demand for Minimally Invasive/Non-Invasive Procedures
• Growing Incidence of Sports Injuries, Cancer, and Cardiac Conditions
• Technological Advancements in Cryotherapy Equipment
• Growing Popularity in the Beauty, Wellness, and Fitness Industries

Restraints

• Limited Access to Cryotherapy and Lack of Awareness

Opportunities

• Growing Focus on Expanding Cryotherapy Applications

Challenges

• Hazardous Effects of Cryogenic Gases
• Lack of Evidence for the Efficacy of Whole-Body Cryotherapy

Companies Mentioned

• Brymill Cryogenic Systems
• Coopersurgical (A Subsidiary of the Cooper Companies)
• Cryoconcepts Lp
• Erbe Elektromedizin
• Galil Medical (A Subsidiary of Btg PLC)
• Impact Cryotherapy
• Kriosystem Life
• Medtronic
• Metrum Cryoflex
• Professional Products
• US Cryotherapy
• Zimmer Medizinsysteme

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