Cryotherapy Market Size to Reach USD 407.5 Million in 2028 | Rising Demand for Cryotherapy for Treating Migraines and Increasing Use of Targeted, Localized Cryotherapy to Treat Low-Risk Tumors are Key Factors Driving Industry Demand, According to Emergen Research

VANCOUVER, BC., Jan. 24, 2022 /PRNewswire/ -- The global cryotherapy market size reached USD 214.9 Million in 2020 and is expected to register a steady revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing usage of cryotherapy by athletes is one of the major factors expected to continue to drive market revenue growth.

Drivers:

Increasing use of targeted, localized cryotherapy to treat low-risk tumors is expected to continue to drive market revenue growth. Cancer can be treated using targeted, localized cryotherapy. Cryosurgery cures cancer by freezing cells and surrounding cells with ice crystals. It is now being used to treat certain low-risk cancer tumors, such as prostate cancer. This is expected to increase use of cryotherapy, which in turn will boost revenue growth of the segment.

Restraints:

Lack of awareness regarding cryotherapy and concerns regarding side effects of cryotherapy are major factors hampering revenue growth of the market. Additionally, cryotherapy is not widely available in developing and underdeveloped countries are expected to restrain market revenue growth over the forecast period.

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Growth Projections:

Global cryotherapy market is expected to register a CAGR of 8.5% over the forecast period and revenue is projected to increase from USD 214.9 Million in 2020 to USD 407.5 Million in 2028. Rising demand for cryotherapy for treating migraine problems is boosting market revenue growth.

COVID-19 Impact Analysis:

COVID-19 pandemic had a substantially major negative impact on the market in 2020, as manufacturing units were closed temporarily due to government-imposed lockdown. In addition, due to supply chain disruptions, import and export of cryotherapy products decreased. However, easing of lockdowns in various countries will have positive impact on the market in future.

Current Trends and Innovations:

Cryotherapy is being used by athletes to treat injuries. Doctors can treat affected areas with small probes inserted in nearby tissue, which can help in treating pinched neuromas or nerves, chronic pain, and also acute injuries. This is expected to increase use of cryotherapy by athletes in the near future, which in turn will propel market revenue growth.

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Geographical Outlook:

Asia Pacific cryotherapy market revenue is expected to register a significantly steady CAGR over the forecast period. Asia Pacific cryotherapy market revenue growth is expected to be driven by increasing adoption of cryotherapy products in hospitals and clinics in countries such as China and Japan.

Strategic Initiatives:

Some major companies included in the market report are Medtronic plc, CryoConcepts LP, Cortex Technology ApS, CooperSurgical, Inc., Mectronic Medicale S.r.l., Kriosystem-Care Sp. z o.o., Metrum Cryoflex Sp. z o.o., Erbe USA, Incorporated, Brymill Cryogenic Systems, and Zimmer MedizinSysteme GmbH 

• In April 2021, Zimmer MedizinSysteme GmbH announced a partnership deal with MECOTEC GmbH. This collaboration is intended for the distribution and development of next-generation cryochambers for various applications including sports, beauty, and health.

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Emergen Research has segmented global cryotherapy on the basis of product, therapy, application, end-use, and region:

• Product Outlook (Revenue, USD Million; 2018–2028)
• Localized Cryotherapy Devices
• Cryosurgery Devices
1. Cryogun
2. Tissue Spray Probes
3. Tissue Contact Probes
4. Epidermal & Subcutaneous Cryoablation Devices
• Cryochambers & Cryosaunas
• Gas Cylinders
• Others
• Therapy Outlook (Revenue, USD Million; 2018–2028)
• Icepack Therapy
• Cryosurgery
• Chamber Therapy
• Application Outlook (Revenue, USD Million; 2018–2028)
• Pain Management
• Surgical
1. Cardiology
2. Oncology
3. Dermatology
• Health & Beauty
• End-Use Outlook (Revenue, USD Million; 2018–2028)
• Hospitals & Clinics
• Spas & Fitness Centers
• Cryotherapy Centers

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• Regional Outlook (Revenue, USD Million; 2018–2028)
• North America
• a. U.S.
• b. Canada
• c. Mexico
• Europe
• a. Germany
• b. France
• c. U.K.
• d. Italy
• e. Spain
• f. BENELUX
• g. Rest of Europe
• Asia Pacific
• a. China
• b. India
• c. Japan
• d. South Korea
• e. Rest of APAC
• Latin America
• a. Brazil
• b. Rest of LATAM
• Middle East & Africa
• a. Saudi Arabia
• b. UAE
• c. South Africa
• d. Turkey
• e. Rest of MEA

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SOURCE Emergen Research