USD 269.01 million
Report ID:
SQMIG35D2071 |
Region:
Global |
Published Date: September, 2024
Pages:
219
|Tables:
65
|Figures:
78
Global Cryotherapy Market size was valued at around USD 266.7 million in 2022 and is expected to rise from USD 293.1 million in 2023 to reach a value of USD 584 million by 2031, at a CAGR of 9% over the forecast period (2024–2031).
The cryotherapy market is expected to grow significantly in the coming years, driven by its expanding applications in various sectors such as the healthcare, sports, wellness and more. Continued development of the cryotherapy equipment is also anticipated to drive the market growth in developing regions such as North America and Europe. Furthermore, fitness and sports are anticipated to be major growth segments, with the whole body all cryotherapy has become increasingly popular due to its benefits in the muscle recovery and pain relief.
However, when cryotherapy becomes more affordable and accessible, especially with portable devices and the results of innovations in equipment design may be welcomed by the consensus of this community. However, the market faces some challenges especially in emerging markets where healthcare facilities and awareness about cryotherapy are limited. It is optimistic, driven by technological advances and widespread recognition of its usefulness in medicine for sustainable growth the sharing is greater.
US Cryotherapy Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 269.01 million
Largest Segment
cryosurgery
Fastest Growth
chamber therapy
Growth Rate
9.0% CAGR
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Global Cryotherapy Market is segmented by Product, Application, End User, and region. Based on Product, the market is segmented into Cryosurgery Devices (Tissue Contact Probes, Tissue Spray Probes, Epidermal and Subcutaneous Cryoablation Devices), Localized Cryotherapy Devices, Cryochambers & Cryosaunas. Based on Application, the market is segmented into Surgical Applications (Oncology, Cardiology, Dermatology, Other Surgical Applications), Pain Management, and Recovery & Health, and Beauty. Based on End User, the market is segmented into Hospitals & Specialty Clinics, Cryotherapy Centers, and Spas & Fitness Centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Cryotherapy Market Analysis by Application
The fitness application segment is expected to register the fastest growth rate of over 12.0% from 2024 to 2031 due to increasing awareness on the benefits of cryotherapy in fitness along with increasing adoption of cryo rooms in fitness clubs. This is due to rapid pain relief to stimulate natural healing in the body and can be performed. Delayed-onset muscle soreness (DOMS) is broadly defined as muscle pain, stiffness, and cramping seen after strenuous exercise. Cryotherapy can be used to provide rapid relief from DOMS. All these factors encourage the use of cryotherapy in fitness centers. The largest share of cold storage is 45.79% in 2022.
Pharmaceutical cold chain logistics is the fastest growing region in the market. Pharmaceutical cold chain logistics is another major application in cold storage. It is used in vaccination and drug storage and transportation. For example, the Pfizer COVID-19 vaccine needs to be stored at -70 degrees Celsius. For all these reasons, cold storage played a dominant role in the year 2022. However, since the last decade, surgical drainage has been a popular treatment in medical fields, such as oncology, heart disease and one of the skin diseases. In oncology, cryotherapy can be used to treat cancers such as retinoblastoma, prostate, skin, and ovarian cancer. The main advantage of cryotherapy is that it can be repeated and used as a complementary treatment to other treatments such as chemotherapy, hormone therapy and radiation therapy.
Cryotherapy Market Analysis by Device Type
Cryochambers is the dominant segment in the market and expected to grow rapidly at a CAGR of over 10.1% during the forecast period, driven by the increasing number of cryotherapy centers, and increasing adoption by beauty clinics & fitness centers. Cryo chambers can be used in sports training locations, spas and beauty treatments. According to the NCBI research article, cryo rooms and cryosaunas have benefits, such as pain relief & muscle therapy, weight loss, reduced inflammation, preventing depression, and improving eczema symptoms. For example, according to a Cochrane review, four published studies did not show a significant benefit of cryotherapy in the management of arthritis pain. However, some reports contradict the doctors' statements.
Cryoguns are the fastest growing segment in the cryotherapy market growth. Cryoguns also held a big market percentage of 10.7% in 2022. Cryoguns are used to deal with a wide range of scientific situations which include skin sicknesses, oncology and much easier. Common wrinkles, common verrucas, skin horns, skin lesions, skin lines, eyelids, acne, excess scars, keloids, and skin marks are common skin conditions treated with cryogon some also treat cervical cancer. All these factors are likely to drive the demand for cryogon in the next coming years in the market. The cryogon segment plays an important role in the cryotherapy market by providing a targeted, effective method of treating local areas of the body using very low temperatures. Cryogons are handheld devices applying liquid nitrogen or additional cryogen to specific skin wounds or healing conditions.
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North America dominated the global market share in 2023 and occupied the largest share of total revenue at 42.83% mainly due to high disposable income, well established healthcare infrastructure and healthcare expenditure flow. The region has the highest use of cryotherapy. According to a study, North America accounts for 69% of the world’s cryotherapy destinations. This is expected to drive the market growth in the coming years. There are many cryotherapy centers in the region. According to a study, North America is home to about 69% of the world’s hot spots. These new developments are expected to boost market growth soon.
Asia-Pacific is predicted to be the fastest growing regional market during the cryotherapy market forecast. Emerging Asia with untapped opportunities in the region, growing plastic surgery in cancer and dermatology along with rapidly growing healthcare sector. The cryotherapy market outlook is expected to be a fastest growing due to increasing disposable income in the countries. New adoption in emerging markets is also expected to be a major driving factor. For example, in October 2021, IceCure Medical Ltd submitted an amendment to NMPA China regarding the certificate of registration for the IceSense3 Cryorobes system. Once successfully approved, IceCure Medical will be able to market its products in China.
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Cryotherapy Market Drivers
Growing Demand for Minimally Invasive Treatments
Cryotherapy Increasingly Popular in Fitness and Sports
Restraints
High Cost of Cryotherapy Equipment
Limited Awareness and Inaccessibility in Developing Areas
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The cryotherapy market is highly competitive, with various players vying for cryotherapy industry in medical and the non-medical applications. The market is fragmented, with established healthcare companies, specialty cryotherapy equipment manufacturers, fitness and beauty industries supply and start-ups shaping the competitive landscape. Key factors include the technological development, strategic communication and geographical expansion.
Cryotherapy Market Top players company profiles
Cryotherapy Market Recent developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, increasing demand for less invasive techniques and increasing popularity of cryotherapy in the fitness and sports industries are driving significant growth but high equipment costs and lack of expertise in developing regions challenges come to market expansion. Advances in cryotherapy technology and increasing use of cryotherapy in beauty, fitness and sports medicine are the prominent factors driving the market growth and as this growth continues, the market is anticipated to gain development, with clinical and non-clinical services contributing to its expansion. The cryotherapy market has grown exponentially due to its widespread use in medical, sports and cosmetic fields. Cryotherapy uses extremely cold temperatures to treat conditions ranging from skin issues to pain management and sports recovery. Advances in technology, increased demand for non-invasive treatments and benefits increasing awareness on cryotherapy has given rise to this market. Cryotherapy offers a non-invasive alternative to traditional surgery, making dermatology, pain management and cosmetic treatment popular.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 266.7 million |
Market size value in 2031 | USD 584 million |
Growth Rate | 9% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
Cryotherapy Market Recent developments
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Cryotherapy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cryotherapy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cryotherapy Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cryotherapy Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35D2071