Cryotherapy Market Size, Share, Growth Analysis, By Product(Cryosurgery Devices (Tissue Contact Probes, Tissue Spray Probes, Epidermal and Subcutaneous Cryoablation Devices), Localized Cryotherapy Devices), By Application(Surgical Applications (Oncology, Cardiology, Dermatology, Other Surgical Applications)), By End User(Hospitals & Specialty Clinics, Cryotherapy Centers, and Spas & Fitness Centers), By Region - Industry Forecast 2024-2031

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 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. 'Medtronic ', 'Impact Cryotherapy ', 'Zimmer MedizinSysteme ', 'Metrum Cryoflex ', 'Brymill Cryogenic Systems ', 'Galil Medical (A Subsidiary of BTG PLC) ', 'Coopersurgical (A Subsidiary of the Cooper Companies) ', 'CryoConcepts LP ', 'Kriosystem Life ', 'US Cryotherapy ', 'Professional Products ', 'Erbe Elektromedizin', 'In May 2022, The Bulgari SPA London, a wellness center, offered four revolutionary cryotherapy treatments suitable for both men and women. Cryotherapy sports massage targets specific areas to reduce pain and inflammation and speed recovery from injury. ', 'In April 2022, IceCure Medical Ltd., which developed the minimally invasive cryoablation technology, the ProSense system that destroys tumors by freezing them as an alternative to surgical tumor removal.  ', 'In March 2023, IceCure received approval to use its cryoprobe, the IceSense3 disposable, in China. The IceSense3 analysis is used with the company’s pre-approved IceSense3 console.'

One of the major drivers of the cryotherapy market is the increasing demand for minimally invasive treatments. Cryotherapy, which uses intense cold to destroy abnormal or diseased tissue, is widely regarded as a less invasive option than traditional surgery. This demand comes from patients and healthcare professionals alike because cryotherapy results in reduced healing time, fewer scars and lower risk of infection cancer and heart disease. The use of cryotherapy has expanded, leading to acceptance in health systems around the world. 

Advances In Cryotherapy Equipment: One of the major factors shaping the cryotherapy market share is the continuous advancement in cryotherapy equipment. Manufacturers are continuously innovating to enhance the safety, efficacy, and usefulness of cryotherapy structures. These advances make health care professionals and patients more interested in therapeutics which might be extraordinarily thermosensitive, leading to their reputation in quite a few pharmaceutical programs. They at the moment are equipped with higher temperature control, superior protection capabilities, and running systems that make certain greater accurate and uniform treatment.  

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.