Cryotherapy Market (By Therapy: Cryosurgery, Icepack Therapy, Chamber Therapy; By Device Type: Cryogun, Cryo Probes, Gas Cylinders, Localized Cryotherapy Devices, Cryochambers & Cryosaunas, Others; By Application: Surgical Applications, Pain Management, Others; By End-use: Hospitals & Specialty Clinics, Cryotherapy Centers, Spas & Fitness Centers, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 20212030

The global Cryotherapy market size is expected to be worth around US$ 10.4 billion by 2030, according to a new report by Vision Research Reports.

The global Cryotherapy market size was valued at US$ 13.8 billion in 2020 and is anticipated to grow at a CAGR of 20.3% during forecast period 2021 to 2030.

Growth Factors

 The introduction of advanced cryotherapy devices, increasing R&D investments, and the growing prevalence of chronic conditions such as cancer and arthritis are expected to propel market growth.

Approval and introduction of technologically advanced cryotherapy devices by key players operating in the space are anticipated to significantly support market growth during the forecast period. For instance, in June 2020, Beaver Visitec International (BVI), a U.S.-based manufacturer, launched its new CryoTreq, a handheld cryo-surgery device in the European market. This newly launched device is approved for the treatment of retinal tears and detachments. Similarly, in April 2019, Channel Medsystems, Inc., received the FDA approval for its Cerene Cryotherapy Device intended for the treatment of heavy menstrual bleeding. This newly approved device delivers cold therapy to freeze the lining of the uterus to significantly diminish future menstrual bleeding.

Furthermore, the high prevalence of various chronic conditions such as cancer, arthritis, pain, among others, and increasing awareness about the usage of cold therapy for their treatment has further fueled the market growth. As per the Globocan estimates, in 2020, around 19,292,789 new cases of cancer were diagnosed, globally. Also, as per the CDC estimates, in 2020, around 63.0 million adults were suffering from arthritis in the U.S. This number is expected to reach around 78.0 million by 2045.

Report Highlights

The cryosurgery segment dominated the market in 2020 with a revenue share of 64.5%. Increased demand for minimally invasive cryosurgery for the treatment variety of diseases such as cancer, benign tumors, etc. has supported the segmental growth. Cryosurgery enables the destruction of abnormal cells or tissues, while healthy tissue is protected. In comparison with conventional procedures, this procedure carries limited side effects and thus facilitates faster recovery.

Icepack therapy and chamber therapy segments are predicted to show robust growth during the forecast period. Icepack therapy involves the usage of cold temperatures to slow down blood flow and helps to reduce the pain and swelling. Icepack therapy is mainly used for pain management in arthritis pain, swelling after surgery, back injuries and back pain, and sports injuries. Chamber therapy involves the use of very low temperatures, around -60°C to -110°C, for pain management and other applications such as relaxation and beauty treatment. This therapy is recommended for individuals suffering from chronic pain due to any medical condition such as rheumatoid arthritis. Creating Beautiful Bodies Blvd (CBB BLVD) offers Brisbane Cryotherapy Chamber, which is a whole-body cryochamber that offers benefits such as muscle healing, pain relief, reduces anxiety and inflammation, prevents dementia, improves symptoms of eczema, and helps in the treatment of headaches.

The cryogun segment dominated the overall market with the largest revenue share of 25.9% in 2020 and is projected to maintain its dominance throughout the forecast period. High use of this device in cryotherapy and product advancement is among the major factors contributing to the large share held by this segment. In addition, the high incidence of cancer and dermatologic conditions is also expected to be major factors propelling the demand for cryoguns.

On the other hand, the cryochambers and cryosaunas segment is projected to grow at the highest rate during the forecast period due to its increasing application in pain management. The demand for cryochamber therapy is growing among the patients suffering from musculoskeletal conditions, such as rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis. In addition, increasing demand for cryochambers in athletic training facilities, spas, and beauty centers has further supported the segment growth.

The surgical applications segment dominated the market and accounted for the largest revenue share of 71.0% in 2020. Based on surgical applications, the market is sub-segmented into oncology, cardiology, dermatology, and others. Oncology dominated the surgical applications segment as cryotherapy is widely applied for the treatment of a variety of cancers such as prostate, cervical, and skin. Thus, the rising prevalence of these cancers and growing awareness about cryotherapy-based treatment approaches are anticipated to be prominent factors responsible for its large share.

The pain management segment is anticipated to show significant growth owing to the high prevalence of joints and muscle pain in the adult population and the introduction of innovative cryotherapy products for their treatment. In April 2019, U.S.-based, Omax Health, Inc. launched its new product CryoFreeze CBD Pain Relief Roll-On as part of its cryotherapy sports line portfolio.

Hospitals and specialty clinics led the market and accounted for the largest revenue share of 43.1% in 2020. This large share is attributed to the fact that hospitals and specialty clinics serve as primary centers for cryosurgery. In addition, increasing demand for cryosurgery procedures at hospitals and clinics owing to its various advantages has further supported the segmental growth. As per the study published by the NIH’s National Library of Medicine, in July 2017, the use cryosurgery for treating cancer is safer, less invasive, and enhances the targeting of cancer cells with few associated complications. 

The cryotherapy centers segment is estimated to witness lucrative growth during the forecast period. The high growth of this segment can be credited to the increasing establishment of cryotherapy centers in the key markets. For instance, in January 2021, Cryo@Wolf established its new cryotherapy center in Georgetown, Texas. This newly launched center offers whole body cryotherapy treatments to reduce inflammation, pain, and weight.

North America dominated the cryotherapy market and held the largest revenue share of 37.4% in 2020 and is projected to maintain the lead throughout the forecast period. Well-established healthcare infrastructure, favorable reimbursement scenarios, and the high adoption of technologically advanced solutions in the region have led to its high share. Moreover, the local presence of leading players and continuous strategic initiatives by them is also likely to support regional growth.

In Europe, the market is expected to account for a significant share owing to the approval and launch of innovative cryotherapy products in the region. For instance, in December 2019, the health officials of Europe approved the use of CSA Medical’s system for cryotherapy for the treatment of COPD patients with chronic bronchitis. Asia Pacific region is projected to witness the highest growth during the forecast period. This high growth is credited to the presence of a huge target population in emerging countries such as India and China and increasing efforts by leading players to ensure the availability of cryotherapy devices in these countries.

Key Players

• Brymill Cryogenic Systems

• Metrum Cryoflex Sp. z oo, Sp.

• CryoConcepts LP

• Medtronic

• CooperSurgical, Inc.

• Cortex Technology

• Mectronic Medicale S.r.l.

• Cryoalfa

• ERBE Elektromedizin GmbH

• Special Medical Technology Co., Ltd.

Market Segmentation

• Therapy Type 

  • Cryosurgery

  • Icepack Therapy

  • Chamber Therapy

• Device Type Outlook 

  • Cryogun

  • Cryo Probes

    • Tissue Contact Probes

    • Tissue Spray Probes

  • Gas Cylinders

  • Localized Cryotherapy Devices

  • Cryochambers & Cryosaunas

  • Others

• Application Outlook

  • Surgical Applications

    • Oncology

    • Cardiology

    • Dermatology

    • Other Surgical Applications

  • Pain Management

  • Others

• End-use Outlook

  • Hospitals & Specialty Clinics

  • Cryotherapy Centers

  • Spas & Fitness Centers

  • Others

• Regional Outlook

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE

The Cryotherapy market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Cryotherapy market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Cryotherapy market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cryotherapy market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cryotherapy market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Cryotherapy capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Cryotherapy by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cryotherapy market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cryotherapy market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cryotherapy market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Cryotherapy industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Cryotherapy market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cryotherapy market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cryotherapy market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cryotherapy market. These factors have benefited the growth of the global market for Cryotherapy. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cryotherapy. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Cryotherapy are as follows:

• Historic Year: 2017-2020
• Base Year: 2021
• Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

• To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
• Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• To define, describe and forecast the market by type, application and region.
• To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
• To identify significant trends and factors driving or inhibiting the market growth.
• To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
• To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
• To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

To strategically profile the key players and comprehensively analyze their growth strategies.