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The global Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryotherapy involves exposing the body to extremely cold temperatures to freeze and destroy diseased tissues. It helps treat various medical conditions including cancer, unwanted warts and lesions, and skin conditions like acne, psoriasis and abnormal moles. Cryotherapy is an effective minimally invasive procedure that offers benefits like quick recovery time, minimal pain and scarring. It uses extreme cold produced by liquid nitrogen to target and destroy diseased tissues. The procedure can be performed externally by spraying liquid nitrogen on the skin or internally by inserting cryoprobes directly into the diseased tissues.
Market key trends:
One of the key trends in the cryotherapy market is increasing adoption of cryotherapy for pain management. Chronic pain conditions have become more prevalent which is driving demand for non-drug pain treatment options like cryotherapy. The procedure helps relieve pain by reducing inflammation in the affected areas and interrupting pain signals. Growing popularity of whole body cryotherapy among athletes and fitness enthusiasts is another trend. Exposing the entire body to subzero temperatures provides benefits like reduced recovery time, improved circulation and flexibility. Rising awareness about the therapeutic effects of cryotherapy is also fueling the adoption of these procedures for various medical and aesthetic applications.
Porter’s Analysis
Threat of new entrants: The cryotherapy market requires high initial capital investment and has stringent regulations which acts as a barrier for new companies.
Bargaining power of buyers: Buyers have low bargaining power in this market owing to specialized nature of products and need for cryotherapy services.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components and providers.
Threat of new substitutes: Substitutes like heated physical therapy, laser therapy and other pain management techniques pose medium level threat to cryotherapy.
Competitive rivalry: Established players compete on the basis of technology, service and brand.
Key Takeaways
The global cryotherapy market is expected to witness high growth, exhibiting CAGR of 11.% over the forecast period, due to increasing cases of arthritis, tumors, and dermatological conditions. The market size for 2023 is US$ 294.8 Mn.
Regional analysis: North America dominated the market in 2020 due to strong reimbursement policies and rising awareness about cryotherapy procedures. Asia Pacific is expected to exhibit fastest growth over the forecast period owing to growing healthcare expenditure and increasing research activities in countries like China and India.
Key players operating in the cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited.
