The global cryotherapy market is estimated to be valued at US$294.8 million in 2023 and is expected to exhibit a CAGR of 11.3% over the forecast period of 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Cryotherapy involves the use of extremely cold temperatures to treat various medical conditions. It is primarily used to treat chronic pain, inflammation, and muscle injuries. Cryotherapy offers several advantages such as quick pain relief, reduced recovery time, and non-invasive nature.
Market Key Trends:
One of the key trends in the cryotherapy market is the growing demand for non-invasive treatments. Traditional surgical methods are often associated with complications and longer recovery times. However, cryotherapy provides a non-invasive alternative, making it a preferred choice among patients. Moreover, advancements in technology have led to the development of portable cryotherapy devices, allowing users to undergo treatment in the comfort of their homes. This trend is expected to drive market growth in the coming years.
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.
Threat of new entrants: The cryotherapy market faces a low threat of new entrants due to the high barriers to entry. The industry requires significant investment in research and development, regulatory approvals, and specialized equipment. Additionally, existing players have established strong brand recognition and distribution networks, making it difficult for new entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the cryotherapy market is moderate. While there is a growing demand for cryotherapy products and services, buyers have the ability to negotiate lower prices and seek alternative providers due to the availability of multiple options in the market.
Bargaining power of suppliers: The bargaining power of suppliers is relatively low in the cryotherapy market. The industry relies on a wide range of suppliers for equipment, consumables, and other materials. This creates a competitive landscape among suppliers, allowing buyers to negotiate favorable terms and prices.
Threat of new substitutes: The threat of new substitutes in the cryotherapy market is low. Cryotherapy offers unique benefits and advantages compared to other treatment options, such as surgery or medication. The non-invasive nature and potential for quick recovery make cryotherapy an attractive option for patients, reducing the likelihood of substitution.
Competitive rivalry: The competitive rivalry in the cryotherapy market is intense. There are several key players operating in the market, including Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, and Medtronic. These companies compete based on product differentiation, pricing strategies, and distribution networks. The high level of competition drives innovation and the development of new products in the market.
The global cryotherapy market is expected to witness high growth, exhibiting a CAGR of 11.3% over the forecast period (2023-2030). This growth can be attributed to the increasing adoption of cryotherapy in various medical applications, including pain management, recovery enhancement, and skin rejuvenation. The non-invasive nature of cryotherapy and its effectiveness in reducing pain and inflammation are driving its demand in the healthcare industry.
Regionally, North America is the fastest-growing and dominating region in the cryotherapy market. The region’s well-established healthcare infrastructure, increasing disposable income, and growing awareness about the benefits of cryotherapy contribute to its market dominance. Moreover, favorable reimbursement policies and the presence of key market players in the region further boost the growth of the cryotherapy market in North America.
Key players operating in the cryotherapy market include Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Medtronic, and Cryoswiss GmbH, among others. These companies are focusing on strategic collaborations, mergers and acquisitions, and product innovations to strengthen their market presence. For instance, Zimmer MedizinSysteme GmbH offers a comprehensive range of cryotherapy systems and accessories, catering to the diverse needs of the healthcare industry.
In conclusion, the cryotherapy market is poised for significant growth in the coming years, driven by increasing adoption in various medical applications. North America is the leading region in terms of market share, with key players actively participating in the market. As the demand for non-invasive and effective treatment options continues to rise, the cryotherapy market is expected to expand further, providing opportunities for new product developments and market entry.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it