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The cryotherapy market is estimated to be valued at US$ 294.8 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period from 2023 to 2030.
Cryotherapy involves the use of extremely cold temperatures to treat various medical conditions. Cryotherapy devices deliver localized cryotherapy through probes or guns and provide solutions for conditions such as skin imperfections, pain relief, and weight management. The rising prevalence of dermatological diseases and sports injuries has increased the demand for cryotherapy globally. Cryotherapy devices enable non-invasive and localized treatments with greater comfort and shorter recovery times compared to alternatives like surgery.
Key Takeaways
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, and CryoConcepts LP.
The growing incidences of low back pain, arthritis, and other injuries have increased the demand for cryotherapy for pain relief management. The rising popularity of cryotherapy in dermatology and cosmetic applications is another key driver boosting the market growth.
Cryotherapy techniques and devices are being adopted at medical spas, physiotherapy clinics, and sports medicine centers globally with increasing recognition of their efficacy. Several market players are expanding their international footprint to tap the growth opportunities in developing nations.
Market Key Trends
Whole body cryotherapy is one of the major trends being observed in the cryotherapy market. Whole body cryotherapy delivers benefits beyond localized pain relief and involves short exposures to temperatures between -110°C to -160°C using cryosaunas or cryochambers. The technique is gaining widespread acceptance for improving skin health, boosting cardiac functions, and aiding weight management processes due to its effectiveness. Several market players have launched whole body cryotherapy devices with tailored features to leverage the growing popularity of whole body cryotherapy.
Porter’s Analysis
Threat of new entrants: New companies can enter the Cryotherapy market with relative ease as the required technology is available. However, established players have strong brand recognition and economies of scale.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, Cryotherapy offers unique non-invasive treatment benefits.
Bargaining power of suppliers: A few large multinational companies dominate the supply of Cryotherapy equipment. This gives them significant bargaining power over buyers.
Threat of new substitutes: Alternatives like medications, injections and surgeries pose a threat. However, Cryotherapy has advantages like minimal pain and no scarring.
Competitive rivalry: The Cryotherapy market is competitive with the presence of global and regional players. Companies compete based on technology, service, and pricing.
Geographical Regions
North America accounts for the largest share of the global Cryotherapy market value due to increased usage and growing popularity. Factors like awareness, advanced healthcare infrastructure and favorable reimbursement policies drive growth.
Asia Pacific is the fastest growing region for the Cryotherapy market owing to rising medical tourism, increasing disposable incomes, and growing health consciousness. Countries like China and India are expected to showcase high adoption rates over the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
