July 21, 2024
Cryotherapy Market

The Emerging Applications Of Cryotherapy In Pain Treatment Anticipated To Open Up New Avenues For Cryotherapy Market

The 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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Cryotherapy is a therapeutic technique that uses extreme cold to treat muscle pain and inflammation. It works by numbing nerve fibers, constricting blood vessels, and reducing swelling and pain. Cryotherapy devices like cryotherapy chambers, cryosaunas, and cryotherapy guns release liquid nitrogen or cooled air to lower the surface temperature of skin. They are used to treat various conditions like back pain, knee pain, post-workout muscle soreness and inflammation. Some cryotherapy devices also offer whole body cryotherapy treatments where the entire body except for the face is exposed to extremely cold temperatures for 2-3 minutes.

Market Dynamics:

The cryotherapy market is driven by growing awareness about its benefits for pain relief. Athletes and sportspersons are increasingly adopting cryotherapy to treat injuries and speed up muscle recovery post games or workouts. The rising sports culture and participation in events is fueling demand. Additionally, rising prevalence of chronic pain conditions like arthritis, back pain, and nerve pain is propelling the market growth. A growing elderly population, more susceptible to age-related pains and health issues, provides new opportunities. Further, technological innovations leading to more compact, portable cryotherapy devices are encouraging adoption. However, risk of cold injuries and lack of clinical research data could hinder the market to some extent.

Segment Analysis

The cryotherapy market is dominated by the whole body cryotherapy segment. Whole body cryotherapy units are increasingly being adopted over localized cryotherapy units due to its greater efficacy and ability to treat larger areas of the body. Exposure to sub-zero temperature through whole body cryotherapy results in counterirritation analgesia and reduced sensitivity to pain. It can therefore help in treating various conditions affecting multiple body parts like rheumatism, musculoskeletal pain, anxiety, and skin conditions.

PEST Analysis

Political: Regulations around the cryotherapy treatment differ across countries and states. Favorable regulations that recognize its therapeutic benefits and ensure reimbursement can boost the adoption of cryotherapy.

Economic: Rising disposable incomes and growing medical tourism in developing nations have increased the demand for alternative therapies like cryotherapy. The high treatment cost also presents opportunities for more affordable cryotherapy technologies.

Social: Population aging is driving the demand for pain management therapies. Increased health consciousness and wellness trends have led to growing social acceptance of cryotherapy.

Technological: Developments in whole body cryotherapy chambers with digital controls and monitoring systems have improved safety and efficacy. Companies are also developing localized cryotherapy systems employing unique applicators.

Key Takeaways

The Global Cryotherapy Market Size was valued at US$ 294.8 Mn in 2023 and is expected to reach US$ 623.1 Mn by 2030, expanding at a CAGR of 11%. The rising geriatric population susceptible to rheumatism, muscle strains and other musculoskeletal disorders is a key growth driver.

North America dominated the cryotherapy market in 2023 with a share of over 35%, supported by presence of major players and rising demand for pain management therapies. Asia Pacific is expected to witness fastest growth during the forecast period owing to growing medical tourism, rising income levels and increased awareness.

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., Cryoswiss GmbH, and Pregna International Limited. Large players are focusing on developing innovative localized and whole body cryotherapy technologies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it