Cryotherapy Market Expected to Reach $392 million by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Cryotherapy Market by product, application and end user: global opportunity analysis and industry forecast, 2021–2030," the global cryotherapy market was valued at $213 million in 2020, and is projected to reach $392 million by 2030, registering a CAGR of 7.5% from 2021 to 2030.

Cryotherapy is widely used for treatment of health conditions such as pain, malignant & benign tumors, tissue damages or lesions, and sports injuries. It is a pain treatment that uses a method of localized freezing temperatures to treat localized areas of some cancers (called cryosurgery), e.g., prostate cancer and to treat abnormal skin cells by dermatologists. In cryotherapy, a probe is inserted into the tissue next to the affected nerve to freeze the nerve. Freezing inactivates the nerve and, as a result, painful nerve irritation is relieved. Cryotherapy is a relatively safe and effective means of treating localized nerve irritation.

Rise in the incidences of cancers and sport injuries, increase in demand for minimally invasive therapies, and technological advancements in cryotherapy equipment are the major drivers that boost the market growth in upcoming years. Furthermore, increase in popularity of cryotherapy in wellness, beauty, and fitness centers is the major factor that propels growth of the cryotherapy market. In addition, rise in focus on expanding cryotherapy applications is expected to provide beneficial opportunities for the cryotherapy market during the forecast period. However, use of hazardous cryogenic gases in various cryotherapies, lack of awareness about benefits of cryotherapy, and strict rules & regulations associated with product approval are major factors that hinder the market growth.

Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. Lockdown, government regulations, and continuous increase in infection rate across the country created a widespread financial impact on neurology hospitals and clinics. Large number of hospitals and clinics have witnessed a drop in number of patient visits amid COVID-19 ultimately reducing client contact.

The overall impact of COVID-19 remains negative on cryotherapy market, as decline in number cryotherapies. This therapy requires the routine use of reusable therapy equipment for treatment which can be infected with SARS COV-2 virus. Furthermore, dermatologist often use cryotherapy on high-risk area such as like nasal, perioral This increases the risk of disease transmission where coronavirus particle is more likely to be aerosolized. This increases the risk of disease transmission. In addition, guidelines issued by governments to provide surgery and therapy services to patients who require urgent attention and postpone other therapies and surgeries if not urgent has led to decline in demand for cryotherapy products.

However, strong focus on physical fitness and exercise during the pandemic, alongside gradual relaxation of lockdown and other strict measures implemented worldwide, are expected to help the industry regain traction in the years ahead. Cold treatment including cryotherapy has the potential to transfer blood to the core and vital organs, thus leading to slowdown of the metabolic process and reduction in swelling post-workout. The treatment can also numb muscle soreness and relieve pain, which is expected to help drive up its demand during the forecast period.

The global cryotherapy market is segmented on the basis of product, application, end user, and region.

On the basis of product, the cryosurgery devices segment was the major revenue contributor, and is projected to grow significantly during the forecast period. Key factors such as increase in demand for minimally invasive surgeries and rise in health concerns among consumers are expected to drive the market growth. Moreover, it offers various advantages over traditional surgeries including smaller incisions, shorter hospital stay, rapid wound healing, lesser pain, and lower risk of complications, which drives growth of market.

By end user, the hospital & clinics segment was the major revenue contributor, and is projected to grow significantly during the forecast period, owing to a huge customer base, increase in healthcare expenditure, rise in disease incidences, and presence of supportive regulatory systems. Moreover, increase in geriatric population, urbanization & industrialization, rise in per capita income and high investments in research and development activities to develop cryotherapy devices or equipment drives growth of the market.

Key Findings Of The Study

• On the basis of product, the cryosurgery devices segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of application, the surgical application segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the hospital & clinics segment held the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• Region wise, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 9.5% during the forecast period.

In 2020, North America accounted for the major share in the cryotherapy market, owing to increase in geriatric population, rise in R&D investments in developments of cryotherapy equipment, and devices for various chronic disease, and supportive government initiatives directed to increase healthcare expenditure are the major factors that drive growth of the cryotherapy market. However, Asia-Pacific is projected to register the fastest growth during the forecast period, owing to increase in number of geriatric populations, rise in people suffering from arthritis disease, and increase in demand for cryotherapy products.