Newark, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 298.0 million cryotherapy market will reach USD 738.5 million by 2032. In medical therapy, cryotherapy is the administration of a cold to an injured area. It is mainly used to treat cancerous and damaged tissues known as lesions. Cryotherapy is commonly used to treat muscle aches, sprains, swelling, soft tissue damage, and post-surgical swelling. Cryotherapy is well known for its surgical applications in cryoablation and cryosurgery. Cryosurgery uses extremely cold temperatures to kill aberrant or diseased tissues, followed by ice pack therapy to an injured body area. Cryotherapy is regarded as one of the most effective cancer treatments known. According to fresh data from the National Cancer Institute, 1,735,350 cancer cases were detected in 2018. The increased cancer incidence will drive expansion in the cryotherapy market.
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North America to account for the largest market size during the forecast period.
North America is expected to have the essential cryotherapy market share because of high disposable income levels, well-established healthcare infrastructure, and significant healthcare expenditure. This area contains a large number of cryotherapy centres. According to a survey, North America is home to around 69% of all cryotherapy centres worldwide. This will drive market expansion in the following years. The planned participation of market participants in developing and creating demand for cryotherapy in the country is expected to fuel market expansion. Restore Hyper Wellness (Restore), one of the leading providers of proactive wellness solutions, invested USD 140 million in December 2021, led by General Atlantic, a renowned global growth equity fund. The most popular treatments at Restore are IV Drip Therapy and Whole-Body Cryotherapy. Furthermore, Channel Medsystems, Inc., a medical device business, will offer its Cerene Cryotherapy treatment for severe menstrual bleeding in July 2020. As a result, current advancements in the United States are driving market expansion.
The hospitals & specialty clinics segment dominated the market with the most significant revenue of USD 119.2 million.
The hospitals & specialty clinics segment dominated the market with the most significant revenue of USD 119.2 million. Advances in cryotherapy technology for treating various diseases and disorders have increased the demand for cryosurgery and related goods in hospitals and specialist clinics. Cryotherapy-based treatment became available in several hospitals and clinics.
The oncology segment dominated the market with the most significant revenue of USD 137.0 million.
The oncology segment dominated the market with the most significant revenue of USD 137.0 million. With rapid developments in contemporary imaging, less invasive ablative techniques have become appealing alternatives for cancer treatment or surgical tumour excision. Increasing study on the impact of cryotherapy on cancer treatment is also taking place. For example, in February 2022, a study article named "Recent progress in cryoablation cancer therapy and nanoparticles mediated cryoablation" was published in Theranostics journal, focusing on recent advances in cryoablation cancer therapy and nanoparticles mediated cryoablation.
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Market Dynamics:
Drivers: Technological Advancements
Cryotherapy has become a prominent treatment option due to several technological developments and advancements in cryotherapy equipment. Various pieces of equipment, including cryosurgery machines and accessories, have evolved. Cryochambers and cryo saunas have also significantly advanced in treating inflammation, rheumatoid arthritis, pain management, and general aesthetic and wellness therapies. Furthermore, cryosurgical equipment has advanced significantly, including the use of supercooled liquid nitrogen or other cryogens for cooling, the advent of thin and efficient probes in various sizes, and the use of narrow and increased cryoablation needles. Galil Medical, for example, developed the ICEfx cryoablation device in September 2018, an improvement to the company's Visual ICE technology.
Restraint: Negative Impact on Health
The negative repercussions associated with cryogenic gases significantly inhibit the industry's expansion. Cryotherapy is a treatment that uses gas mixes such as nitrogen, helium, neon, argon, hydrogen, methane, and liquefied natural gases. This treatment may have several negative impacts on the patient's health. Cryogenic liquids and their cold vapours or gases may produce allergic reactions on the skin. Frostbite and the appearance of waxy skin can occur due to prolonged exposure to extremely cold temperatures or contact with icy surfaces.
Opportunity: Wide Range of Health Benefits
Cryotherapy can treat various medical illnesses, including cancer, heart disease, and dermatological issues. Cryotherapy, whether partial or complete, can alleviate inflammation, discomfort, and soreness. Because of its minimally intrusive and drug-free nature, cryotherapy is being researched further to see if it may be utilised to treat other medical problems and disorders.
Challenge: Lack of Awareness
Cryotherapy is only available in a few locations. Nations such as Japan, India, and Australia do not witness market developments due to a lack of awareness and competent labour. It is primarily found in North America and Europe. Despite the fact that it is safer and less painful than more invasive surgical techniques, it is routinely used in surgical treatments. Furthermore, the market is expected to be hampered throughout the projection period by a need for more data on the safety and efficacy of cryotherapy and the use of cryotherapy in various applications without supporting data.
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Some of the major players operating in the cryotherapy market are:
● Brymill Cryogenic Systems
● Metrum Cryoflex
● CryoConcepts LP
● Medtronic
● Cortex Technology
● Medtronic Medicale S.r.l.
● Cryoalfa
● Wallach Surgical Devices
● Zimmer MedizinSysteme GmbH
Key Segments cover in the market:
By End-User:
● Hospitals & Specialty Clinics
● Cryotherapy Centers
● Spas & Fitness Centers
● Others
By Application:
● Oncology
● Cardiology
● Dermatology
● Others
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About the report:
The global cryotherapy market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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