Global Cryotherapy Market Size to Reach USD 14.07 Billion in 2032 | Emergen Research

Vancouver, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global cryotherapy market size was USD 6.34 Billion in 2021 and is expected to register a revenue CAGR of 8.37% during the forecast period, according to latest analysis by Emergen Research. Increasing use of cryotherapy for treatment of non-cancerous dermal conditions is a crucial factor driving market revenue growth.

Cryotherapy involves freezing of partial or whole body, or even specific localized regions of patients body suffering from dermal conditions, such as warts, moles, or pre-cancerous lesions, and even different types of cancers including retinoblastoma, prostate cancer, liver cancer, and cervical cancer. Increasing use of cryotherapy for pain management is also expected to drive revenue growth of the market to a considerable extent. Whole-body cryotherapy entails use of ultra-cold temperature that can cause physiological hormonal responses and release of adrenaline, noradrenaline, and endorphins. This has the potential to benefit those suffering from mood disorders such as anxiety as well as depression. According to studies, whole-body cryotherapy proved beneficial in short-term treatments for both medical conditions, which is expected to increase adoption of cryotherapy during the forecast period and contribute to revenue growth of the market.

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Scope of Research

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Major Companies and Competitive Landscape

The global cryotherapy market is moderately fragmented with a number of large and medium-sized companies accounting for majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing innovative solutions for rapid and painless treatment of cancers and dermal conditions. Some major companies included in the global cryotherapy market report are:

• CryoAction Limited
• CryoTherapeutics
• U.S. Cryotherapy
• Vacuactivus
• Restore Hyper Wellness
• CRYO Stay Young
• The Invigory
• Cryo Tempe
• Cryo Innovations
• Cryomed s.r.o.

Strategic Development

• On 11 February 2021, Restore Hyper Wellness, which is a leading provider of proactive wellness services, announced the achievement of a record USD 32 million in 2020, along with delivery of one millionth wellness service by the company. Restore Hyper Wellness achieved a 141% year-over-year growth through revenue along with a 33% growth in y-o-y sales, surpassing pre-pandemic target of 25% while increasing its retail footprint. Steady growth of the company is expected to expand its wellness and therapeutic services to communities requiring cryotherapy.
• On 28 January 2021, Cryo Innovations announced to launch boutique cryotherapy services, such as whole body cryotherapy, in collaboration with Gold’s Gym. The services cover wellness and recovery models and provide cryotherapy using XR chamber developed by Cryo Innovations. End-users combining cryotherapy systems to existing businesses have experienced an increase of over 20% in their monthly sales volume. Integration of cryotherapy systems is expected to greatly improve health and well-being of health-conscious customers, along with reducing the risk of injury.

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Some Key Highlights From the Report

• The pain management segment is expected to register a significantly steady revenue growth rate over the forecast period. This is due to rising prevalence of joint and muscular pain among members of elderly population as well as launch of advanced cryotherapy solutions for pain management. Patients of arthritis, tendonitis, runner’s knee, and lower back pain regularly use cryotherapy for pain relieving and slowing down transmission of pain to their brain.
• The cryochambers segment revenue is expected to register a steady CAGR during the forecast period. Rising demand for cryochambers in sports training centers, spas, and beauty parlors is expected to drive revenue growth of this segment. Recently, companies have collaborated with gyms and fitness centers to install cryochambers for providing relief from post-exercise pain and reduce athletic injuries.
• The hospitals segment is expected to register a moderate CAGR during the forecast period. Increasing preferences of cancer patients and various dermatological conditions to get treated in hospitals due to availability of equipment as well as healthcare providers, nurses, and ambulatory services is driving revenue growth of this segment. In addition, increasing number of investments in healthcare and rise in healthcare spending are some other factors expected to support revenue growth between 2022 and 2032.
• The North America market is expected to account for a significantly larger revenue share compared to other regional markets owing to rapid development of healthcare infrastructure and increasing prevalence of prostate cancer in countries in the region. Statistics of the American Cancer Society (ACS) estimate that around 268,490 new cases of prostate cancer and 34,500 deaths are expected to occur in the U.S. in 2022. Innovations in cryotherapy equipment as well as increasing number of cryotherapy clinics are some factors expected to contribute to revenue growth of the cryotherapy market in North America during the forecast period.

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Emergen Research has segmented the global cryotherapy market based on services, devices, application, end-use, and region:

• Services Outlook (Revenue, USD Billion; 2019-2032)

• • Whole Body Cryotherapy
  • Ice Pack Therapy
  • Cold Water Immersion
  • Partial Body Cryotherapy
  • Cryosurgery

• Devices Outlook (Revenue, USD Billion; 2019-2032)

• • Cryochamber
  • Cryogun
  • Cryoprobes
    1. Tissue Spray Probes
    2. Tissue Contact Probes
  • Others

• Application Outlook (Revenue, USD Billion; 2019-2032)

• • Skin Tags, Warts, and Dark Spots
  • Cancer
    1. Cervical
    2. Prostate
    3. Liver
    4. Bone
    5. Retinoblastoma
    6. Carcinoma
    7. Pre-Cancerous Moles
  • Pain Management
  • Rheumatoid Arthritis
  • Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• • Hospitals
  • Cryotherapy Clinics
  • Spas and Fitness Centers
  • Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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