Report
In 2021, the market for cryotherapy was estimated to be worth USD 6.39 billion, and by 2030, it is anticipated to increase at a CAGR of 7.2%. High prevalence of chronic diseases and skin conditions, as well as increased demand for cryotherapy in pain management, exercise facilities, and beauty & wellness clinics, are some of the main causes driving the expansion. The COVID-19 epidemic has had a negative influence on the market. Due to the efforts used to contain the pandemic, a slowdown in demand and disruption in supply of cryotherapy goods were seen during the pandemic. By the end of 2020, most countries saw a major reduction in COVID-19’s effects.
The third wave of COVID-19 had an impact on several nations, and it persisted until the third quarter of 2021. Cryotherapy is becoming more and more popular due to a number of variables, including the increased incidence of cancer and chronic diseases including fibromyalgia, arthritis, and rheumatic illnesses. Cancer is the second-leading cause of mortality worldwide, according to the WHO. Globally, there were 19.3 million new instances of cancer in 2020, and there were 9.96 million cancer-related deaths. A minimally invasive procedure is cryosurgery. In comparison to traditional procedures, it offers a number of benefits, such as quicker wound healing, shorter hospital stays, and less pain and surgical wounds.
Cryotherapy has also recently become more popular in the fields of beauty and aesthetics. Athletes and famous people are embracing it as a new fad as well. All of these elements are anticipated to hasten market expansion. Blisters, scarring, infection, discomfort, ulcers, damage to healthy tissues, injury to arteries and nerves, and skin lightening are some of the unfavourable outcomes of cryosurgery. Additionally, it necessitates ongoing technical expertise, which may be prohibitive in low- and middle-income nations. Whole-body cryotherapy is also not permitted for medical use. This makes it non-reimbursable and necessitates out-of-pocket expenses. All of these elements may limit market expansion during the anticipated term.
Counseling Type Insights
The global market has been further divided into cryosurgery, icepack therapy, and chamber therapy on the basis of therapy types. In 2021, the cryosurgery market category held the largest market share, accounting for more than 55.00% of total revenue. The increased demand for surgical operations around the world is to blame for this. This approach has less side effects than more conventional methods, which enables a quicker recovery. Additionally, it can be used in conjunction with other treatments such radiation, chemotherapy, and hormone therapy as an adjuvant therapy.
Because cryotherapy is being used more frequently in a variety of industries, including beauty & wellness, fitness, and others, chamber therapy is anticipated to grow at the quickest rate. Sportspeople and athletes are becoming more and more accustomed to chamber therapy. The impact of cryotherapy treatments for sports injuries on many sports-related outcomes, such as muscle pain, damage, and soreness, as well as the delayed onset of muscle soreness, have been the subject of numerous research investigations. Additionally, especially among athletes, repeated usage of a particular set of muscles frequently results in aches, soreness, a loss of muscle strength, and fatigue.
Application Perspectives
Due to rising usage of cryo chambers in fitness clubs and rising awareness of the benefits of cryotherapy in fitness, the fitness application category is predicted to develop at the quickest rate, exceeding 11.5% from 2022 to 2030. This can be due to its capacity to promote the body’s own natural healing processes and deliver quicker pain relief. The term “delayed onset of muscle soreness” (DOMS) refers to the pain, stiffness, and tenderness of the muscles after a high-intensity exercise programme. DOMS can be treated more quickly with cryotherapy. These all encourage the use of cryotherapy in fitness facilities. In 2021, cold storage accounted for the majority. It has many uses, including bone marrow transplantation, in vitro fertilisation, and cord blood banking, and plays a crucial part in the healthcare sector.
Another significant use of cold storage is in the pharmaceutical cold chain operations. It is employed in transportation as well as the preservation of drugs and vaccinations. For example, Pfizer’s COVID-19 vaccination must be kept at -70 degrees Celsius in storage. Due to all of these elements, cold storage accounted for a considerable portion in 2021. Cryosurgery has also become a well-liked therapeutic option in a number of medical specialties during the past ten years, including dermatology, cardiology, cancer, and others. Cryotherapy is a treatment option in oncology for a variety of tumours, including retinoblastoma, prostate, skin, and cervical cancers. The main benefit of cryotherapy is that it can be applied repeatedly and combined with other therapies like radiation, chemotherapy, and hormone therapy.
End-use Perspectives
The global market has been further divided into hospitals and specialist clinics, cryotherapy facilities, spas and fitness facilities, and others based on end-uses. Over the projection period, the end-use segment for hospitals and specialty clinics is anticipated to grow at the quickest rate of 8.1%. The demand for cryosurgery and related goods in hospitals and specialist clinics has increased as a result of developments in cryotherapy technology for the treatment of various diseases and disorders. A number of important clinics and hospitals began providing cryotherapy-based treatments. For instance, CARE Innovative Solutions announced the opening of the Slynarski Knee Clinic in October 2021, which offers computer-controlled cryotherapy treatments for conditions related to the knee.
The industry segment with the fastest CAGR from 2022 to 2030 is predicted to be spa and fitness facilities. A recent development in fitness and wellbeing, cryotherapy has several advantages. As a result, there is a growing demand for this service from customers. Numerous health spas and fitness centres are incorporating cryotherapy into their spaces to take advantage of the potential. Cryotherapy equipment, such cryosaunas, are anticipated to be in high demand in this market sector due to their high level of use and design compatibility with fitness facilities. Over the course of the projection period, all these variables are anticipated to boost market expansion.
Device Type Information
Because there are more cryotherapy facilities and more beauty salons and fitness facilities using it, cryochamber is anticipated to expand at the quickest CAGR of more than 10% during the projection period. Cryo-chambers can be utilised for aesthetic treatments, spa treatments, and athletic training. Cryo chambers and cryosaunas have advantages like pain reduction and muscle repair, weight loss, reduced inflammation, dementia prevention, and improvements in eczema symptoms, according to the NCBI research report. Some reports, however, refute treatment claims. For instance, the Cochrane Review found that four published trials found no appreciable benefits of cryotherapy in the treatment of muscle discomfort.
In 2021, Cryoguns also had a sizable market share. Cryoguns are used to treat a variety of illnesses, such as cancer and dermatological problems. It is far more practical & comfortable than typical surgery treatment due to its less invasiveness, reduced discomfort, and reduced bleeding. Cryoguns are also utilised to treat a variety of illnesses, such as cancer and dermatological problems. Some of the most frequent dermatological disorders treated with cryoguns include common warts, common verrucas, cutaneous horns, cutaneous lesions, dermatofibroma, eyelid edge lesions, haemorrhoids, hypertrophic scarring, keloid, and skin tags. Additionally, it is employed in the management of cervical cancer. In the upcoming years, all of these reasons are projected to increase demand for cryoguns.
Regional Perspectives
Due to the region’s high levels of disposable income, well-established healthcare infrastructure, and high per capita healthcare expenditure, North America dominated the global market in 2021 and contributed the biggest part of 10.00% of total revenues. There are a lot of cryotherapy facilities in this area. A survey found that 69% of the world’s cryotherapy facilities are located in North America. The market is anticipated to grow as a result in the upcoming years. During the projection period, the Asia Pacific region is anticipated to have the quickest rate of growth.
Untapped prospects in the area, rising interest in cryosurgery for cancer and skin treatments, a quickly evolving healthcare infrastructure, and rising disposable income levels in emerging nations are all contributing factors to this expansion. New product approval in developing regions is also anticipated to be a significant driving force. For instance, IceCure Medical Ltd. amended the registration certificate for the IceSense3 Cryoprobes system and submitted it to NMPA China in October 2021. If approved, IceCure Medical will be able to market its product in China.
Key COMPANIES & Market Share Information
There is fierce rivalry among competitors as a result of the availability of items for cryosurgery and other cold therapies from numerous small- and large-scale manufacturers. For instance, Pregna International Ltd. introduced CryoPop in India in January 2021. It is a cryotherapy tool used to treat precancerous lesions of cervical cancer. Additionally, businesses are utilising their resources to improve the supply chain and support the development of new products. For instance, Cryoport, Inc. bought CRYOPDP in August 2020 for about USD 56.0 million in an all-cash deal. A pioneering French startup called CRYOPDP offers clinical research, cell & gene therapy, and temperature-controlled logistics solutions. The following are a few of the major companies in the worldwide cryotherapy market:
The size of the worldwide cryotherapy market was predicted to be USD 6.39 billion in 2021 and USD 6.95 billion in 2022.
The market for cryotherapy is anticipated to reach USD 11.99 billion by 2030, growing at a compound yearly growth rate of 7.2% between 2022 and 2030.
With a revenue share of 55.06%, the cryosurgery category dominated the cryotherapy market in 2021. The segmental expansion has been supported by an increase in demand for minimally invasive cryosurgery for the treatment of various ailments like cancer, benign tumours, etc.
With a 45.95% revenue share in 2021, the cold storage segment dominated the worldwide cryotherapy market.
With a 49% revenue share in 2021, the sector of cryotherapy centres topped the cryotherapy market. One of the key drivers of this market’s dominance is the large installed base of cryochambers.