Within the following ten years, North America and APAC will work to advance the overall growth of the worldwide cryotherapy industry
Major businesses are following the current trends of partnerships and associations to offer long-term best-in-quality services, which has resulted in a highly fragmented global cryotherapy industry. To sustain their organic company growth, businesses are quickly partnering with sports clubs, athletic associations, and other complimentary business suppliers. For instance, Impact Cryotherapy, a major U.S.-based manufacturer and supplier of cryosaunas, signed agreements with numerous sports organisations.
The top market participants are fiercely vying for the largest market share in cryotherapy. Some of the top brands in the worldwide cryotherapy market are growing their product lines in order to provide their target customers with novel or cutting-edge goods. Erbe Elektromedizin GmbH introduced the ERBECRYO 2 Cryosurgical Unit in May 2015 for use in plastic surgery. It includes a flexible cryoprobe to prevent damage to surrounding tissue.
During the projected period, North America is expected to dominate the worldwide cryotherapy market
Revenue from the global cryotherapy market is anticipated to grow at a CAGR of 6.5% during the projected period (2016–2024). In 2015, the North American cryotherapy market accounted for over 35% of total sales. The main factors influencing the growth of the cryotherapy market in North America are an increase in surgical procedures in the region, quick product introductions, and an expansion of product indications. Cryotherapy is anticipated to have the fastest growth in this region, mostly as a result of the introduction of both established international businesses and new local ones.
Despite the fact that cryotherapy has been widely used in North America for a number of years, the region’s cryotherapy market is anticipated to rise as more product indications for both medical and aesthetic uses are added. The APAC region is projected to maintain its third-place ranking in the worldwide cryotherapy market during the course of the forecast year. This regional market will be supported by the expanding installed base of cryosurgical equipment and cryochambers in nations like China, Japan, and Australia.
Comparative analysis of the cryotherapy markets in North America and APAC
Between 2015 and 2024, APAC is predicted to represent an incremental potential worth more than US$ 200 Mn and contribute more than 15% to the overall incremental opportunity. Over the years 2016-2024, the market is anticipated to increase by $20 million to $45 million yearly. The growth of the cryotherapy market in North America will be significantly influenced by the United States. By the end of 2024, the U.S. market is anticipated to reach a market valuation of US$ 1500 Mn, growing at a 7.8% CAGR.
Over the course of the projected period, the cryotherapy market in Canada is anticipated to expand at a CAGR of 5.1%. The market for cryotherapy in Canada is growing slowly due to the slow adoption of cryotherapy (apart from cryosurgery). Most office-based gynaecologists in the U.S. choose cryosurgery because it is effective in treating cancer lesions and preventing their recurrence. Hospitals are the most profitable end user category in the North American cryotherapy market due to the availability of qualified medical professionals and the required technology.
Japan was anticipated to have more than 25% of the worldwide market share in the APAC area through the end of 2016 and to lose more than 70 basis points by 2024. Over the course of the projected period, the cryotherapy market in China is anticipated to grow at a CAGR of 8.1%. Several domestic players, including Guangzhou XZ Beauty Machine Co. Ltd. and SUS Advancing Technology Co. Limited, dominate the market in China. The China market is anticipated to rise in revenue as larger foreign firms, like Zimmer Medizinsysteme GmbH, gradually enter the industry.
By 2024, the Indian cryotherapy market is anticipated to grow by more than 15 basis points. Between 2016 and 2024, it is predicted that the market for cryotherapy in Australia and New Zealand will grow by more than US$ 40 million. The growing use of cryosurgery for the treatment of prostate cancer and the increase in overseas patients travelling to Australia for cryosurgery are projected to accelerate the country’s cryotherapy market’s expansion.