Newly-released Cryotherapy Market analysis report by Future Market Insights reveals that global sales of the Cryotherapy Market 2022 were held at USD 4.4 Billion in 2022. With a CAGR of 11.2%, the projected market growth from 2023 to 2033 is expected to be significantly higher than the historical growth. Surgical applications are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 11.6% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global Cryotherapy Market (2023) | USD 4.9 Billion |
| Global Cryotherapy Market (2033) | USD 14.1 Billion |
| Global Cryotherapy Market CAGR (2023 to 2033) | 11.2% |
| USA Cryotherapy Market CAGR (2023 to 2033) | 11.5% |
| Key Companies Profiled | AstraZeneca Plc.; Addgene; Caribou Biosciences; Boston Scientific Corporation; Brymill Cryogenic Solutions; Stryker; Cryoalfa |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
As per the Cryotherapy Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Cryotherapy Market increased at around 9.3% CAGR.
Cryotherapy is a non-invasive therapy used for treating abnormal skin, alleviating pain, and localized tumours. It is a term used in medicine to describe the use of cold temperatures to cure cancerous tissues and lesions caused by cancer. Muscle soreness, sprains, oedema, soft tissue damage, and postoperative swelling are all prominent uses for cryotherapy.
Cryotherapy is used in the medical treatment of a variety of skin diseases, as well as the treatment of some prostate cancers and dysplastic cervix tissue. Cryosurgery has the advantage of healing faulty tissues without damaging the body's damaged tissues. Dermatology devices, cancer, cardiology, ophthalmology, and gynaecology are among the illnesses for which cryotherapy is used.
The increasing number of non-invasive and minimally invasive procedures performed each year is the primary driver of the worldwide cryotherapy market. Because of the expanding consumer preference for enhancing one's physical characteristics and addressing skin disorders, the demand for non-invasive and minimally invasive procedures is increasing tremendously.
Furthermore, the global cryotherapy industry is being driven by technological improvements in cryotherapy equipment. Because of developments in cryotherapy and several technical innovations, cryotherapy has become an important treatment option. Different types of equipment, such as cryosurgery machines and accessories, have undergone many changes.
The introduction of thin and efficient probes in a variety of sizes, the use of supercooled nitrogen or other cryogens for chilling, and the use of narrow cryoablation needles are only a few instances of cryosurgical equipment advancements.
Cryotherapy is also becoming more popular as the incidence of cancer, sports injuries, and cardiac disorders rise. Furthermore, the rising application of this method for cosmetic treatments in dermatology is expected to drive the worldwide cryotherapy market's growth.
Smaller incisions, faster wound healing; a shorter hospital stay, less pain, and surgical wounds, and a lower chance of impediments are the key benefits of cryosurgery over regular procedures. Cryosurgery's advantages have led to increased use in recent years, which has fuelled its market expansion.
Increasing product introductions, low-cost cryotherapy devices, and rising cryotherapy device use are also projected to drive market growth throughout the forecast period. Adding to it, key market players are focused on collaborations leading to innovations and ultimately leading to market growth.
Technological developments, a growing focus on broadening cryotherapy applications, increased investment in the healthcare sector by developing countries, and unexplored potential in new markets all point to favourable growth prospects. Cryotherapy is also being investigated for uses in the treatment of a variety of other medical ailments and diseases as one of the most promising options because it is less intrusive and drug-free.
However, some obstacles and constraints will impede total market expansion. A shortage of skilled workers, such as medical professionals, nurses, and doctors, would be one of these issues. Additionally, modest growth is expected during the predicted period because of the restricted availability of cryotherapy and a lack of awareness. The potentially harmful effects of cryogenic gases, as well as tight product approval laws, are possible restraints on the worldwide cryotherapy market's overall growth.
Principal Consultant
In 2022, North America held the largest share of the global Cryotherapy Market. The market in North America is expected to grow with an absolute dollar opportunity of over USD 3 Billion to reach a market size of over USD 5 Billion by the end of 2033. It is expected to be the fastest-growing market for cryotherapy, primarily due to an increase in the number of surgical procedures performed in the region, as well as rapid product introductions and expanded product indications.
The region's dominance is due to a high frequency of cancer, which necessitates minimally invasive surgeries, quick approvals for novel technologies, and better reimbursements. A high predilection for using novel surgical procedures, as well as a high prevalence of cancer in the region, are the key factors driving the cryotherapy market in North America. In addition, the growing demand for cryotherapy equipment in North America is fuelled by the surge in demand for anti-ageing and sun damage restoration operations.
The cryotherapy business in North America and Europe is booming owing to the rising demand from sportsmen and film stars looking to heal faster from injuries and delay ageing. Companies are continuously looking for new ways to produce cryotherapy products to expand their customer base in rising markets like India, China, and Brazil. North America's market dominance sets it apart from other regions.
The USA is expected to have the highest market of USD 4.5 Billion by the end of 2033. The region's large share is due to its well-established healthcare infrastructure, advantageous reimbursement conditions, and widespread use of technologically advanced solutions.
Most office-based gynaecologists in the USA favour cryosurgery because of its effectiveness in treating cancer lesions and preventing recurrence. The most attractive end-user category in the USA cryotherapy market is hospitals, due to the availability of competent doctors and the necessary technology.
The market in the United Kingdom is expected to reach a valuation of USD 653 Million by 2033, growing at a CAGR of 10.9% from 2023 to 2033. The market is projected to gross an absolute dollar opportunity of USD 422 Million during the forecast period.
In Japan, the market is expected to reach a valuation of USD 652 Million by 2033. During the forecast period, the market in the country is expected to garner an absolute dollar opportunity of USD 460 Million, growing at a CAGR of 13.1%.
The market in South Korea is projected to grow at a CAGR of 10.6% from 2023 to 2033. During this period, the market is projected to witness an absolute dollar opportunity of USD 188 Million and reach USD 297 Million by 2032.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The market through the surgical application is forecasted to grow at a CAGR of over 11% from 2023 to 2033 and is projected to grow significantly owing to an increase in the number of patients suffering from osteoarthritis, rheumatoid arthritis, and other diseases. Furthermore, an increase in the incidence of chronic diseases, as well as an increase in the older population, are driving market expansion.
Cryotherapy is widely used for the treatment of malignancies such as prostate, cervix, and skin, so oncology dominated the surgical applications section. As a result, rising cancer prevalence and increased awareness of cryotherapy-based treatment techniques are expected to be the major contributors driving the market.
Hospitals and specialist clinics dominated the market in 2022, accounting for the majority of revenue. The fact that hospitals and specialist clinics function as principal cryosurgery sites account for a large portion of the market. According to a study published in July 2018, using cryosurgery to treat cancer is safer, less invasive, and improves cancer cell targeting with few side effects.
The growth can also be attributed to an increase in healthcare expenditure, a huge customer base, a rise in disease incidences, and the presence of supportive regulatory systems. The growing popularity and benefits of cryotherapy-based procedures that are mostly performed at hospitals are bolstering the demand.
Some of the key players in the market include AstraZeneca Plc, Addgene, Caribou Biosciences, Boston Scientific Corporation, Brymill Cryogenic Solutions, Stryker, and Cryoalfa.
Some of the recent developments of key Cryotherapy providers are as follows:
The ERBECRYO 2 is designed to give excellent freezing performance and has been refined for use with CO2 with a focus on repeatability. The improved flow control feature enables exact gas pouring for different probe diameters.
Similarly, recent developments related to companies in the Cryotherapy market have been tracked by the team at Future Market Insights, which are available in the full report.
The market is expected to reach USD 14.1 billion by 2033.
The market is valued at USD 4.9 billion in 2023.
From 2018 to 2022, cryotherapy market has recorded a 9.3 % CAGR.
United States, Japan, and South Korea are leading countries.
AstraZeneca Plc., Addgene, and Cryoalfa are key players in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Device Type 5.1. Cryo Probes 5.2. Cryogen 5.3. Gas Cylinders 5.4. Localized Devices 5.5. Cryochambers & Cryosaunas 5.6. Other Device Types 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Therapy Type 6.1. Cryosurgery 6.2. Icepack Therapy 6.3. Chamber Therapy 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-use 7.1. Hospitals & Specialty Clinics 7.2. Centers 7.3. Spas & Fitness Centers 7.4. Other End-uses 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 8.1. Surgical Applications 8.2. Pain Management 8.3. Other Applications 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia 9.6. Oceania 9.7. Middle East and Africa (MEA) 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Brymill Cryogenic Systems 19.2. Metrum Cryoflex Sp. zoo, Sp. 19.3. CryoConcepts LP 19.4. Medtronic 19.5. CooperSurgical, Inc. 19.6. Cortex Technology 19.7. Mectronic Medicale S.r.l. 19.8. Cryoalfa 19.9. ERBE Elektromedizin GmbH 19.10. Special Medical Technology Co., Ltd. 20. Assumptions & Acronyms Used 21. Research Methodology
Explore Healthcare Insights
View Reports
Cryotherapy Market
