The global Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryotherapy focuses on local application of extreme cold to treat various medical conditions. Some of the key advantages of cryotherapy include reduced pain, inflammation and muscle spasms. It is mainly used to treat muscle soreness, joint pain, tendinitis, rheumatoid arthritis, fibromyalgia and fatigue. Growing adoption of the minimal invasive therapy for chronic fatigue is supporting the market growth.
Market key trends:
One of the key trends driving the cryotherapy market is rising adoption for chronic fatigue treatment. Fatigue is among the most commonly reported symptoms associated with several chronic conditions including cancer, Parkinson's disease and multiple sclerosis. Cryotherapy has shown promising results in reducing fatigue levels and improving quality of life. It has gained popularity owing to non-drug nature, quicker recovery and minimal side effects compared to drug therapy. Further, increasing awareness about complementary and alternative medicine and growing inclination towards wellness therapies is positively impacting the adoption of cryotherapy globally.
Segment Analysis
The global cryotherapy market is segmented on the basis of products, applications, cryochambers and end-users. Based on products, the market is segmented into cryoguns, cryoprobes, gas cylinders, and others. The cryoguns segment dominated the market with its affordability and wide applicability. Cryoguns are simple to use and deliver precisely targeted cooling, which makes them suitable for a variety of applications.
Key Takeaways
The global cryotherapy market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing adoption of non-invasive and minimally-invasive procedures for pain management and aesthetic treatment.
Regional analysis
North America dominated the global cryotherapy market with around 40% share in 2023. Higher adoption of technologically advanced devices, rising awareness about cryotherapy procedures and availability of specialty clinics in the U.S. and Canada are factors contributing to the high share of North America. Asia Pacific is expected to witness highest growth during the forecast period, owing to growing medical tourism and rising healthcare expenditure in countries such as China and India.
Key players
Key players operating in the cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited. These players are focusing on new product launches and geographic expansion to strengthen their market presence.
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