Cryotherapy is a minimally invasive procedure involving application of subzero temperatures to terminate abnormal or diseased tissues. Cryotherapy uses liquid nitrogen as a cooling medium that freezes and destroys unhealthy cells in the body. It is commonly deployed to treat skin lesions, warts, actinic keratosis, cancers and other benign or malignant conditions. The non-invasive nature and quick recovery times associated with cryotherapy have significantly increased its demand across diverse industries like dermatology, oncology and pain management. Cryotherapy also finds usage for athletic injuries and physical therapy.
The Global Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030.
Key Takeaways
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.
The market is witnessing ample opportunities arising from increasing adoption of cryotherapy in cosmetic applications. Growing awareness about its skin rejuvenation benefits is propelling demand from dermatology and aesthetic clinics. Furthermore, technological advancements such as handheld cryotherapy devices, whole body cryotherapy chambers and automated cryoprobes are enhancing accessibility and patient outcomes.
Cryotherapy manufacturers are actively expanding their presence across high potential markets globally. Strategic collaborations and acquisitions remain top priorities to gain presence in lucrative regions like Asia Pacific and Latin America.
Market drivers:
Increasing incidence of cancers and skin diseases is a key factor driving the cryotherapy market growth. Rising preference for minimally invasive surgeries to reduce morbidity and recovery times is another major driver. Growing acceptance of cryotherapy in sports injury treatment and physical therapy augments the market expansion.
Market restraints:
High costs of cryotherapy equipment and procedures limits its adoption in price sensitive markets. Lack of awareness about cryotherapy in developing nations also challenges market growth. Strict regulations surrounding new cryotherapy devices also restrain market progress up to an extent.
Segment Analysis
The Cryotherapy market is dominated by the whole body cryotherapy segment, which is expected to capture over 47% market share by 2024. The whole body cryotherapy segment involves exposing the entire human body to extremely cold (-110 to -140°C) temperatures for a short period of time. This procedure is used to relieve pain, reduce inflammation, assist with weight management, boost exercise performance, and improve overall wellbeing. It has gained immense popularity as a non-invasive natural treatment method.
Global Analysis
Europe accounted for the largest share in the global Cryotherapy market in 2024 and is expected to maintain its dominance during the forecast period. This can be attributed to factors such as rising health consciousness, growing trend of natural therapies, and strong presence of market players in Europe. The region is anticipated to capture around 50% market share by 2024. Asia Pacific is projected to be the fastest growing market for Cryotherapy between 2023-2030, registering a CAGR of around 15%. Increasing awareness about wellness therapies & focus on preventive healthcare in populous nations like China and India are fueling the demand for Cryotherapy in Asia Pacific.
