Global Cryotherapy Market to Surpass US$ 4 Billion by the end of 2024. Conventionally, medicines and therapeutics have been all cast in the same mould. However, with modern-day technology (inclusive of AI, genomics, and digital twins), a more customized approach would be taken in the near future, thereby resulting in the treatments that could percolate down under (individual level). AI and modelling software’s are used for predicting proper dosage of the painkillers, inclusive of synthetic opiates such as fentanyl (especially for individual patients). The Cryotherapy Market is bound to grow along these lines in the near future.
According to a study conducted by Persistence Market Research (PMR), the global market for cryotherapy is set to witness a CAGR of 6.5% during the forecast period 2016-2024. According to the study, North America will continue to be the leading market for cryotherapy globally during the forecast period.
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Highlights from the Report
- Suppliers are emphasizing on ensuring affordable and adequate supply of gas in order to provide smoother maintenance services to clients, while steadily increasing the range of non-gas equipment.
- Higher investments in training programs on cryosurgical approach are anticipated to broaden the pool of skilled resources/surgeons.
- Zimmer Medicine Systems GmbH
- Heritage Electromedicine GmbH
- Impact Cryotherapy Inc.
- KrioSystem Sp. z.o.o
- The Cooper Companies Inc.
- Air Products and Chemicals, Inc.
- METRUM CRYOFLEX Sp. z oo, Sp. K
- Novotech S.R.O
While growing popularity of minimally invasive procedures is propelling the demand for cryosurgery equipment, lack of information on treatment option and complex regulatory nature of cryosurgery equipment is likely to curb the overall market growth.
Likewise, increasing strategic partnerships between healthcare associations and sports bodies is identified as a major trend governing the market. Moreover, factors such as fragmented nature of the market and presence of a handful of established player and many local vendors are expected to play a major role in shaping the market in the near future.
Based on products type, demand for cryochambers will remain strong during the assessment period, surging at a compound annual growth rate of nearly 7% over 2024. Expansion of production capacity would render the segment achieve market exclusivity.
Based on application, in 2016, the oncology segment was estimated to account for nearly 80% share of the market in terms of value. The segment is expected to witness a steady growth during the forecast period. Whereas, dermatology is expected to be the fastest growing segment, reflecting a CAGR of over 7% with an incremental opportunity of US$ 76.1 Million between 2016 and 2024.
By end user, hospitals are projected to be the fastest growing segment of the market. In addition, the segment is set to ride on a CAGR on 6.8% to reach US$ 2,479.3 Million by the end of 2024.
North America holds the lion’s share of global cryotherapy market partly due to the robust adoption of cryotherapy in healthcare, cosmetic, and wellness industry in the region. Europe is the second largest market for cryotherapy. In addition, the region is expected to rake in over US$ 1,001 Million in revenue by the end of the assessment period, with the UK, Germany and France being the top three attractive markets.
Whereas, APAC sits in the third position and is expected to contest for a higher position in the global market owing to the incessant installation of cryochambers and cryosurgical equipment in countries such as Japan, China, and Australia.
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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