The global cryotherapy market size is expected to reach USD 11.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.0% from 2023 to 2030. This growth is due to a rise in demand for cryotherapy in fitness, beauty & wellness, increased prevalence of chronic diseases, and the high demand for minimally invasive procedures. A rise in the demand for minimally invasive procedures for the treatment of chronic diseases is also among the primary factors driving the market growth. Cryosurgery is a minimally invasive procedure. It has various advantages over conventional surgeries, including lesser pain, rapid wound healing, minimal surgical wounds, shorter hospital stays, and lower risk of complications.
Cardio Clinic at Asklepios St. Georg, one of the top heart centers in Germany, claims to perform around 300 cardiac cryoablation procedures every year. In fitness, beauty, and wellness treatments, there is a high demand for cryotherapy. Due to the high incidence of sports injuries, several sports clubs and sports teams are using cryo chambers for quicker recovery of injuries. For instance, the German rowing team, Wales Rugby Team, and the Chinese Olympic team have their own cryo chambers. All these factors are anticipated to boost market growth over the coming years. The COVID-19 pandemic adversely affected the market. Amid the pandemic, owing to stringent government regulations and lockdown to control the pandemic, a slowdown in the demand for cryotherapy was observed in the initial phase of the pandemic.
However, the market regained its pace by the end of 2020 in most countries. Companies are adopting strategies, such as new product development and partnerships. For instance, in August 2020, Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million. CRYOPDP-a French pioneer company-provides temperature-controlled logistics solutions for cell & gene therapy and clinical research communities. In October 2021, CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic. It is the first clinic in Poland to provide computer-controlled cryotherapy solutions for knee-associated treatments.
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Cryotherapy Market Report Highlights
- The cryosurgery segment held the largest revenue share in 2022 due to a rise in demand for surgical procedures
- Cryochamber is expected to grow at a fastest CAGR over the forecast period, due to its high adoption by beauty clinics & fitness centers
- Cold storage held the largest revenue share in 2022 due to the high demand for pharmaceutical cold chain logistics
- In addition, various applications of cold storage in healthcare, such as bone marrow transplantation, in vitro fertilization, and cord blood banking, are another factor contributing to its largest share
- North America is projected to be the dominant region due to high disposable income, well-established healthcare infrastructure, and high per capita healthcare expenditure
Cryotherapy Market Segmentation
Grand View Research has segmented the global cryotherapy market based on therapy type, device type, application, end-use, and region:
Cryotherapy Therapy Type Outlook (Revenue, USD Million, 2018 – 2030)
- Cryosurgery
- Icepack Therapy
- Chamber Therapy
Cryotherapy Device Type Outlook (Revenue, USD Million, 2018 – 2030)
- Cryogun
- Cryo Probes
- Tissue Contact Probes
- Tissue Spray Probes
- Gas Cylinders
- Localized Cryotherapy Devices
- Cryochambers & Cryosaunas
- Other Devices
Cryotherapy Application Outlook (Revenue, USD Million, 2018 – 2030)
- Surgical Applications
- Oncology
- Cardiology
- Dermatology
- Others
- Pain Management
- Beauty & Wellness
- Fitness
- Cold Storage
- Other Applications
Cryotherapy End-use Outlook (Revenue, USD Million, 2018 – 2030)
- Hospitals & Specialty Clinics
- Cryotherapy Centers
- Spas & Fitness Centers
- Others
Regional Insights
North America dominated the global market in 2022 and accounted for the largest share of 42.83% of the overall revenue primarily due to the high disposable income levels, well-established healthcare infrastructure, and high healthcare expenditure. This region has a significant number of cryotherapy centers. According to a research study, North America holds around 69% of total cryotherapy centers around the world. This is expected to propel market growth in the coming years.
Asia Pacific is expected to be the fastest-growing market during the forecast period on account of untapped opportunities in the region, growing awareness about cryosurgery in cancer and skin treatments coupled with the rapidly developing healthcare infrastructure, and increasing disposable incomes in emerging Asian countries. Approval of new products in developing markets is also expected to be a major driving factor. For instance, in October 2021, IceCure Medical Ltd. submitted an amendment to NMPA China regarding IceSense3 Cryoprobes system registration certificate. After successful approval, IceCure Medical can commercialize its product in China.
List of Key Players in Cryotherapy Market
- Brymill Cryogenic Systems
- Metrum Cryoflex
- CryoConcepts LP
- Medtronic
- Cortex Technology
- Medtronic Medicale S.r.l.
- Cryoalfa
- Wallach Surgical Devices
- Zimmer MedizinSysteme GmbH
Authoritative Research: https://www.grandviewresearch.com/industry-analysis/cryotherapy-market