Cryotherapy, also known as cold therapy, involves the local or topical application of extreme cold temperatures to tissues to damage and destroy abnormal or diseased tissues. The growing popularity of cryotherapy for pain management applications such as post-surgery pain relief, chronic pain, and sports injuries has resulted in increased adoption of cryotherapy modalities. Cryotherapy devices utilize liquid nitrogen or compressed gases such as nitrous oxide, CO2, propane, or ethane to cool the skin or surface tissue to temperatures below -100°C. Key advantages of cryotherapy include its non-invasive nature, localized effects with minimal systemic impact, and rapid relief. Cryotherapy is also increasingly being adopted for aesthetic procedures such as skin rejuvenation and fat reduction.
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.
Key opportunities in the market include growing demand for cryotherapy in medical aesthetics and greater adoption in developing regions. Technological advancements include the development of Wim Hof method cryotherapy chambers, whole body cryotherapy chambers, cryo facial machines, and cryosurgery devices with enhanced safety features.
Market Drivers
Increasing preference for minimally invasive procedures along with growing cases of sports injuries and arthritis are expected to drive the demand for cryotherapy over the forecast period. Rising medical tourism in developing nations and growing adoption of cryotherapy as an adjunct to physiotherapy are also expected to support market growth between 2023 and 2030.
Current Challenges in Cryotherapy Market
The cryotherapy market is facing certain challenges currently such as lack of skilled professionals, availability of alternative treatment options and unfavorable reimbursement policies. Cryotherapy being a specialized treatment requires trained professionals to handle the equipment safely and effectively. However, there is dearth of skilled therapists and technicians in this space globally. Further, there are alternative treatment options like physiotherapy, hydrotherapy, traction therapy etc. that can treat pain without subjecting the body to extreme low temperatures. This poses a challenge for cryotherapy providers. Moreover, insurance coverage and reimbursement rates for cryotherapy treatment vary widely across countries and only a few developed markets offer comprehensive coverage. This makes cryotherapy unaffordable for a large section and acts as a constraint.
SWOT Analysis
Strength: Cryotherapy is a non-invasive, drug-free and painless method to reduce inflammation, treat sore muscles and induce weight loss.
Weakness: Requires skilled professionals to administer, adverse effects in some patients, high initial investment and running costs.
Opportunity: Growing awareness about benefits of cryotherapy, application in sports injuries, aesthetics and wellness segment.
Threats: Alternative treatment options, regulations around new applications and safety.
The United States represents the largest geographical region for cryotherapy market in terms of value currently. It accounts for over 30% value share globally due to high awareness, easy availability of treatment and supportive insurance policies in the country. The Asia Pacific region excluding Japan is poised to be the fastest growing regional market for cryotherapy over the forecast period from 2023 to 2030. Factors such as rising medical tourism, growing health consciousness and expansion of key players in emerging economies will support strong double digit growth from the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
