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 refers to the localized or whole-body use of extreme cold to treat various medical conditions. Cryotherapy uses liquid nitrogen or other cryogens in cryoguns to achieve sub-zero temperatures and treat pain, inflammation and other conditions through cryoneurolysis and cryoanalgesia approaches. The exposure to cold temperatures helps reduce swelling and numb pain signals from the skin and tissues.
Market key trends:
One of the key trends in the cryotherapy market is the increasing adoption of cryotherapy for pain management and chronic pain treatment. Chronic pain can have life changing effects and controlling or treating chronic pain can significantly improve quality of life. Cryotherapy provides effective relief from chronic pain related to arthritis, joint pain, back pain and other conditions. Estimates show nearly 20% of adults worldwide suffer from chronic pain and cryotherapy offers a drug-free alternative to opioids and pharmaceutical analgesics for chronic pain relief. This has driven significant interest in cryotherapy as a pain management solution.
SWOT Analysis
Strength: Cryotherapy is a non-invasive treatment option with minimal risks and side effects. It has shown effectiveness in pain relief and inflammation reduction.
Weakness: Availability of alternative treatment options like medications and physical therapy limits the demand for cryotherapy. High initial installation and service costs of cryotherapy devices pose financial challenges.
Opportunity: Growing geriatric population suffering from osteoarthritis and other joint pains increases the potential patient pool. Rising popularity of non-drug pain management drives the acceptance of cryotherapy.
Threats: Stringent regulatory approval process and medical reimbursement policies vary across regions and negatively impact the market expansion. Lack of trained medical practitioners hinders full utilization of cryotherapy capabilities.
Key Takeaways
The global cryotherapy market is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing preference for non-invasive pain management techniques. North America currently dominates the cryotherapy market owing to wide technology adoption and supportive medical reimbursement scenario in the region.
Regional analysis
North America is expected to maintain its dominance in the global cryotherapy market during the forecast period. Favorable medical reimbursement policies and increasing obese population suffering from arthritis are fueling the demand for cryotherapy in the region. Asia Pacific exhibits high growth potential owing to growing medical tourism and improving healthcare infrastructure in emerging countries.
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 consolidate their market positions.
