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 is a medical method that involves the local or whole body application of extreme cold to treat various medical conditions such as skin conditions, cosmetic procedures and sports injuries. In cryotherapy, a probe or probe attached to a handheld applicator is applied to the skin for short period of time to destroy diseased cells or tissues. It provides instant relief from pain and swelling by stimulating nerve fibers and blood vessels in the skin. It causes vasoconstriction to reduce swelling and reduces local inflammatory responses. With growing cases of skin diseases, cosmetic treatments and sports injuries, the demand for cryotherapy is increasing.
Market key trends:
One of the key trends in the cryotherapy market is the growing demand for minimally invasive aesthetic procedures. Individuals are increasingly adopting cryotherapy for treating skin conditions such as acne, warts, aging signs and other cosmetic issues owing to its non-invasive nature and minimal side effects compared to other treatments. Also, rising popularity of whole body cryotherapy as a natural treatment for reducing inflammation, enhancing recovery and boosting libido is fueling the market growth. Furthermore, increasing adoption of cryosurgery for treating various cancers and other medical conditions is expected to drive the cryotherapy market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low set up costs and lack of regulations restrict entry into the cryotherapy market. However, established brands have strong customer loyalty and distribution networks.
Bargaining power of suppliers: Few large suppliers exist for cryotherapy devices and chambers. Suppliers have moderate bargaining power due to technology differentiation.
Bargaining power of buyers: Large customer base with many potential buyers for cryotherapy services. However, switching costs are low, increasing buyer power.
Threat of new substitutes: Alternatives like lumbar traction and medication offer substitution. However, cryotherapy provides a drug-free solution, restricting impact of substitutes.
Competitive rivalry: Intense competition due to large number of small and large players. Companies compete on price, product features, and service quality to gain market share.
Key Takeaways
The Global Cryotherapy Market Size size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing preference for non-invasive procedures for pain management and physical therapy.
North America dominates the cryotherapy market, with the US accounting for the largest share. increasing healthcare expenditures and surging geriatric population driving demand in the region. Meanwhile, Asia Pacific exhibits the fastest growth due to growing medical tourism and rising healthcare standards in developing 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. Companies compete on expanding applications and geographical footprint through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it