The global cryotherapy market has been gaining significant traction over the years owing to the rising preference for minimally invasive procedures. Cryotherapy involves the use of extreme cold produced by liquid nitrogen to destroy diseased or damaged tissue. It is usually applied to treat conditions affecting the skin, including warts, sun spots, skin tags, and some types of cancerous and non-cancerous tumors. The technique helps eliminate the need for surgery in many cases and promotes faster recovery with lesser pain and scarring.
Cryotherapy is being increasingly used to treat a variety of medical conditions including dermatological disorders, cancer, musculoskeletal disorders, and other indications. Growing acceptance of cryotherapy as an affordable and convenient alternative to conventional surgery and chemotherapy is primarily fueling its demand. Furthermore, technological advancements have led to improved safety and efficacy of cryotherapy systems. For instance, the introduction of argon-based cryosurgery systems allows for well-controlled freezing with precise application of sub-zero temperatures, reducing the risk of damage to nearby healthy tissues.
The global cryotherapy market is estimated to be valued at US$ 365.19 Mn in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
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.
- Increasing awareness about minimally invasive therapies and rising geriatric population suffering from chronic pain and mobility issues present significant growth opportunities.
- With advancements in technology, Cryotherapy Market Demand devices are gaining acceptance worldwide. Key market players are focusing on expanding their geographic presence through new product launches and partnerships.
Market Drivers
- Rising incidence of skin diseases and cancers is a key factor driving the need for cryosurgery/cryotherapy. According to global estimates, over 5.5 million non-melanoma skin cancers are diagnosed every year.
- Growing popularity of cryotherapy as a safe, convenient, and drug-free alternative to drugs and surgical procedures for various indications is boosting adoption. The technique is found to be highly effective for treating diseases with minimal complications.
PEST Analysis
Political: Regulations around healthcare, clinical trials and approval processes impact entry of new competitors and adoption of cryotherapy technology. Changes in rules may affect the market positively or negatively.
Economic: Economic growth affects disposable incomes and therefore, demand for elective procedures using cryotherapy. A slowdown impacts sales while higher incomes fuel adoption.
Social: Increased health awareness leads to demand for minimally invasive therapies like cryotherapy for pain management and aesthetics. Social acceptance of new treatments drives market expansion.
Technological: Advancements in cryogen delivery systems and probes enhance treatment capabilities. Developments that lower risks, side effects and costs while increasing efficacy boost the technology's appeal and market potential.
Markets concentrated in North America and Europe
North America and Europe hold the largest shares of the cryotherapy market in terms of value. Wide availability of advanced healthcare facilities, growing geriatric population susceptible to pain conditions and higher spending capacities support strong demand. Prominence of leading manufacturers in these regions supplements their dominance.
Fastest growth in Asia Pacific
The Asia Pacific cryotherapy market is projected to witness the fastest growth during the forecast period. Increasing medical tourism, rapidly developing healthcare infrastructure and rising aesthetic consciousness, particularly in China, India and Japan are fueling adoption. Initiatives to spread awareness regarding cryotherapy applications fuel the technology's penetration. This regional market's expansion is supported by progressive policies and growing investments.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)