Cryotherapy is the application of extremely cold, used in minimally invasive procedure to reduce pain and destroy tumor. It is useful in treating conditions and problems such as skin problems, heart diseases, injuries, improving immunity, and increasing blood pressure. The global cryotherapy market is growing at significant rate, due to escalating occurrence of cardiovascular diseases and cancer and mounting acceptance of minimally invasive procedure. Different products contributed to the cryotherapy market size. The market has witnessed high demand for devices over the last few years due to mounting acceptance of minimally invasive procedure and technological improvement of devices.
Insight by Product
The cryotherapy market is subdivided by product into localized devices, cryosurgery devices and cryochambers & cryosaunas. Cryosurgery devices account the largest share and is expected to grow at the fastest rate in the market due to mounting acceptance for minimally invasive procedures and technological improvement in cryosurgery devices. Moreover, on the basis of product the cryosurgery devices are subdivided into tissue contact probes, epidermal & subcutaneous cryoablation devices and tissue spray probes.
Insight by Application
On the basis of application, the cryotherapy market is subdivided into surgical application, pain management and recovery, health and beauty. Mounting acceptance of minimally invasive procedures, escalating number of cryoablation surgeries primarily for cardiology, oncology, and dermatology and escalating occurrence of cancer and cardiovascular diseases are some of the factors responsible for the growth of the surgical application segment. Of all the applications, the surgical application anticipated to account foremost share and is expected to grow at fastest rate in the market.
Insight by End-User
The cryotherapy market is subdivided by end-users into cryotherapy centers, spas & fitness centers, and hospitals and specialty clinics. Hospitals and specialty clinics are the largest end-users and is expected to exhibit the fastest growth in demand for the market due to mounting acceptance and advantages of cryoablation procedures which are executed at hospitals.
The mounting need for minimally invasive procedures, escalating occurrence of skin disorders, technological innovation in equipment, and mounting popularity in beauty, fitness and wellness industries are the primary growth drivers for cryotherapy market.
In addition escalating occurrence of cardiac conditions and cancer are also fueling the growth of the cryotherapy market. For instance, according World Health Organization (WHO) approximately 17.7 million people died from cardiovascular diseases in 2015. According to WHO cancer is one of the leading cause of death globally. For instance, according to WHO, in 2015 approximately 8.8 million people died due to cancer. Moreover, approximately 70% of the deaths from cancer occur in low and middle income countries. In addition, according to GLOBOCAN, globally, approximately 14.1 million new cancer cases were diagnosed and there were 8.2 million cancer deaths in 2012.
Moreover, mounting research on unexplored medical conditions, mounting attentiveness about skin and related diseases, speedy growth in geriatric population, and mounting healthcare expenditure are also boosting the growth of the market.
The lack of attentiveness, side effects of cryogenic gases, inadequate availability of technique and stringent regulatory requirements, are the major challenges for the growth of cryotherapy market.
Globally, the manufacturing companies trying to enter the cryotherapy market are required to maintain stringent regulatory standards. This offers an edge to the established players in the industry competition. Moreover, companies are promptly collaborating with athletics organizations, sports clubs, and other corresponding business suppliers to continue their business growth.
Geographically, North America is the largest cryotherapy market as in the region the prevalence of cardiovascular diseases and cancer are mounting. For instance, according to Centers of Disease Control and Prevention (CDC), in the U.S. approximately 610,000 people die every year due to heart disease. Moreover, according to CDC, approximately 370,000 people die annually due to coronary heart disease in the U.S. It is the most common type of heart disease in the U.S. In addition, according to GLOBOCAN in the U.S. approximately 1.6 million new cancer cases were diagnosed and there were 0.6 million cancer deaths in 2012.
Moreover, boosting acceptance of cryosaunas, escalating number of product launches, existence of well-developed healthcare organization, and escalating number of cardiac arrest cases in Canada are also up surging growth of the North American cryotherapy market.
Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base and mounting acceptance of minimally invasive procedure. In addition, escalating occurrence of cardiovascular diseases and cancer, speedy growth in geriatric population, boosting medical tourism, mounting healthcare expenditure and refining healthcare infrastructure are also creating a positive impact on the cryotherapy industry growth in the region.
Key players in the cryotherapy market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In October 2015, Galil Medical, launched IcePearl 2.1 CX Cryoablation Needle and IceFORCE 2.1 CX Cryoablation Needle into its cryoablation family. Medtronic PLC, ERBE Elektromedizin GmbH, Impact Cryotherapy, Cryoconcepts LP, Zimmer Medizinsysteme GmbH, Kriosystem Life, Metrum Cryoflex, Brymill Cryogenic Systems, US Cryotherapy, Galil Medical, and Coopersurgical, are the key players offering cryo products.