Cryotherapy Market | Ongoing Trends and Recent Developments | Major Key Players like Medtronic (Ireland), Galil Medical (US), CooperSurgical (US)
What the Cryotherapy Market Looks Like?
Predicted to grow at a CAGR of 9.1% during the forecast period, the global Cryotherapy Market is estimated to reach USD 319 million by the end of 2024. The APAC market will grow at the highest CAGR during the forecast period
The Cryotherapy Market is segmented on the basis of products into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is further divided into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. The cryosurgery devices segment held the largest share of the Cryotherapy Market in 2018. The technological advancements in cryoablation technologies and the therapeutic advantages of cryoablation over other ablation modalities are the major factors driving the growth of this product segment.
The market is segmented into hospitals & specialty clinics, cryotherapy centers, and spas & fitness centers on the basis of end users. The hospitals & specialty clinics segment estimated to command the largest share of the market in 2019 and this segment is also projected to register the highest CAGR owing to the increasing adoption of cryoablation for cancer and cardiac diseases. The affordability and safety offered by cryosurgery over traditional surgery and the rising prevalence of CVDs, cancer, & sports injuries are expected to increase the adoption of cryotherapy in hospitals & specialty clinics.
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What Drives the Cryotherapy Market?
The growth of the global market for Cryotherapy is primarily influenced by the following factors:
• Increasing Demand for Minimally Invasive/Non-Invasive Procedures
• Growing Incidence of Sports Injuries, Cancer, and Cardiac Conditions
• Technological Advancements in Cryotherapy Equipment
• Growing Popularity in the Beauty, Wellness, and Fitness Industries
Geographical growth scenario of Cryotherapy Market:
Geographically North America is expected to dominate the global Cryotherapy Market in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the booming medical tourism in the region, the growing geriatric population in Japan, and the rising prevalence of cancer in India.
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Leading market players and strategies adopted:
The major players operating in the Cryotherapy Market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). Other players involved in this market include Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).
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North America holds the lion’s share of global cryotherapy market partly due to the robust adoption of cryotherapy in healthcare, cosmetic, and wellness industry in the region. Europe is the second largest market for cryotherapy. In addition, the region is expected to rake in over US$ 1,001 Million in revenue by the end of the assessment period, with the UK, Germany and France being the top three attractive markets. Whereas, APAC
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The Global Cryotherapy Market was valued at US$ 2,414.2 million in 2015 and is projected to expand at a CAGR of 8.5 % during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing incidence of cancer and growing inclination of the populace towards maintaining beauty and wellness is expected to support growth of the global cryotherapy market over the forecast period. Increasing number of