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Cryotherapy Market Trends, Market Share, Size, Growth Status And Forecast To 2033
Cryotherapy Market Trends
According to The Business Research Company's, The cryotherapy market size has grown rapidly in recent years. It will grow from $7.54 billion in 2023 to $8.32 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to the rise in prevalence of cancer, rise in preference for minimally invasive techniques, increased applications of cryosurgery, increased popularity of cryotherapy for sports and fitness applications, growth in preference for minimally or non-invasive procedures.
The cryotherapy market size is expected to see rapid growth in the next few years. It will grow to $12.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to the increasing number of non-invasive and minimally invasive procedures, increasing product launches, reasonably priced cryotherapy equipment, rising cryotherapy device use, and growing focus on expanding cryotherapy applications. Major trends in the forecast period include technological advancements in cryotherapy equipment, product launches, technological advancements and penetration of cryotherapy, and healthcare advancements.
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Market Drivers and Trends:
The increasing number of non-invasive and minimally invasive procedures is expected to propel the growth of the cryotherapy market going forward. Non-invasive and minimally invasive procedures are medical interventions designed to diagnose, treat, or manage health conditions with minimal disruption to the body's normal anatomy and physiology. The demand for non-invasive and minimally invasive procedures is increasing due to reduced risk and complications, faster recovery, minimal downtime, and less pain and discomfort. Cryotherapy offers a non-invasive approach to treating various medical conditions and cosmetic concerns, making it an attractive option for patients seeking less invasive alternatives to traditional surgical interventions. For instance, according to The Aesthetic Society, a US-based organization of plastic surgery and cosmetic medicine, total minimally invasive cosmetic procedures in the USA reached 23.7 million in 2022, an increase of 70% from 2021. Further, Americans spent more than $11.8 billion on aesthetic procedures, up 2% from the previous year. Therefore, the increasing number of non-invasive and minimally invasive procedures is driving the growth of the cryotherapy market.
Major companies operating in the cryotherapy market are developing innovative disposable cryocare devices, such as the Isolis cryoprobe, to freeze and destroy tissue targets precisely. Isolis cryoprobeis is a disposable device intended for single use or has a limited lifespan before being discarded. For instance, in May 2023, Varian Medical Systems, a US-based medical device company, launched the Isolis cryoprobe, a single-use, disposable device designed for cryoCare systems to improve procedural efficiency and precision for cryoablation. The new Isolis cryoprobe gives the interventional radiologist greater control and features that improve predictability, accuracy, and efficiency. It has a small 2.1mm/14-gauge shaft and a sharp probe tip for easy and precise installation. Isolis is the first cryoprobe to provide possible integration with Siemens Healthineers' myNeedle Laser guidance system. It is intended for use in a variety of surgical procedures, including general surgery, urology, gynecology, oncology, neurology, dermatology, ENT, proctology, pulmonary surgery, and thoracic surgery, and allows for the freezing and ablation of tissues at extremely low temperatures.
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Major Key Players of the Market:
Medtronic Plc, Stryker, Boston Scientific Corporation, CooperSurgical Inc, Erbe Elektromedizin GmbH, Quantum Cryogenics, Zimmer MedizinSysteme GmbH, CryomedPro, CryoConcepts LP, Brymill Cryogenic Systems, US Cryotherapy, Cortex Technology, Impact Cryotherapy, MECOTEC GmbH, CryoBuilt Inc, Cryomachines Inc, IceCure Medical Ltd, Cryoalfa, Galil Medical Inc, CRYO Science, Titan Cryo.
Cryotherapy Market 2024 Key Insights:
• The cryotherapy market size is expected to see rapid growth in the next few years. It will grow to $12.46 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Rising Demand For Non-Invasive And Minimally Invasive Procedures Drives Growth Of The Cryotherapy Market
• Innovative Cryotherapy Advancements For Precision Tissue Ablation
• North America was the largest region in the cryotherapy market in 2023
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