What the Market Looks Like?
The cryotherapy market is expected to grow from USD 206 million in 2019 to USD 319 million by 2024, at a CAGR of 9.1% during the forecast period.
The study involved four major activities to estimate the current size of the cryotherapy market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
Growth in the cryotherapy market is primarily driven by factors such as the growing incidences of sports injuries, cardiac diseases, & cancers, and technological advancements in cryotherapy technology. Cryotherapy is widely used for the treatment of health conditions like pain, malignant & benign tumors, tissue damages or lesions, and sports injuries.
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The cryotherapy applications market is segmented into surgical applications (oncology, dermatology, cardiology, and other surgical applications); pain management; and recovery, health, & beauty applications.
What are Key Trends in the Market?
The growth of the Cryotherapy Market 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
The cryotherapy applications market is segmented into surgical applications (oncology, dermatology, cardiology, and other surgical applications); pain management; and recovery, health, & beauty applications. The surgical applications segment held the largest share of the market in 2018, a trend that is expected to continue during the forecast period. The large share of this segment can be attributed to higher adoption of cryoablation for cancer treatment as well as the advantages offered by this technique over traditional surgery.
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North America is expected to hold a dominant share in the cryotherapy market during the forecast period
North America held the largest share of the market in 2018 and is projected to continue to do so during the forecast period. Factors such as the growing popularity of cryotherapy, rising prevalence of cancer, increase in sports and physical activity-related injuries, and rising prevalence of CVDs are driving the North American cryotherapy market. Lately, the US has seen a growing popularity of cryotherapy among athletes and fitness & beauty enthusiasts, leading to many professional and collegiate training departments installing cryosauna machines at their facilities.