What This Report Will Provide?
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. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Growth:
[120 Pages Report] 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.
Major Growth Boosters:
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.
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- In 2019, Medtronic collaborated with Phillips (Netherlands) to facilitate the sale of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures, for the advance treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder.
- Kriosystem Life was the official supplier of cryotherapy devices for The World Games 2017, held in Wroclaw, Poland
Critical questions the report answers:
- Which of the product segments will dominate the cryotherapy market in the next five years?
- Emerging countries have immense opportunities for the growth and adoption of cryotherapy, will this scenario continue in the next five years?
- Increasing availability and awareness of advanced technology in the emerging market is impacting the growth for developed markets. How will the pricing difference impact the overall market?
- What are the upcoming technologies in the cryotherapy market?
- Which application segment will dominate the cryotherapy market in the next five years?
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Technological Advancements in cryotherapy equipment
Cryotherapy has become an important treatment option, mainly due to the various technological innovations and advancements in cryotherapy equipment over the years. Developments have been observed in various equipment, including cryosurgery units and accessories. Cryochambers and cryosaunas, which are widely used in the treatment of inflammation, rheumatoid arthritis, and pain management, along with general beauty and wellness therapies, have also undergone developmental enhancements.
Regional Growth Analysis:
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.