Cryotherapy Market Analysis

Cryotherapy Market Analysis

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Based on therapy type, global cryotherapy market is categorized into cryosurgery, chamber therapy, and icepack therapy. In 2022, the cryosurgery segment held the largest business share, of 51.6% of the total market. Due to the increasing awareness and demand for minimally invasive procedures, cryosurgery is gaining attention as it does not require surgical incisions. This approach has fewer side effects compared to conventional methods, including a lower risk of infection and a faster recovery. Additionally, it can be used in conjunction with other treatments such as radiation, chemotherapy, and hormone therapy.
 

Moreover, it has applications for treating a wide range of medical conditions, reduces pain and bleeding, and allows precise targeting of abnormal tissues, which are some of the factors driving the growth of this segment.
 

Based on device, the cryotherapy market is classified into cryosurgery devices, localized cryotherapy devices, cryochambers & cryosaunas, and cryogun. The cryosurgery device segment accounted for largest market share of 39.2% in 2022 and is expected to reach USD 213.8 million by 2032. The cryosurgery device segment is further sub-segmented into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. Among these, the tissue contact probes accounted for highest market share due to accuracy in delivering desired amount of cold to the targeted areas and high durability.
 

The cryosurgery is minimally invasive procedures used for treating various types of medical condition such as skin cancer or prostate cancer. Due to rising prevalence of cancer and increasing number of cryosurgeries for cancer patients has increased the demand for cryosurgery devices. Other factors such as precision, versatility, cost-effectiveness, and minimal invasive nature contributes to the widespread use of cryosurgery devices.
 

Cryochambers and cryosaunas segment is expected to grow at fastest CAGR of 10.0% during the forecast period due to the advantages provided such as pain reduction, muscle repair, weight loss, reduced inflammation, dementia prevention, and improvements in eczema symptoms. 
 

Based on application, the cryotherapy market is divided into surgical applications, pain management, sports medicine and physiotherapy, and beauty applications. The surgical application segment accounted for highest revenue share in 2022 and is expected to grow at a CAGR of 8.1% from 2023 to 2033. The surgical application segment is subdivided into oncology, cardiology, dermatology, and other surgical applications. Among these, oncology segment dominated the market due to the high prevalence of cancer and increasing demand and utilization of cryotherapy for various types of cancer such as prostate or skin cancer.
 

Due to the high prevalence of cancer, high preference for minimally invasive procedures and shorter procedure time compared to traditional methods the demand for cryotherapy for surgical procedures is increasing. The utilization of cryotherapy in surgical procedures reduces the trauma to patient, reduces the post-operative pain and leads to faster recovery enhance the growth of this segment.
 

Based on end user, the cryotherapy market is divided into hospitals & speciality clinics, cryotherapy centres, and spas & fitness centres. Hospitals & speciality clinics segment was valued at USD 148.4 million in 2022. The demand for cryosurgery and related products in hospitals and specialist clinics has increased due to the advancements in cryotherapy technology and wide applicability of cryotherapy for the treatment of various medical conditions. In the coming years, spa & fitness centres are expected to grow at highest CAGR of 10.6% as cryotherapy is a new trend in fitness and wellness due its advantages in pain management, muscle recovery, and improving circulation.
 

Based on the region, the cryotherapy market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America had the biggest revenue share of about 40.6% in 2022, and it is expected to reach USD 228.6 million by 2032. This is due to the substantial quantities of disposable income, technologically advanced healthcare infrastructure, and high medical expenditure in the U.S. This region has a greater number of cryotherapy facilities contributing to the growth of market in this region.
 

Due to untapped market potential, rising interest in cryosurgery for cancer and skin treatments along with the rapidly evolving healthcare infrastructure, and rising disposable incomes in emerging Asian nations, Asia Pacific is anticipated to experience the fastest market growth during the forecast period.