Cryotherapy, also called cryoablation, is a non-invasive therapy used for alleviating pain, treating abnormal skin, and treating localized tumors. Cryotherapy can be administered locally or on whole body. The surgeon uses cryo probes through which liquid nitrogen or high pressure argon gas flows freezing and destroying the tumor cell. A MRI, ultrasound or CT scan is used to guide the cryo probe to reach the treatment site in the body. Cryotherapy can also be applied topically for treating skin and eye lesions. In topical cryotherapy, liquid nitrogen is applied using cotton swab or a spraying device. A whole body cryotherapy (WBC) is used to help improve the athlete performance, recover early from injuries and muscular pain. Lack of evidences proving higher safety and effectiveness of WBC, however, is limiting the wide scale adoption of this therapy and thus, limiting growth of cryotherapy market.
The global cryotherapy market was valued at US$ 2,414.2 million in 2015 and is expected to witness a moderate CAGR of 8.5% during the forecast period (2016 – 2024).
Figure 1. Global Cryotherapy Market Size and Forecast, US$ Million and Y-o-Y Growth (%), 2014–2024
Source: Coherent Market Insights Analysis (2017)
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Cryotherapy Market on High Growth Trajectory on Back of Increasing Incidence of Cancer
According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide. Around14 million new cases of cancer were diagnosed in 2012, with around 8.8 million fatalities associated with it in 2015. According to the World Cancer Research Fund (WCRF) International, 1.1 million new case of prostate cancer cases were diagnosed in 2012, of which 88% were in the developed countries including France, Australia, the U.S., New Zealand, and Switzerland. Surgery, radiotherapy, and chemotherapy are the current treatment options for cancer. Demand for non-invasive and targeted therapies is high, leading to the advent of nano-technology. This is also expected to boost growth of the cryotherapy market in near future.
Lack of Clinical Evidences Limiting the Growth of Cryotherapy Market
Though use of argon gas and cryo probes are approved for use by the FDA, whole body cryotherapy products are not yet approved by the regulatory body. The FDA does not find any strong evidences claiming better safety and effectiveness over the existing treatment therapies with established safety and effectiveness. Moreover, the death of a 24 year old woman in October 2015 due to freezing cold in an unlicensed spa raised concerns over the safety of whole-body cryotherapy. The National Institutes of health (NIH) is however supporting studies on use of cryo chambers as a method of whole body cryotherapy. Manufacturers such as the US Cryotherapy are conducting studies to establish the safety and effectiveness of whole body cryotherapy, especially cryo chambers.
Cryotherapy Market to Gain Further Traction in Developed Economies
Major players operating in the global cryotherapy market include CryoConcepts LP, Wallach Surgical Devices, CooperSurgical, Inc., Cryoalfa, Medtronic PLC, US Cryotherapy, Metrum Cryoflex, Brymill Cryogenic Systems, and Galil Medical, Inc. High healthcare expenditure in developed economies of North America and Europe is responsible for a higher demand for cryotherapy in these regions. Moreover, developed regions offer better healthcare infrastructure and are usually early adopters of new technologies. The cryotherapy market in North America and Europe is fueled by increasing demand from athletes and film actors to recover from injury faster and prevent aging. Companies need to constantly develop innovative products for cryotherapy in order to gain larger user base in emerging economies such as India, China, and Brail. Increasing healthcare expenditure in developing economies and high prevalence of skin disorders, and cancer is expected to attract more users here.
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