Cryotherapy and Cryosurgery Market Overview
The global cryotherapy and cryosurgery market will witness approximately 2.65 Bn. USD by 2023. The market is expected to register a CAGR of 6.9%. Cryotherapy and cryosurgery find wide application in the treatment of tumors and cancers. Cryotherapy and cryosurgery market is expanding persistently over the past couple of years owing to the effective outcomes of the therapy. Cryotherapy is vastly accepted by patients and clinicians since it is an option for the patients who are nonresponsive to treatment or inoperable patients.
The prevalence of cancer is surging at an alarming rate coupled with the growing incidences of non-responsiveness, drug resistance or drug reaction. Therefore, the cryotherapy and cryosurgery market are exponentially rising on the worldwide platform.
The demand for effectual healthcare services, increasing global population collectively with noteworthy investments made in medicines and supporting devices are also anticipated to propel the global cryotherapy and cryosurgery market. Additionally, progressing economic conditions are acting as a growth driver for meeting the demand of the market, by flourishing the number of healthcare facilities. Moreover, growing awareness about skin and skin related ailments are likely to drive the growth of the global cryotherapy and cryosurgery market. Furthermore, the untapped markets in the developing economies such as India and China, accompanied by the growing rate of cancer treatments are expected to influence the market positively. However, some technical challenges are hindering the market growth. Also, the treatments are slightly expensive which could limit the market growth.
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Cryotherapy and Cryosurgery Market Segmentation
The global cryotherapy and cryosurgery market are segmented based on applications, types and device types. By applications, the market is segmented into Oncology, Cardiology, Dermatology, Trigeminal Neuralgia, Pain Management, and others. By types, the global cryotherapy and cryosurgery market is segmented into Instant Ice Pack Therapy, Ice Pack Therapy, Partial Body Cryotherapy, Internal Cryotherapy, and Whole-Body Cryotherapy. By device types Cryo Chambers, Cryogun, Gas Cylinders, CryoProbes, Cryosaunas, and Thermocouple Devices.
Cryotherapy and Cryosurgery Market Regional Analysis
North America dominates the market for cryotherapy and cryosurgery, holding the highest market share across the globe. The market is likely to generate the largest revenue pocket over 2016-2022. Increasing level of product innovation and the rising need for minimally invasive procedures for treating chronic ailments such as Cancer, would help the market to grow exponentially. Europe holds the second place in the global cryotherapy and cryosurgery market in terms of both revenue and market size. Growing prevalence of cancer along with the burgeoning healthcare industry equipped with advanced treatment facilities plays major role in accelerating the market. Besides, rising healthcare investments support the market growth in Europe.
Finally, the existence of leading players and investments made by them in the nations like the UK, Germany, and Italy, drives the market in the region. The Asia Pacific represents a prospective market for cryotherapy and cryosurgery. Large unmet medical demands coupled with the incessantly developing economy fuels the market in the region. The population’s rapid adoption of the sedentary lifestyle collectively with the increasing research and development support from the public and private bodies are augmenting the market growth in the region.
Cryotherapy and Cryosurgery Market Key Players
The global cryotherapy and cryosurgery market is characterized by large number of companies which include Galil Medical Inc. (US), HealthTronics, Inc. (US), Grand Cryo LLC (Russia), Impact Cryotherapy (US), KryoLife Inc. (US), Medtronic (Republic of Ireland), MedGyn Products, Inc. (US), Wallach Surgical Devices (US), and Erbe USA.
Cryotherapy and Cryosurgery Industry Insight
The cryotherapy device manufacturer CRYO Science has recently teamed up with Air Products to restrict nitrogen exposure and extend a healthy breathable ambience for cryotherapy patients. CRYO Science has devised the Cryo Artic, which only exposes the patient to healthy air vapor and not to nitrogen gas.
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