The Cryotherapy and Cryosurgery market is rising pervasively over the past couple of years mainly due to the good outcomes the therapy is providing in the treatment of various types of cancers and tumors. Cryotherapy is vastly preferred among clinicians and patients due to it being an option for inoperable patients or for the patients who are nonresponsive to treatment.
The prevalence of cancer is growing at an alarming rate and so are increasing the cases of drug reaction, drug resistance or non-responsiveness. Therefore, the cryotherapy and cryosurgery market is pervasively rising on the global platform.
Recognizing the impressive growth records, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global cryotherapy and cryosurgery market will register a CAGR of 6.9% from 2016-2023, witnessing the accruals of approx. 2.65 Bn. USD by 2022.
Additional factors substantiating the market growth include the demand for the effective healthcare growing with the ever-increasing population and the substantial investments made in the field of development of medicines and supporting devices. Simultaneously, improving economic conditions are acting as a growth propellant, meeting the demand by proliferating the number of healthcare facilities.
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On the other hand, some technical incompetency challenges are impeding the market growth. Also, cost of the treatment is slightly on the higher side which could be a key factor acting as a headwind to the market growth.
Nevertheless, increasing awareness towards the availability of this treatment along with the consciousness about skin and related diseases are expected to drive the growth of this market. Furthermore, the untapped opportunities in the developing economies, such as China and India, along with the increasing number of cancer treatments are projected to propel the market growth.
Cryotherapy & Cryosurgery Market – Segmentations
The MRFR analysis is segmented into four key dynamics;
By Types: Ice Pack Therapy, Instant Ice Pack Therapy, Whole Body Cryotherapy, Partial Body Cryotherapy, and Internal Cryotherapy among others.
By Device Types: Cryogun, Cryo Chambers, Gas Cylinders, CryoProbes, Thermocouple Devices, and Cryosaunas among others.
By Applications: Dermatology, Oncology, Pain Management, Trigeminal Neuralgia, Cardiology, and others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
The Ice Pack Therapy segment by Types is estimated to account for 28% of the market share, while, The Instant Ice Pack Therapy segment will garner 23% of the market share.
The Whole Body Cryotherapy segment will evaluate for 16% of the market share.
The Partial Body Cryotherapy segment will pull around 21% market share, whereas, the Internal Cryotherapy segment will account for 12% of the Market Share.
Cryotherapy & Cryosurgery Market – Regional Analysis
North America accounts for the leading market for cryotherapy and cryosurgery, possessing the largest market share. The market is expected to create the largest revenue pocket during 2016-2022. The market is escalating rapidly in the view of the high level of product innovation, and the growing demand for the minimally invasive procedures for the chronic diseases such as Cancer.
Cryotherapy and cryosurgery market in Europe stands second in terms of both the market size and revenue. Increasing prevalence of cancer along with the well-proliferated healthcare sector equipped with the advanced treatment facilities and increasing healthcare expenditures substantiate the market growth in the region. Besides, the presence of matured players and funding and investments transpired by them primarily in the countries like the UK, Italy, and Germany support the market in the region.
The Asia Pacific region is too emerging as one of the lucrative markets for cryotherapy and cryosurgery. Large unmet clinical needs coupled with the continuously improving economy drives the market in the region. The growing population that is increasingly adopting the sedentary lifestyle along with the increased funding support from the private and public bodies are supporting the market growth in the region, increasing R&D activities.
Cryotherapy & Cryosurgery Market – Competitive Landscape
The cryotherapy & cryosurgery market is highly competitive and fragmented owing to the presence of active players fervently churning the competition in the market. The key strategies traced from the analysis of recent developments of the key players include product launch, agreement & partnership, acquisition, and expansion. Well-established manufacturers utilizing breakthrough technologies, strive to develop a comprehensive range of safe and reliable solutions portfolio.
The leaders operating in the market include HealthTronics, Inc. (US), Galil Medical Inc. (US), Impact Cryotherapy (US), Grand Cryo LLC (Russia), Medtronic (Republic of Ireland), KryoLife Inc. (US), MedGyn Products, Inc. (US), and Incorporated, Erbe USA, Wallach Surgical Devices (US).
June 25, 2018 – Emory University School of Medicine (US) announced that the Cryotherapy procedures that they are performing at their Interventional radiology center are also proving helpful in reducing weight by temporarily freezing the hunger nerve.
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