SEATTLE, April 14, 2021, (MEDGADGET) — Global Cryotherapy Market – Insights
Cryotherapy, also called cryoablation or cold therapy, is a non-invasive pain-relieving therapy, which is used for treating abnormal skin, alleviating pain, and localized tumors. Cryotherapy can be administered locally or on the whole body. Surgeons use cryo probes through which liquid nitrogen or high pressure argon gas flows that freezes and destroy the tumor cells. To guide the cryo probe, an MRI, ultrasound or CT scan is used to reach the treatment site. Cryotherapy can also be applied topically for treating skin disease and eye lesions. For topical cryotherapy, surgeons apply liquid nitrogen with a cotton swab or a spraying device. A whole body cryotherapy (WBC) is used to help improve an athlete’s performance and for early recovery from injuries and muscular pain. Lack of evidence supporting higher safety and effectiveness of WBC is limiting the wide scale adoption of this therapy, which is eventually hampering growth of the global cryotherapy market.
The global cryotherapy market size was valued at US$ 210.6 million in 2019, and is expected to register a CAGR of 8.8% over the forecast period (2019 – 2027).
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Global Cryotherapy Market Share (%) Analysis, By Product Type, 2019
Source: Coherent Market Insights Analysis (2019)
Global Cryotherapy Market is Witnessing Significant Growth, Owing to Increasing Number of Non-invasive and Minimally-invasive Procedures Performed Annually
Increasing number of non-invasive and minimally-invasive surgeries performed annually is expected to drive growth of the global cryotherapy market during the forecast period. Non-invasive and minimally-invasive procedures have witnessed significant demand in the recent past, owing to growing consumer preference on enhancing one’s physical features and treating skin problems. According to American Society of Plastic Surgeons (ASPS) 2017 reports, there were around 15.7 million minimally-invasive cosmetic procedures performed in the U.S. in 2017, which was a 2% growth compared to 2016.
Furthermore, increasing occurrence of sports-associated injuries, cancer, and heart related issues is expected to drive the global cryotherapy market growth. For instance, according to the American Journal of Sports Medicine report of 2016, over 3.5 million athletes aged 14 years and below suffer from a sports related injury annually in the U.S. According to the same source, around 77% of these injuries affect the lower leg, ankle, or foot. In such cases, cryotherapy is widely used by athletes to alleviate muscular pain and improve sleep quality.
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Global Cryotherapy Market – Restraints
Although utilization of argon gas and cry probes are approved by the U.S. Food and Drug Administration (FDA), the agency has not approved the whole body cryotherapy products. This is owing to lack of ample evidence regarding safety and efficacy of WBC products in comparison with contemporary therapies, which is expected to restrain the market growth in the near future. Furthermore, in October 2015, an individual succumbed to a fatal incident due to freezing cold in unlicensed spa, which raised a question mark over the safety of WBS therapy. However, the National Institutes of Health (NIH) is supporting the use of cryo chambers as a method for whole body cryotherapy. Moreover, manufacturers such as the US Cryotherapy are conducting rigorous studies to establish the safety and effectiveness of whole body cryotherapy, particularly cryo chambers.
Global Cryotherapy Market – Regional Insights
On the basis of region, the global cryotherapy market is bifurcated into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. High expenditure on healthcare facilities in developed economies from North America and Europe is driving demand for cryotherapy in these regions. According to the National Health Expenditure Accounts (NHEA), the U.S. healthcare expenditure increased by 3.9% in 2017, reaching $3.5 trillion, or $10,739 per person. Moreover, growing preference among consumers to recover from injury faster and prevent aging is expected to drive the market cryotherapy market growth in North America and Europe region.
Moreover, market players are involved in various growth strategies such as launch of novel products, in order to gain competitive edge in the emerging economies such as Brazil, Argentina, China, and India. Growing prevalence of cancer and skin disorders is expected to boost the demand for cryotherapy in these countries. For instance, according to the World Health Organization (WHO)’s Global Cancer Observatory report, May 2019, China accounted for 4.2 million new cases of cancer in both genders of all ages in 2018.
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Global Cryotherapy Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Source: Coherent Market Insights Analysis (2019)
Global Cryotherapy Market – Competitive Landscape
Key players operating in the global cryotherapy market are Mectronic Medicale s.r.l., CryoConcepts LP, Wallach Surgical Devices, CooperSurgical, Inc., Cryoalfa, Medtronic PLC., US Cryotherapy, Metrum Cryoflex, Brymill Cryogenic Systems, Galil Medical, Inc., Special Medical Technology Co., Ltd., and Zimmer MedizinSystems.
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