Cryotherapy is a fast-growing and effective treatment modality used for various medical conditions. It works by exposing the affected areas of the body to extremely cold temperatures through direct contact with liquid nitrogen or compressed gases. Some common applications of cryotherapy include treatment of skin lesions, tumors, and localized cancers. It is also used for pain relief, especially in case of musculoskeletal conditions through cryoneurolysis technique. Cryotherapy offers various advantages over conventional therapies such as minimal invasiveness, quick recovery time, high precision, and lower costs. The treatment causes localized damage to diseased tissues through formation of ice crystals while preserving surrounding healthy tissues.
The global cryotherapy market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends driving growth of the cryotherapy market is rising preference for minimally invasive procedures. Cryotherapy provides an effective non-surgical treatment option for various medical conditions thereby helping patients avoid risks and complications associated with surgeries. This has boosted its uptake particularly in dermatology, oncology, and pain management applications. Additionally, ongoing technological advancements are helping improve safety, efficacy, and ergonomics of cryotherapy devices. Manufacturers are focused on development of closed loop systems for controlled application of precise cooling, integrated mobile units for enhanced convenience, and smart sensors for automatic adjustments. Such innovations are increasing applications of cryotherapy in newer areas thus supporting market growth over the forecast period.
Threat of new entrants: The threat of new entrants is moderate as significant capital investments are required to set up new manufacturing units along with research and development expenses. However, the market is still growing providing opportunities to new players.
Bargaining power of buyers: The bargaining power of buyers is moderate as the market is highly fragmented with many regional and global players offering similar products at competitive prices. This provides options to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute components and raw materials supplied by various small and large suppliers.
Threat of new substitutes: The threat of new substitutes is low as no prominent alternative currently threatens cryotherapy’s applications in sports injury treatment and pain relief.
Competitive rivalry: The competitive rivalry is high given several regional and global players operating with similar product portfolios. Players compete on the basis of innovative products, brand value, and pricing.
The global cryotherapy market is expected to witness high growth. The market in North America is dominating and growing at a significant pace owing to advanced healthcare facilities, increase in sports and physical injuries, and rising cases of chronic pain.
Regional analysis: Asia Pacific region is growing at the fastest pace led by China, Japan, and India due to increasing healthcare expenditure, rise in disposable incomes, growing awareness about cryotherapy applications.
Key players: Key players operating in the cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited.
- Source: Coherent Market Insights, Public sources, Desk research
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