Cryotherapy involves the use of extremely cold temperatures to treat various medical conditions. It is gaining popularity due to its non-invasive nature and quick pain relief. Cryotherapy devices use cryogens such as liquid nitrogen, carbon dioxide or nitrous oxide to create temperatures below freezing point. Some common applications are whole body cryotherapy to relieve pain, localized cryotherapy for dermatological procedures and cryoablation to remove diseased tissues. The global cryotherapy market provides cost-effective solutions to manage chronic pain caused by musculoskeletal disorders, sports injuries or trauma. It is an attractive alternative to drugs and other invasive therapies that have potential side effects.
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 in the cryotherapy market is the growing popularity of whole body cryotherapy. Exposing the entire body to sub-zero temperatures for a short time provides relief from chronic pains, improves blood circulation and boosts the immune system. The use of liquid nitrogen in cryochambers allows bringing the skin temperature down to -130 degree Celsius for 2-4 minutes. This non-medical aesthetic procedure is gaining acceptance in fitness centers, gyms and rehabilitation clinics looking to offer natural pain management options. With growing awareness about its multiple wellness benefits, the popularity of whole body cryotherapy is expected to drive significant growth of the overall cryotherapy market during the forecast period.
Threat of new entrants: Low economies of scale, required capital investments and regulatory processes for entering the cryotherapy market pose entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute treatment options available in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of alternative suppliers in the market.
Threat of new substitutes: Technological advancements introduce potential alternative treatment options that can replace cryotherapy.
Competitive rivalry: High level of competition in the market from presence of established players.
The global cryotherapy market is expected to witness high growth. Cryotherapy has extensive applications in various areas such as dermatology, athletic injuries, and pain management among others.
Regional analysis: North America dominates the cryotherapy market and is expected to continue its dominance over the forecast period. Factors attributing to its large market share include advanced healthcare facilities and growing popularity of cryotherapy. Asia Pacific is expected to be the fastest growing market owing to increased awareness about cryotherapy and prevalence of chronic diseases.
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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