Collaborations and partnerships are being prioritised by key market participants. Increased product introductions, low-cost cryotherapy devices, and growing cryotherapy device use are likely to drive market expansion over the projection period. The adverse effects of cryogenic gases are a key impediment to industry expansion. In cryotherapy treatment, a mixture of gases such as nitrogen, helium, neon, argon, hydrogen, methane, and liquefied natural gases is utilised, which can have a variety of negative health consequences. Cryogenic liquids and their related cold vapours or gases can cause skin allergies. Extended exposure to intense cold or contact with icy surfaces can cause frostbite and the skin to appear waxy yellow. Moreover, combustible gases such as methane, hydrogen, carbon monoxide, and liquefied natural gas, due to their fast growth, can cause problems such as fire and explosion. As a result, safety concerns about cryotherapy gases are expected to stymie industry expansion.
According to Coherent Market Insights, the global Cryotherapy Market is estimated to be valued at US$ 246.8 million in 2021 and is expected to exhibit a CAGR of 9.0 % during the forecast period (2021-2028).
Prominent Players in the Cryotherapy Industry:
1. Zimmer MedizinSystems
Zimmer Biomet Holdings, Inc., together with its subsidiaries, operates in the musculoskeletal healthcare business in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Zimmer Biomet Holdings, Inc. was founded in 1927 and is headquartered in Warsaw, Indiana. The latest innovation in the Zimmer MedizinSystems Cryo family of devices is the new Cryo 7. It’s an energy-efficient technological marvel facilitating a comfortable treatment environment for patients and staff.
2. Boston Scientific Corporation
Boston Scientific is a global medical technology leader in providing high performance solutions. It is operational in 40 plus countries across 6 continents and has headquarters in Marlborough, MA.
3. Mectronic Medicale S.r.l.
Medtronic is a global healthcare technology leader which broadly deals in challenging healthcare problems with innovation that can transform. It has headquartered in Minneapolis, MN and serves across 150 countries.
4. Impact Cryotherapy
On August 2019, Impact Cryotherapy, Inc., the leading manufacturer of whole body cryosaunas in the US, set the standard for safety in the cryotherapy industry and recently concluded a Human Factors Evaluation, “HFE”, of its cryosauna, operator’s manual, training documents and training videos. The evaluation confirmed the proprietary training programs and instructions for use support and enhance safe use of the cryosauna. The company was founded in 2014, headquartered in Georgia, U.S.
5. CryoAction Limited
CryoAction Limited is a privately owned UK company, founded in 2015 by a team with a strong background in technology and business. CryoAction specialises in whole body cryotherapy technology, and is one of the few companies to design, manufacture, install and service its own equipment. On September 2014, CryoAction has unveiled a new range of electric Cryotherapy chambers with temperatures reaching as low as -140°C.
6. Cortex Technology
Founded on 1986, Manufacturer of medical devices for cryotherapy and dermatology headquartered in Denmark. The company's products include skin testing equipment, liquid nitrogen treatment units, accessories and storage tanks and standard instruments for efficacy testing and documentation of skin properties for the public and private research, dermatology, skin consulting sectors.
7. CooperSurgical Inc.
The Cooper Companies, Inc., together with its subsidiaries, develops, manufactures, and markets contact lens wearers. The company operates in two segments, CooperVision and CooperSurgical. The company was founded in 1958 and is headquartered in San Ramon, California. On, November 11, 2021 CooperSurgical, Inc. announced that it has signed a definitive purchase agreement to acquire Generate Life Sciences®, a privately held, leading provider of donor egg and sperm for fertility treatments, fertility cryopreservation services and newborn stem cell storage (cord blood & tissue), for approximately $1.6 billion. ,
8. CryoConcepts LP
CryoConcepts, LP is a leader in cryo-based technologies that treat skin issues such as warts, skin tags, and hyperpigmentation. The company sells its products in over 44 countries. on January 2023, ryoConcepts, a manufacturer of portable cryosurgery and cryotherapy products, is relocating and establishing operations in Forks Township, Pennsylvania. The $1.6 million project is expected to create 61 new jobs in Northampton County within the next three years. The company was founded 2010,
9. Metrum Cryoflex
METRUM CRYOFLEX has implemented and maintains a Quality Management System which complies with the requirements of ISO 13485: 2016, under the supervision of TUV NORD Poland. METRUM CRYOFLEX has implemented and maintains a Quality Management System which complies with the requirements of ISO 13485: 2016, under the supervision of TUV NORD Poland. METRUM CRYOFLEX is a well-established European manufacturer of medical devices, founded in 1992, headquartered Poland.
*Definition - Cryotherapy, commonly known as cold treatment or icepack therapy, is used to treat and cure illnesses such as cervical cancer, retinoblastoma, skin cancer, and others by removing tissue or nerve lesions. It is also utilised to ease and relax body parts owing to muscle sprains, tissue damage, and continuous activity by giving patients ice baths.
