Cryotherapy Market, By Product [Cryosurgery Devices (Cryo Probes, Cryoablation Devices), Localized Cryotherapy Devices, Cryochambers, and Cryosaunas], By Application (Cancer, Cardiovascular Diseases, Dermatologic Disorders, Pain Management, and Others), By End User [Hospitals, Specialty Clinics, and Others (Spas and Fitness Centers)], and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published In : Sep 2023

Code : CMI133

Pages :220

Formats :

Excel and PDF

Industry : Medical Devices

Cryotherapy MarketSize and Trends

The global cryotherapy market is estimated to be valued at US$ 294.8 million in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).

Figure 1. Global Cryotherapy Market Share (%), By Product Type, 2023

Based on product type, the market is segmented into cryosurgery devices (cryo probes, cryoablation devices), localized cryotherapy devices, cryochambers, and cryosaunas. Out of which, the cryosurgery devices segment is expected to hold a dominant position in the global cryotherapy market during the forecast period, and this is attributed to increasing product approvals.

Based on application, the market is segmented into neurosurgery, plastic surgery, orthopedics, cardiovascular surgery, obstetrics & gynecology, and others. Out of which, neurosurgery is expected to dominate the market over the forecast period, and this is attributed to increasing neuro disorders.

Based on end user, the market is segmented into cancer, cardiovascular surgery, dermatologic disorders, pain management, and others. Out of which, the cancer segment is expected to dominate the market over the forecast period, and this is attributed to the prompt treatment that can lead to proper recovery.

Among all the segmentation, the application segment is expected to dominate the market over the forecast period, and this is attributed to increasing prevalence of cancer. For instance, in December 2022, a report was published by Elsevier Inc., an academic publishing company, which stated that globally in 2020, there were an estimated 604,127 cervical cancer cases and 341.831 deaths.

Global Cryotherapy Market: Key Trends

Introduction of cryotherapy with advanced technology: Introduction of cryotherapy with advanced technology in the market is expected to drive the growth of the global cryotherapy market over the forecast period. For instance, in June 2021, FormFactor, Inc., a leading semiconductor test and measurement supplier, in collaboration with Northrop Grumman Corporation , a technology company focused on global security and human discovery, announced the availability of a fully automated cryogenic wafer probe system operating at 4 Kelvin and below to accelerate the development of superconducting compute applications.