Global 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) 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), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adopting growth strategies such as launch of new products, which will drive the global cryotherapy market growth. For instance, in May 2020, CryoBuilt Inc., a manufacturer of whole body cryotherapy systems, launched EVERST, an advanced and affordable product line of whole body cryotherapy chambers.
Global Cryotherapy Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others, faced problems with regard to the transportation of things from one place to another.
COVID-19 had a negative impact on the global cryotherapy market as governments in various countries had limitations for medical procedures and elective surgeries performed in hospitals. For instance, on August 24, 2023, a research article posted by Cureus, which is a part of Springer Nature Group, a scientific journal, stated that many surgical departments reported a decline in the number of surgeries conducted due to COVID-19.
Global Cryotherapy Market: Key Developments
In July 2020, Channel Medsystems, a developer of medical technology products and services, announced that it received U.S. Food and Drugs Administration (FDA) approval for its next-generation Cerene cryotherapy device for treating menstrual bleeding.
In December 2021, BIBAWO Medical, a specialty pharmaceutical company, announced that Hydrozid, a leading cryosurgery device in Europe, is now U.S. Food and Drugs Administration (FDA) cleared and available to qualified providers in the U.S.
In February 2019, Stryker, a leading medical technology company, announced that it has completed the acquisition of Arrinex, Inc., a medical device company that has developed ClariFix, a novel cryoablation technology for the treatment of chronic rhinitis.
Browse 20 Market Data Tables and 25 Figures spread through 220 Pages and in-depth TOC on “Global Cryotherapy Market”- Forecast to 2030, Global 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).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cryotherapy-market-133
Key Takeaways of the Global Cryotherapy Market:
- The global cryotherapy market is expected to exhibit a CAGR of 11.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global cryotherapy market.
- Among application, the cancer segment is expected to hold a dominant position in the global cryotherapy market during the forecast period, and this is attributed to the increasing prevalence of cancer. For instance, in February 2022, the World Health Organization (WHO) stated that cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths
- Among region, North America is expected to be the dominant region in the global cryotherapy market, owing to the key players focusing on inorganic strategies like partnerships. For instance, on March 23, 2023, EVERSANA, a leading provider of commercialization services, announced a partnership with ChemoMouthpiece, LLC, an oncology supportive care company, to support the launch and commercialization of its medical device, the Chemo Mouthpiece, to assist oncology patients across the U.S. The Chemo Mouthpiece is an intraoral ice pack that delivers cryotherapy to the oral cavity of a patient receiving chemotherapy.
- The major players operating in the global surgical equipment 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.
