The global cryotherapy market is anticipated to grow at 9.2% CAGR owing to the rising incidences of sports injuries, cardiac disorders, and cancers, technological development in cryotherapy. The growing demand for minimally invasive procedures, rising prominence in the beauty, fitness, and wellness industry, increasing R&D activities to expand the application areas of cryotherapy will provide promising opportunities for the growth of the global cryotherapy market.
The COVID-19 outbreak has disrupted the supply chain, government issuing bans and limitations on certain medical procedures and elective surgeries has hampered the demand for cryotherapy equipment market.
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Based on product, cryosurgery devices dominate the market as it offers benefits like few side effects, are affordable, and increase in adoption. The mounting demand for minimally invasive cryosurgery to treat diseases like cancer, benign tumors, etc. will bolster the growth of the cryosurgery devices segment.
Based on application, the surgical application is anticipated to have a significant share and includes oncology, cardiology, dermatology, and others. The rising incidences of cancer like prostate, cervical, skin, etc., and awareness about cryotherapy-based treatment approaches will propel the growth of the segment.
North America dominates the cryotherapy market owing to the increasing prominence of cryotherapy, increasing incidences of cancer, rising sports and physical activity-related injuries, growing prominence of CVDs. Moreover, the expansion of product innovation of cryotherapy in aesthetic workstations and medical purposes will fuel the growth in the region.
Medtronic has collaborated with Phillips to help in the sale of products on behalf of Philips and offers an advanced, cohesive image guidance solution for cryoablation procedures, for the treatment of paroxysmal atrial fibrillation (PAF) which is a heart rhythm disorder.
The prominent players in the cryotherapy industry include Medtronic PLC, ERBE Elektromedizin GmbH, Impact Cryotherapy, Cryoconcepts LP, Zimmer Medizinsysteme GmbH, Kriosystem Life, Metrum Cryoflex, Brymill Cryogenic Systems, US Cryotherapy, Galil Medical, and Coopersurgical.
Source: VynZ Research