The cryotherapy market is projected to reach USD 319 million by 2024 from USD 206 million in 2019, at a CAGR of 9.1% according to the latest MarketsandMarkets (MnM) analysis. The analysis of market developments between showed that market players adopted strategies such as product launches & deployments, product approvals, partnerships, collaborations, acquisitions, and other developments to strengthen their product portfolios and maintain a competitive position in the cryotherapy market.

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The increasing demand for minimally invasive procedures; rising incidence of sports injuries, cardiac conditions, and cancers; technological advancements in cryotherapy equipment are important factors driving the growth of this market.

Key Market Players

The major players operating in the cryotherapy market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). Other players involved in this market include Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).

Medtronic (Ireland) held the dominant position in the cryotherapy market. This can be attributed to its extensive portfolio of cryosurgical equipment for cardiac applications.

Driver: Technological Advancements in cryotherapy equipment

Cryotherapy has become an important treatment option, mainly due to the various technological innovations and advancements in cryotherapy equipment over the years. Developments have been observed in various equipment, including cryosurgery units and accessories.

Market Segmentation

The MnM report throws light on an inclusive segmental analysis of the global Genotyping Assay market based on Application & End user.

Cryosurgery devices are estimated to account for the largest share of the cryotherapy product market
Hospitals & specialty clinics are the primary end users of the global cryotherapy market
Regional Analysis

While North America is expected to dominate the global cryotherapy market in 2019, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the booming medical tourism in the region, the growing geriatric population in Japan, and the rising prevalence of cancer in India.

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