Cryotherapy Market is Estimated to Witness High Growth Owing to Opportunity of Wide Applications in Pain Management and Anti-Ageing Therapy
Cryotherapy involves the use of extremely cold temperatures in medical therapies to treat various medical conditions such as chronic pain, cancer, joint inflammation, and skin conditions. Cryotherapy is commonly used in dermatology, urology, oncology, neurology, and rehabilitation practices. It has applications in the treatment of conditions such as cellulite, warts, skin tags, alopecia, acne, and others. Cryotherapy minimizes skin imperfections and offers anti-aging effects by skin rejuvenation. It reduces inflammation and soothes pain in the joints. The cryotherapy system consists of a cryotherapy unit, which provides controlled flow of liquid nitrogen to the applicators in the form of nitrogen vapors. The global Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: The growing adoption of cryotherapy for pain management presents a major market opportunity. Chronic pains such as back pain, neck pain, and knee pain often require long-term management which increases healthcare costs. Cryotherapy offers an effective pain relief solution by reducing inflammation. Its non-invasive nature makes it a preferred treatment option over medication. Increasing cases of sports injuries and rising health awareness are further driving the demand for cryotherapy in pain management clinics and hospitals. With growing preference for minimally invasive therapies, the market opportunity for cryotherapy in pain management is expected to significantly rise during the forecast period.
Porter’s Analysis
Threat of new entrants: The cryotherapy market has a moderate threat of new entrants due to presence of established players in the market and requirement of extensive R&D for producing advanced cryotherapy products and techniques. Bargaining power of buyers: There exists moderate bargaining power of buyers in the form large hospitals and clinics who negotiate on the prices of cryotherapy devices and services. Bargaining power of suppliers: The bargaining power of suppliers is low considering the availability of several component suppliers and brands in the cryotherapy market. Threat of new substitutes: The threat of new substitutes is moderate as a multitude of non-invasive procedures for pain management and dermatological conditions can serve as substitutes for cryotherapy. Competitive rivalry: The competitive rivalry is high among the key players like Zimmer MedizinSysteme, Boston Scientific and others, given their similar product portfolio and global presence.
SWOT Analysis
Strengths: Cryotherapy is a non-invasive procedure, Safety profile and minimal side effects of cryotherapy, Growing uses in various applications such as dermatology, pain management etc. Weaknesses: Lack of awareness regarding cryotherapy in some regions, High costs associated with cryotherapy devices and services, Requirement of trained professionals for administering cryotherapy. Opportunities: Potential for cryotherapy in various therapeutic areas like oncology, scope for usage in developing nations, Emergence of technologically advanced cryotherapy solutions. Threats: Availability of alternative treatment procedures, Stringent regulatory approval process, Reimbursement issues related to cryotherapy procedures in some countries.
Key Takeaways
The global cryotherapy market is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising demand for minimally invasive procedures and increasing applications in pain management and dermatology.
Regionally, North America is expected to dominate the cryotherapy market during the projected period due to growing awareness and significant reimbursement coverage for cryotherapy in the region. The Asia Pacific region is anticipated to register fastest growth in the cryotherapy market supported by rising medical Tourism, improving healthcare infrastructure and increasing disposable incomes in emerging economies.
Key players operating in the cryotherapy 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. Key players are focusing on introducing technologically advanced cryotherapy devices and geographic expansion strategies to strengthen their foothold in the market.