Cryotherapy Market 2019 Potential Growth, Share Trends, Analysis and Forecast till 2024

Press Release

Cryotherapy is an alternative tumor treatment option, usually preferred in cases wherein removal of tumor using conventional surgery is not effective. Cryotherapy is also utilized in treating skin disorders, for anti-aging, muscle pain and recovery, and for muscle-related injuries. Cryotherapies are broadly classified as localized/surgical cryotherapy or cryosurgery and whole-body cryotherapy. Cryosurgery is used for treatment of skin conditions, cancer, and pain. Whole body cryotherapy (WBC) find applications in health and fitness, generally performed opted for by athletes and film personalities. Liquid nitrogen cooled sauna or cryotherapy chamber (exposed to fresh oxygenated cooled air) are some of the more non-conventional techniques employed in WBC. Cryotherapy chambers are usually preferred by cryotherapy centers or at home-facilities. Cryo-guns, cryo probes and gas cylinders are mainly used in hospitals and clinics for major cryotherapy procedures.

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Market Dynamics

The global cryotherapy market growth is expected to be mainly driven by increasing incidence of cancer and high prevalence of skin disorders. According to WCRF International, 1.1 million new cases of prostate cancer among men were diagnosed in 2012. Incidence rates are especially high in Australia, New Zealand, North America, and in Western and Northern European countries.

Cryotherapy Market on High Growth Trajectory on Back of Increasing Incidence of Cancer

According to the World Health Organization (WHO), cancer is the second leading cause of death worldwide. Around14 million new cases of cancer were diagnosed in 2012, with around 8.8 million fatalities associated with it in 2015.  According to the World Cancer Research Fund (WCRF) International, 1.1 million new case of prostate cancer cases were diagnosed in 2012, of which 88% were in the developed countries including France, Australia, the U.S., New Zealand, and Switzerland. Surgery, radiotherapy, and chemotherapy are the current treatment options for cancer. Demand for non-invasive and targeted therapies is high, leading to the advent of nano-technology. This is also expected to boost growth of the cryotherapy market in near future.

Lack of Clinical Evidences Limiting the Growth of Cryotherapy Market

Though use of argon gas and cryo probes are approved for use by the FDA, whole body cryotherapy products are not yet approved by the regulatory body. The FDA does not find any strong evidences claiming better safety and effectiveness over the existing treatment therapies with established safety and effectiveness. Moreover, the death of a 24 year old woman in October 2015 due to freezing cold in an unlicensed spa raised concerns over the safety of whole-body cryotherapy. The National Institutes of health (NIH) is however supporting studies on use of cryo chambers as a method of whole body cryotherapy. Manufacturers such as the US Cryotherapy are conducting studies to establish the safety and effectiveness of whole body cryotherapy, especially cryo chambers.

Cryotherapy Market to Gain Further Traction in Developed Economies

Major players operating in the global cryotherapy market include CryoConcepts LP, Wallach Surgical Devices, CooperSurgical, Inc., Cryoalfa, Medtronic PLC, US Cryotherapy, Metrum Cryoflex, Brymill Cryogenic Systems, and Galil Medical, Inc. High healthcare expenditure in developed economies of North America and Europe is responsible for a higher demand for cryotherapy in these regions. Moreover, developed regions offer better healthcare infrastructure and are usually early adopters of new technologies. The cryotherapy market in North America and Europe is fueled by increasing demand from athletes and film actors to recover from injury faster and prevent aging. Companies need to constantly develop innovative products for cryotherapy in order to gain larger user base in emerging economies such as India, China, and Brail. Increasing healthcare expenditure in developing economies and high prevalence of skin disorders, and cancer is expected to attract more users here.

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