Global Cryotherapy Market Is Estimated To Witness High Growth Due To Increasing Incidences Of Skin Cancer And Growing Awareness Regarding The Benefits Of Cryotherapy

 

Cryotherapy Market

Overview:

Cryotherapy is a treatment that uses extremely cold temperatures to trigger the body to heal itself. It can be used in a localized way by using ice packs or ice massage, coolant sprays or ice baths, or in a more generalized way by immersing the entire body in cryogenic temperatures for a short period of time. Cryotherapies are often prescribed by medical professionals to treat skin conditions, muscle and ligament pain, and some cancers. It is also popular among elite athletes to speed up recovery, aid muscle conditioning and boost performance. It has been shown to help reduce chronic pain and inflammation, improve sleep and reduce depression. It may even help to speed up the healing process of wounds and burns. Some types of cryotherapy, like bronchoscopic cryotherapy are used for surgical procedures by surgeons or other certified healthcare providers. Cryotherapy can also lower the risk of developing cancer, diabetes, depression and dementia. It also helps with cell rejuvenation and can expel toxins out of the body.

Market Dynamics:

Increasing acquisitions are estimated to augment growth of the global Cryotherapy Market over the forecast period. For instance, CRYOPDP was acquired Cryoport, Inc., in August 2020, for almost USD 56.0 million. CRYOPDP is a French pioneer company that offers temperature-controlled logistics solutions for clinical research communities and cell & gene therapy. Moreover, lack of awareness is anticipated to restrain growth of the global cryotherapy market over the forecast period.

The Global Cryotherapy Market Is Estimated To Be Valued At US$ 246.8 Million In 2021 And Is Expected To Exhibit A CAGR Of 9.0 % During The Forecast Period (2021-2028).

Impact of COVID-19:

 

The pandemic has severe impact on the world economy. It also affected the healthcare sector and had long-term impact on several other sectors. Many research projects and clinical trials were halted during the pandemic owing to the shortage of resources. Lockdowns were imposed in many regions, and people suffering from diseases other than COVID-19 had to face many challenges. As hospitals were already running on full capacity, several clinics were shut down and all doctors were deployed to treat COVID-19 patients. This hampered other treatment options. Diagnosis and treatment for cancer and other disease were either delayed or postponed. These patients were at a huge risk of getting infected with the virus so they were monitored remotely. This hampered the growth of the global cryotherapy market.

 

Key Takeaways:

 

The global cryotherapy market is expected to witness high growth, exhibiting CAGR of 9.0 % over the forecast period, due to increasing product launches. For instance, CryoPop was launched by Pregna International Ltd., in India in January 2021. This is a cryotherapy device that is used to treat precancerous cervical cancer lesions.

North America is anticipated to witness significant growth in the global cryotherapy market over the forecast period, owing to growing disposable income levels and increasing per capita healthcare expenditure.

Major players operating in the global cryotherapy market are Zimmer MedizinSysteme GmbH, Brymill Cryogenic Systems, Wallach Surgical Devices, Metrum Cryoflex, Cryoalfa, CryoConcepts LP, and Medtronic Medicale S.r.l.