New Report shows cryotherapy market worldwide to exceed $4bn by 2024

A new report from Persistence Market Research predicts that global cryotherapy market to cross $4bn by 2024.

Cryotherapy is the general utilization of low temperatures in therapeutic treatment. It is utilized to cure a range of favorable and threatening tissue break, medically called as sores. It is the surgical treatment, particularly known as cryoablation or cryosurgery. It utilizes excessive cold to demolish irregular or infected tissue and is utilized most normally to treat skin conditions.

Cryotherapy is generally used to mitigate muscle swelling, sprains and pain either by means of postoperative swelling or delicate tissue break. It can be a collection of medicines from the low technology use of ice packs or inundation in ice showers to the utilization of cold chambers as well as body cuffs or face masks with controlled temperature, at times called hilotherm.

The worldwide market for cryotherapy is projected to exhibit a 6.5% CAGR over the assessment period to exceed a value of US$ 4 Billion over the conjecture time frame of 2016-2024.

Market Segmentation

Based on the product type, the overall market is segmented as local cryotherapy equipment (includes cryosurgery equipment, cryofacial equipment, cryoanalgesia equipment and others (cryoshaping devices, lipolysis devices etc.)), cryosurgery equipment and cryotherapy chambers /cryosauna. The cryochambers will be witnessing a robust CAGR of 7% during the predicted period.

Based on the application, the worldwide market is categorized into pain management, dermatology, cardiology, oncology and others (sports medicine & physiotherapy). The oncology category has accounted for almost 80% of market value share in 2016 and the segment is likely to grow steadily over the projection period. While, the dermatology category will be the highest growing category, registering a 7% CAGR during 2016-2024.

Based on the end user, the overall market is divided into specialty clinics, hospitals, cryotherapy centers and fitness center and beauty spa. The hospital’s division will be the fastest growing division of the overall market also, the division is poised to grow at a 6.8% CAGR to account for a value of around US$ 2,479.3 Million by 2024 end.

Based on region, the worldwide market is segmented into Europe, MEA, APAC, Latin America and North America. North America will be dominating the overall market for cryotherapy over the calculated period. Europe is considered to be the second biggest market for cryotherapy also, the region is likely to reach more than US$ 1,001 Million in terms of revenue with the France, Germany and UK to be the top three lucrative markets.

Competitive Dashboard

Key players functioning in the global market for cryotherapy include Zimmer MedizinSysteme GmbH, Erbe Elektromedizin GmbH, Impact Cryotherapy Inc., KrioSystem Sp. z.o.o ., The Cooper Companies Inc., Metrum Cryoflex Sp. z o.o., Sp. K., Novotech S.R.O, Air Products and Chemicals, Inc. etc. Most suppliers of cryosurgery equipment and cryochambers are focusing on improving their services in order to meet the rising consumer expectation worldwide.