The size of the global cryotherapy and cryosurgery market is forecasted to worth USD 3.58 billion by 2026. This market is growing at a CAGR of 9.1% from 2021 to 2026.
Cryotherapy and cryosurgery these two pathological processes that are carried out at low temperatures to remove abnormal tissue.
MARKET DRIVERS:
One of the primary growth factors in the global cryotherapy and cryosurgery market is the minimal postoperative risk of non-target body parts.
The global cryotherapy and cryosurgery market growth is majorly driven by continuous innovation and technical development. Increased awareness and consciousness about skin and related disorders and an increase in the number of cancer therapies are driving the development of this market. Compared to open surgery and other surgical therapies, cryotherapy and cryosurgery have a lower chance of affecting untargeted body parts after surgery and fewer wounds and pain. Furthermore, the demand is projected to be positively influenced by untapped markets in emerging economies such as India and China and the rising incidence of cancer therapies.
Technological advances and medical research into the effectiveness of cryotherapy and cryosurgery in treating other diseases will drive global market demand in the coming years. Smaller incisions, a shorter hospital stay, faster wound healing, fewer inflammation, surgical wounds, and a reduced chance of complications are all benefits of cryosurgery over traditional surgeries. Cryosurgery's advantages have led to accelerated popularity in recent years, which has fueled its market growth.
Furthermore, technological advances and medical research conducted to examine the feasibility of cryotherapy and cryosurgery in treating other diseases will increase world market demand for the foreseeable future. Cryogen is an innovative and leading cryosurgical team due to its practical design and reduced health risks.
MARKET RESTRAINTS:
Scientific evidence is not yet available for the long-term benefit of cryosurgery in treating early-stage cancers. Additionally, more prolonged exposure to frozen liquid nitrogen can be fatal, which is why medical experts have refrained from using it in children, patients with high blood pressure, and pregnant women. The factors mentioned above are slowly hindering the growth rate of the market.
Due to the uncontrolled freezing that occurs during cryotherapy sessions, adjacent tissue, bones, and muscles may become numb. Furthermore, prolonged exposure to freezing liquid nitrogen can be dangerous, which is why medical professionals have advised against using it on children, people with high blood pressure, or pregnant women.
COVID-19 impact on the global cryotherapy and cryosurgery market:
The COVID-19 virus outbreak, which began in December 2019, has spread to more than 100 nations worldwide, prompting the World Health Organization to declare it a public health emergency. The COVID-19 pandemic resulted in healthcare collateral damage, such as fewer hospital admissions or postponement of treatment for other acute or chronically sick patients. Cryotherapy and cryosurgery are often used to treat tumors and cancers. Cryotherapy, also known as cryogenic therapy, is a minimally invasive therapy that removes diseased tissue with freezing temperatures.
A cryosurgery is a form of cryotherapy that involves the freezing or removal of diseased tissues. It's used to treat tumors and remove skin tags, warts, and moles, among other things. Since cryotherapy doesn't really produce aerosols, the risk to healthcare staff is limited to the inability to maintain social distance. However, dermatologists often use cryotherapy on high-risk areas like the nasal and perioral skin and mucosae, where coronavirus particles are more likely to be aerosolized than on extra facial skin and mucosae. As of that, the Cryotherapy and Cryosurgery market has a negative impact due to this pandemic.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2026 |
|
Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Technique, Type, Application, Devices, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global cryotherapy and cryosurgery market has been segmented and sub-segmented based on technique, type, application, devices, and region.
Cryotherapy and Cryosurgery Market – By Technique:
Based on technique, Cryoprobe has the largest growth. High-pressure argon gas or liquid nitrogen flows through a needle-like applicator called a cryoprobe during cryotherapy treatment, creating an intense cold on the diseased cell or tissue.
Cryotherapy and Cryosurgery Market - By Type:
Based on type, during the forecast period, the cryosurgery devices segment is expected to rise faster. Cryosurgery is becoming more common due to its benefits, such as fewer side effects and lower costs. The most common type of treatment is cryosurgery, as this procedure helps treat various cancers and skin diseases. At the same time, icepack therapy is to grow the fastest.
Cryotherapy and Cryosurgery Market - By Application:
According to the application, cancer therapy is the most widely used sector for cryotherapy. Still, skin disease treatments are expected to develop at the highest rate due to recent technological advancements.
Cryotherapy and Cryosurgery Market - By Devices:
Based on devices with the highest sales share, the cryogun segment dominated the overall market. The high use of this unit in cryotherapy and product growth are two major factors leading to this segment's wide market share. Furthermore, the high prevalence of cancer and dermatologic conditions are likely to be major factors driving cryogun demand.
Cryotherapy and Cryosurgery Market - By Region:
Regionally, the North American region is expected to hold a significant share in the global cryotherapy and cryosurgery market during the forecast period. Due to the presence of market leaders and well-developed healthcare infrastructure, and extensive use of sprains in sports-related injuries treatment. North America is the largest regional market in terms of sales due to the participation of skilled professionals, increasing use of whole-body cryotherapy, the adoption of cryotherapy for cancers and skin conditions, rising cancer prevalence, and the use of minimally invasive surgery.
Europe ranks second in the global cryotherapy and cryosurgery market in terms of both sales and market share. The rising incidence of cancer, along with a booming healthcare sector equipped with advanced treatment options, is propelling the market forward. Furthermore, increased healthcare investments in Europe promote market growth.
During the forecast period, the Asia Pacific region is expected to rise the most. The emergence of a large target market in developing markets such as India and China and increased efforts by leading players to ensure the availability of cryotherapy products in these countries are credited with this high growth. The Asia Pacific is the fastest-growing region due to increasing expenditure on research and development, innovations, and advancements in medical fields.
KEY MARKET PARTICIPANTS:
Some of the noteworthy companies operating in the global cryotherapy and cryosurgery market profiled in the report are Impact Cryotherapy, Galil Medical, Inc., HealthTronics, Inc., KryoLife, Inc., Medtronic, GRAND Cryo LLC, Erbe USA, Wallach Surgical Devices, MedGyn Products, Inc. and CoolTouch, Inc.
RECENT MARKET HAPPENINGS:
In 2019, Majestic Cryo, Inc., formerly known as Millennium Ice, the leading manufacturer of whole-body cryotherapy equipment in the United States, announced the launch of M-Cryo. This brand will represent the symbol of quality and innovative cryo saunas and the commercial support system that will revolutionize the whole-body cryotherapy industry.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemiology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Technique
5.1.1 Introduction
5.1.2 Spray
5.1.3 Foreceps
5.1.4 Cryo Probe
5.1.5 Others
5.1.6 Y-o-Y Growth Analysis, By Technique
5.1.7 Market Attractiveness Analysis, By Technique
5.1.8 Market Share Analysis, By Technique
5.2 Type
5.2.1 Introduction
5.2.2 Cryosuregery
5.2.3 Icepack Therapy
5.2.4 Cryogenic Chamber Therapy
5.2.5 Others
5.2.6 Y-o-Y Growth Analysis, By Type
5.2.7 Market Attractiveness Analysis, By Type
5.2.8 Market Share Analysis, By Type
5.3 Application
5.3.1 Introduction
5.3.2 Cancer Therapy
5.3.3 Skin Disease Treatment
5.3.4 Other Applications
5.3.5 Y-o-Y Growth Analysis, By Application
5.3.6 Market Attractiveness Analysis, By Application
5.3.7 Market Share Analysis, By Application
5.4 Devices
5.4.1 Introduction
5.4.2 Cryogun
5.4.3 Probes
5.4.4 Cryogen
5.4.5 Others
5.4.6 Y-o-Y Growth Analysis, By Devices
5.4.7 Market Attractiveness Analysis, By Devices
5.4.8 Market Share Analysis, By Devices
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Technique
6.1.3.3 By Type
6.1.3.4 By Application
6.1.3.5 By Devices
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Technique
6.1.4.3 By Type
6.1.4.4 By Application
6.1.4.5 By Devices
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Technique
6.1.5.3 By Type
6.1.5.4 By Application
6.1.5.5 By Devices
6.2 North America
6.2.1 Introduction
6.2.2 United States
6.2.3 Canada
6.3 Europe
6.3.1 Introduction
6.3.2 U.K
6.3.3 Spain
6.3.4 Germany
6.3.5 Italy
6.3.6 France
6.4 Asia-Pacific
6.4.1 Introduction
6.4.2 China
6.4.3 India
6.4.4 Japan
6.4.5 Australia
6.4.6 South Korea
6.5 Latin America
6.5.1 Introduction
6.5.2 Brazil
6.5.3 Argentina
6.5.4 Mexico
6.5.5 Rest of Latin America
6.6 Middle East & Africa
6.6.1 Introduction
6.6.2 Middle-East
6.6.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Impact Cryotherapy
8.1.1 Overview
8.1.2 Technique Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Galil Medical Inc.
8.3 HealthTronics, Inc.
8.4 KryoLife Inc
8.5 Medtronic
8.6 GRAND Cryo LLC
8.7 Erbe USA, Incorporated
8.8 Wallach Surgical Devices
8.9 MedGyn Products, Inc.
8.10 CoolTouch Inc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, Collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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