Cryotherapy Market Insights
The demand for cryotherapy is expected to grow at a high CAGR over the forecast period. The need for minimally invasive surgeries and procedures to treat cancer, skin diseases, tissue damage, and body pain is projected to increase demand for cryotherapy over the coming years.
Cryotherapy Market: Type Insights
Cryotherapy market is segmented into cryosurgery, icepack therapy, and chamber therapy. Cryosurgery uses extremely cold liquid nitrogen to destroy diseased cells and tissues. It is widely used in treating skin conditions such as skin tags, moles, warts, and solar keratosis. Cryosurgery demand occupied the largest share in the market in 2016 as it is one of the least invasive procedures and can be used along with other therapies.
Ice pack therapy is widely used in pain management, whereby the ice pack decreases muscle spindle fiber activity and nerve conduction which reduces muscle pain. This treatment is widely used on athletes and in fitness & training centers.
Cryotherapy Market: Device Type Insights
On the basis of the device type, the Cryotherapy Market is segmented into cryoguns, cryo probes, gas cylinders, and others. The cyroguns segment is held the largest market share on account of its extensive use in therapies and cryosurgical procedures.
Cryotherapy Market: Application Insights
The oncology segment held the largest share in 2016 on account of the growing use of cryotherapy in cancer treatments. The increasing incidents of skin, prostate, lung, and cervical cancer over the past few years has led to the demand for cryotherapy in healthcare facilities. The oncology segment is also projected to grow at a high CAGR from 2017 to 2025 due to the estimated increase in cancer prevalence by the WHO.
Cryotherapy Market: End-use Insights
The cryotherapy market is divided into hospitals, specialty clinics, fitness centers, and cryotherapy centers on the basis of end-use. The demand for cryotherapy in hospitals is expected to grow at a high CAGR over the forecast period due to rising prevalence of cancer and other skin alignments. Increasing focus on health and fitness has fostered the demand for cryotherapy in fitness centers.
Cryotherapy Market: Regional Insights
The North American market held the largest share in 2016 on account of its highly advanced healthcare infrastructure capabilities. The increase spending on treatments and therapies in countries such as the U.S. and Canada are projected to boost the demand for cryoguns and cryo probes, among other devices.
The Asia Pacific region is projected to grow at the highest CAGR over the coming years on account of increased investments in building healthcare facilities and developing advanced techniques to cure diseases and ailments. The increase spending on research & development activities by laboratories, research centers, and hospitals in Australia, Japan, and China is projected to augment market demand over the forecast period.
Cryotherapy Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase over the coming years. Some leading consumers in the market include Mayo Clinic, Cleveland Clinic, and Massachusetts General Hospital among others.
Cryotherapy Market: Competitive Landscape
Some of the major companies engaged in the cryotherapy market include CryoConcepts LP, Medtronic, Wallach Surgical Devices, Mectronic Medicale s.r.l., Brymill Cryogenic Systems, Metrum Cryoflex, Cortex Technology, CooperSurgical, Inc., Zimmer MedizinSystems, Sanarus, Special Medical Technology Co., Ltd., Physiomed Elektromedizin AG, Galil Medical, Inc., Cryoalfa, Erbe Elektromedizin GmbH, and Metrum Cryoflex among others.
Please note: This is not an exhaustive list of companies profiled in the report.
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The global Cryotherapy Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Cryotherapy Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies, and customer analytics.