Global Cryotherapy Market Estimated to Value Over USD 4.5 Billion by 2026 End

  • 19 Aug 2019

The global cryotherapy market estimated to value over USD 4.5 billion by 2026 end and register CAGR of over 9% from the forecast period 2019-2026. 
Increasing adoption of minimally invasive procedures coupled with an increasing prevalence of cancer are the key factors driving the cryotherapy market. The widespread of cancer has resulted in soaring usage of cryotherapy for multiple applications such as the treatment of cardiac conditions, pain management, and cancer treatment. 
Increasing applications in dermatology for beauty treatments is anticipated to bolster the market. Moreover, the rising cases of sport-related injuries are positively influencing the market. Increasing preference towards fibromyalgia and arthritis is complementing the cryotherapy market. 

The market is bifurcated into therapy type, device, application, and region. In terms of therapy type, cryosurgery is expected to hold the major share of the market. Rising adoption of the minimally invasive procedure has played a crucial in generative excessive demand for cryosurgery. Cryosurgery permits the elimination of abnormal tissues and protects healthy tissue. It has fewer side effects and provides faster recovery.

In terms of application, oncology is expected to dominate the growth of the market. The increasing widespread of cancer has boosted the market. According to WHO, cancer is the leading cause of death worldwide, with more than 8.2 million cancer-related deaths registered over the past five years. The new numbers released by WHO hints that the cancer cases are projected to increase by 70 % over the coming two decades. These figures are expected to propel the market. Consumer awareness regarding the alternative cryotherapy based treatment is fueling the cryotherapy market growth as well. 

On the basis of device type, cryogun is expected to dictate the growth of the market. Latest innovation and product up-gradation are fueling the growth of cryogun hence expanding the cryotherapy market size. TrackerCam is an advanced product of cryogun which comes in with a built-in camera that helps physicians view the lesion area with enhanced clarity.
In terms of regions, North America is the global leader of the market. Factors such as advanced healthcare infrastructure and rise in infrastructure spending have boosted the position of the market in the region. Presence of established healthcare infrastructure has led to increasing usage of cryogenic gases, which spiked the cryotherapy market growth. 
Asia-Pacific regions are anticipated to show significant growth due to the rising patient pool for skin treatments and rapid increase of healthcare infrastructure in emerging economies like China and India is fueling the growth of the market in the region. Rising cases of cancer and economical rates of the procedure have resulted in the expansion of the market in the region. 

Prominent players of the market are Medtronic, Cortex technology, Brymill Cryogenic Systems, CryoConcepts LP, Wallach Surgical Devices, Sanarus, CooperSurgical Inc, Zimmer MedizinSystems, Special Medical Technology, Physiomed Elektromedizin AG, Sanarus and Galil Medical.

Competitive Landscape: 
●     Prominent players in a bid to expand the market are aiming at advanced product development
●     Galil Medical launched its advanced cryoablation product IcePearl 2.1 Cryoablation Needle

Global Cryotherapy Market Segmentation:
By Therapy Type 

●     Cryosurgery 
●     Chamber therapy 
●     Ice pack therapy
By Device Type 
●     Cryogun 
●     Cryo probes
●     Gas cylinders
●     Others

By Application 
●     Oncology 
●     Cardiology 
●     Dermatology 
●     Pain management 
●     Others

By Region
●     North America
●     Europe
●     Asia Pacific
●     Latin America
●     Rest of the World

FutureWise Key Takeaways
●  Growth Prospects
●  SWOT Analysis
●  Key Trends
●  Key data-points affecting market growth

Objectives of the Study:
• To provide with an exhaustive analysis on the global cryotherapy market by therapy type, by device type, by application, and by region 
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• Evaluate and forecast micro-markets and the overall market 
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America and the rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies


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