Market Overview
Cryotherapy or cryosurgery is the science that involves subjecting the body to sub-zero temperatures in order to stimulate physical and mental health benefits. Cryotherapy is capable of boosting blood circulation throughout the body resulting in a caloric burn rate and a higher metabolic rate. Cryotherapy also leads to the increment in the level of endorphins which elevates the mood and reduces stress. Major application of cryotherapy is in dermatology to relieve muscle pain, sprains and swelling for soft tissue damage or postoperative swelling. Cryotherapy also increases collagen production giving a tighter, more youthful and glowing skin.
Various benign and malignant lesions are treated by using cryotherapy as an in-office procedure. The mechanism of destruction in cryotherapy is necrosis, which results from the freezing and thawing of cells. Freezing and thawing causes reduction of inflammation in the body due to a boost of an anti-inflammatory chemical called norepinephrine.
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Market Highlights
Growing popularity of cryotherapy for treatment of various cancer and musculoskeletal conditions, including arthritis, basal cell skin cancers, Bowen disease, rheumatic conditions, and fibromyalgia, is one of the major factor anticipated to propel the market growth. In addition, ease of application and low cost involvement has also spurred the sector growth over the forecast period. Spray freeze technique, the applicator technique, cryoprobe method and thermo-coupler method are few of the techniques utilized across the globe for various ailments. Furthermore, Cryotherapy has wide application in novel methods including selective cryolipolysis and Whole Body Cryotherapy (WBC). Selective cryolipolysis processes fat cells to near-subzero temperatures. Whole Body Cryotherapy (WBC) method exposes body to extremely cold temperature ( -140 °C) for a period of a three minute, enhancing performance, recovery, beauty, wellness, beauty, and weight loss benefits. WBC has been used by various sportsmen and fitness enthusiasts.
Key Players:
Various global companies have already entered cryotherapy market with the growing audience in the industry. Some of the major players include Medtronic (Ireland), Galil Medical (US), Zimmer MedizinSysteme (Germany), Cooper Surgical (US) and Impact Cryotherapy (US).
Segmentation:
Although, cryotherapy is not considered as the best modality for treatment for most of the lesions, however, it is the first line treatment and a valuable alternative for cancers patients. Overall, cryotherapy is a safe and easily usable treatment method for destroying many benign and malignant lesions.
The global cryotherapy market has been segmented by therapy type, by device type, and by application. Based on therapy type, the market has been bifurcated as cryosurgery, icepack therapy, and chamber therapy. On the basis of device type, cryotherapy sector has been segregated as cryoguns, cryoprobe, gas cylinders, cryochambers, gas pressure gauges, and thermocouple devices. Major applications for the cryosurgery market are oncology, ophthalmology, dermatology, cardiology, pain management, and gynecology.
Oncology segment has been anticipated to witness the highest revenue share owing to rising prevalence of cancer and increasing awareness of cryotherapy-based treatment practices. Cryogenic gases are implemented to treat various cancers of prostate, cervical, skin, and lungs. As per WHO report, cancer is one of the leading causes of mortality with over 8.2 million cancer-associated deaths and the number of new cancer cases is projected to rise by 70% over the next 2 decades. The cryotherapy demand has been predicted to propel owing to the upward trend in the incidence and prevalence of cancer over the forecast period.
Regional Analysis
North America market has been projected to dominate the regional sector owing to advanced healthcare infrastructure. Well-established healthcare infrastructure and high per capita healthcare expenditure in the U.S has anticipated to drive cryogenic gases application for therapeutic purposes. Moreover, availability of cryoprobe, cryoguns, and other advanced products are estimated to drive the demand.
Asia Pacific region has expected to exhibit the highest growth rate over the forecast period due to untapped opportunities in the region. Furthermore, patient awareness of cryosurgery for cancer and skin treatments coupled with the rapidly developing healthcare infrastructure in the emerging Asian nations has predicted to enhance the growth.
Cryotherapy is a growing market delivering various opportunities for the healthcare sector and has attracted a large number of target audience. Various venture capitalists, niche companies manufacturing cryoablation/cryotherapy systems, research and consulting firms, cryotherapy equipment manufacturers and distributors, healthcare institutions (hospitals, medical schools, group practices, individual surgeons, and governing bodies), medical device vendors/service providers and research institutes are actively implementing cryotherapy.
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