The global Cryotherapy Market size is expected to reach USD 8.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The introduction of advanced cryotherapy devices, increasing R&D investments, and the growing prevalence of chronic conditions such as cancer and arthritis are expected to propel market growth.
Approval and introduction of technologically advanced cryotherapy devices by key players operating in the space are anticipated to significantly support market growth during the forecast period. For instance, in June 2020, Beaver Visitec International (BVI), a U.S.-based ophthalmic devices manufacturer, launched its new CryoTreq, a handheld cryo-surgery device in the European market. This newly launched device is approved for the treatment of retinal tears and detachments. Similarly, in April 2019, Channel Medsystems, Inc., received the FDA approval for its Cerene Cryotherapy Device intended for the treatment of heavy menstrual bleeding. This newly approved device delivers cold therapy to freeze the lining of the uterus to significantly diminish future menstrual bleeding.
Furthermore, the high prevalence of various chronic conditions such as cancer, arthritis, pain, among others, and increasing awareness about the usage of cold therapy for their treatment has further fueled the market growth. As per the Globocan estimates, in 2020, around 19,292,789 new cases of cancer were diagnosed, globally. Also, as per the CDC estimates, in 2020, around 63.0 million adults were suffering from arthritis in the U.S. This number is expected to reach around 78.0 million by 2045.
Related Press Release@ Cryotherapy Market Report
Cryotherapy Market Report Highlights
- By therapy type, the cryosurgery segment held the largest market share in 2020. This high share can be attributed to its high demand for the treatment of abnormal tumors
- The cryogun segment held the largest revenue share in 2020 attributed to the high usage of these devices in the treatment of various oncology and dermatological procedures
- Based on application, the oncology segment dominated the overall market in 2020 owing to the rising prevalence of cancer and growing awareness about cryotherapy-based treatment approaches
- High cost of cryotherapy devices and procedures is likely to limit its adoption in underdeveloped economies, thus impeding market growth
- North America held the largest revenue share in 2020 due to the high adoption of advanced devices, favorable reimbursement scenarios, and local presence of leading players
- In Asia Pacific, the market is expected to witness significant growth during the forecast period. This high growth can be attributed to the presence of a huge target population and increasing initiatives by dominant players to facilitate access to novel products
