SEATTLE, Dec. 07, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights’ analysis, the global cryotherapy market is estimated to be valued at US$ 246.8 million in 2021, exhibiting a CAGR of 9.0% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Cryotherapy Market:
Major market players are focusing on inorganic activities such as partnerships, which is expected to boost the market growth during the forecast period. For instance, in April 2021, Zimmer MedizinSysteme GmbH, a physical therapy provider company and MECOTEC GmbH a market player in electric chambers, entered into a partnership for the development and distribution of the next generation cryo chambers for applications such as sports, performance management, wellness, and beauty.
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Key Market Takeaways:
The global cryotherapy market is expected to exhibit a CAGR of 9.0% during the forecast period, owing to increasing product approvals for key operating companies in cryotherapy. For instance, in July 2020, Channel Medsystems, a leading provider of innovative women's healthcare, announced that the U.S. Food and Drug Administration (FDA) approved the novel Cerene Cryotherapy Device. It is a next-generation equipment used to treat the heavy menstrual bleeding. This device delivers cryotherapy to the uterine lining using proprietary, hand-held technology, freezing the tissue, and decreasing future menstrual flow.
Among product type, cryosurgery devices segment is expected to witness the largest market share in the global cryotherapy market over the forecast period, owing to increasing product launch by major market players. For instance, in January 2021, Pregna International Ltd., a leading women's healthcare organization, launched device CryoPop. It is a Carbon Dioxide (CO2) based novel cryotherapy device used for the treatment of cervical cancer. CryoPop provides a more portable, cost-effective, and robust alternative for women even in low-resource areas.
Among application, cancer segment is expected to account for largest market share in the global cryotherapy market over the forecast period, owing to increasing incidence of various cancer such as skin, prostate, and cervical cancer. For instance, in February 2021, according to a Cancer Journal for Clinicians, an estimated 19.3 million new cancer incidence and around 10.0 million cancer deaths occurred in 2020. Female breast cancer accounted for about 2.3 million new cases with considerably higher death rates.
Among end user, hospitals & specialty clinics segment is expected to account for the largest market share in the global cryotherapy market over the forecast period, owing to a huge customer base, increase in healthcare expenditure, and rise in disease incidence such as Alzheimer’s disease, atopic dermatitis, and acute injuries.
On the basis of region, North America is expected to hold dominant position with the largest market share in the global cryotherapy market over the forecast period, owing to increasing mergers and acquisitions between key market players. For instance, in September 2020, TheraLight, a leading provider of light therapy and manufacturer of full body LED technology, announced agreement with iCRYO franchise systems, the leading cryotherapy franchise in the U.S. This agreement provided new opportunities for market players in North America to capitalize on both light therapy and iCRYO franchise system.
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Competitive Landscape:
Key players operating in the global cryotherapy market include Zimmer MedizinSystems, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, CryoAction Limited, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoalfa, CryoConcepts LP, Medtronic PLC., Metrum Cryoflex, and CryoBuilt, Inc.
Market Segmentation:
- Global Cryotherapy Market, By Product Type:
- Cryosurgery Devices
- Cryo Probes
- Cryoablation Devices
- Localized Cryotherapy Devices
- Cryochambers & Cryosaunas
- Cryosurgery Devices
- Global Cryotherapy Market, By Application:
-
- Cancer
- Cardiovascular Diseases
- Dermatologic Disorders
- Pain Management
- Others
- Global Cryotherapy Market, By End User:
-
- Hospitals and Specialty Clinics
- Cryotherapy Clinics
- Spas & Fitness Centers
- Global Cryotherapy Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Country/Region
- South Africa
- Central Africa
- North Africa
- By Country/Region
- North America
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