DUBAI, United Arab Emirates, March 19, 2023 (GLOBE NEWSWIRE) -- The global Cryotherapy Market is anticipated to create an absolute dollar opportunity over the forecast period by exhibiting a CAGR of 11.2% from 2023 to 2033. The global market held a valuation of US$ 4.4 Billion in 2022 and the projected market growth from 2023 to 2033 is expected to be significantly higher than the historical growth. Surgical applications are expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 11.6% over the evaluation period. According to the historical analysis conducted by Future Market Insights, the global cryotherapy market registered a CAGR of 9.3% from 2018 to 2022.
Cryotherapy is known as a non-invasive therapy used for treating abnormal skin, alleviating pain, and localized tumors. It is a commonly used term in medical sciences to describe the use of cold temperatures to cure cancerous tissues and lesions caused by cancer. Muscle soreness, sprains, edema, soft tissue damage, and postoperative swelling are all prominent uses for cryotherapy.
The increasing number of non-invasive and minimally invasive procedures performed each year is the optimal driver of the worldwide cryotherapy market. Because of the expanding consumer preference for enhancing one's physical characteristics and addressing skin disorders, the demand for non-invasive and minimally invasive procedures is increasing tremendously. Furthermore, the introduction of thin and efficient probes in a variety of sizes, the use of supercooled nitrogen or other cryogens for chilling, and the use of narrow cryoablation needles are only a few instances of cryosurgical equipment advancements.
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Report Highlights
Cryotherapy is mostly used in the medical treatment of a variety of skin diseases, as we as the treatment of some prostate cancers and dysplastic cervix tissue. Cryosurgery has the advantage of healing faulty tissues without damaging the body's damaged tissues. Dermatology, cancer, cardiology, ophthalmology, and gynecology are among the illnesses for which cryotherapy is used.
The global cryotherapy industry is fuelled by technological improvements in cryotherapy equipment. Because of developments in cryotherapy and several technical innovations, cryotherapy has become an important treatment option. Different types of equipment, such as cryosurgery machines and accessories, have undergone many changes.
Increasing product introductions, low-cost cryotherapy devices, and rising cryotherapy device use are also projected to drive market growth throughout the forecast period. Adding to it, key market players are focused on collaborations leading to innovations and ultimately leading to market growth.
Recent Developments
Owing to the rising technological developments and a growing focus on broadening cryotherapy applications, surging investment in the healthcare sector by developing countries, and unexplored potential in new markets all point to favorable growth prospects. Cryotherapy is also being investigated for uses in the treatment of a variety of other medical ailments and diseases as one of the most promising options because it is less intrusive and drug-free.
Some obstacles and constraints are likely to impede the total market expansion. A shortage of skilled workers such as medical professionals, nurses, and doctors, would be one of these issues. Additionally, modest growth is expected during the predicted period because of the restricted availability of cryotherapy and a lack of awareness. The potentially harmful effects of cryogenic gases, as well as tight product approval laws, are possible restraints on the worldwide cryotherapy market's overall growth.
Cryotherapy is also becoming more popular as the incidence of cancer, sports injuries, and cardiac disorders rise. Furthermore, the rising application of this method for cosmetic treatments in dermatology is expected to drive the worldwide cryotherapy market's growth.
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Competitive Landscape
Some of the key players in the market include AstraZeneca Plc, Addgene, Caribou Biosciences, Boston Scientific Corporation, Brymill Cryogenic Solutions, Stryker, and Cryoalfa.
In June 2022, Erbe Elektromedizin GmbH, Erbe USA, Incorporated's parent business announced plans to buy Maxer Endoscopy GmbH. The strategic acquisition of the German fluorescence-guided surgery pioneer will boost Erbe's surgical endoscopy business. As a result of this transaction, Erbe Elektromedizin's operating room presence will be strengthened.
More Insights into the Cryotherapy Market
The North American region is anticipated to dominate the global cryotherapy market over the assessment period. The U.S.A. is expected to have the highest market of US$ 4.5 Billion by the end of 2033. The region's large share is due to its well-established healthcare infrastructure, advantageous reimbursement conditions, and widespread use of technologically advanced solutions.
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Market Segments Covered in Cryotherapy Market Analysis
By Device Type:
- Cryo Probes
- Cryogen
- Gas cylinders
- Localized Cryotherapy devices
- Cryochambers and Cryosaunas
- Other device types
By Therapy Type:
- Cryosurgery
- Icepack Therapy
- Chamber Therapy
By Application:
- Surgical Application
- Pain Management
- Other Applications
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa(MEA)
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Table of Content
1. Executive Summary | Cryotherapy Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
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