Global Cryotherapy Market Size (2024 - 2029)

Cryotherapy Market Analysis

The Global Cryotherapy Market size is estimated at USD 343.26 million in 2024, and is expected to reach USD 436.43 million by 2029, growing at a CAGR of 4.92% during the forecast period (2024-2029).

The outbreak of the COVID-19 pandemic impacted the cryotherapy market significantly. The surge in the number of cancer patients and other chronic disease patients amid pandemics has increased, which is attributed to a growth factor for the cryotherapy market. In addition, increased research for finding benefits of cryotherapy for Covid-19 treatment increased. For instance, the article 'Cryotherapy as a Treatment for Loss of Smell from Covid' was published in March 2022, where Bastien, spokesperson of the France-based cryotherapy center company Cryotera, mentioned that cryotherapy is increasingly being investigated due to its health benefits and researchers at the company suggested that the extreme cold treatment could help restore a sense of smell after Covid-19. Therefore, the pandemic is predicted to have a positive impact on the cryotherapy market growth.

Factors such as increasing applications of cryosurgery, technological advancements in cryotherapy equipment, and rising preference for minimally invasive techniques are major driving factors for the market studied.

Furthermore, the growing number of cancer cases globally is primarily driving the studied market growth. The updated in February 2022 by the American Society of Clinical Oncology (ASCO), an estimated 324,635 people were diagnosed with melanoma 2020 worldwide, and in 2020, about 2,400 cases of melanoma were estimated to be diagnosed in people aged 15 to 29. Cryotherapy is often used for pre-cancerous conditions such as actinic keratosis and small basal cell and squamous cell carcinomas. Thus, the prevalence of skin cancer among the target population globally is augmenting the growth of the market studied.

Moreover, the increased advancements in the cryotherapy segment are predicted to drive the demand for skin cancer therapeutics over the forecast period. For instance, in February 2021, Hyderabad-based (India) SLG Hospitals launched Cryotherapy (cold therapy) and advanced physiotherapy services aimed at providing specialized treatment for sports injuries and post-operation pain management. Again, in December 2021, Medilink received Food and Drug Administration (FDA) approval for Portable cryotherapy Hydrozid and launched the Hybrizoid in the United States. In addition, in May 2022, iCRYO, one of the fast-growing recovery and wellness brands, announced its plan to open two new regional offices in Loveland, Colorado, and Dallas, Texas, to further support the rapid expansion and development of cryotherapy & recovery services. Thus, these increasing advancements are expected to bolster the growth of the studied market.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However, the hazardous effects of cryogenic gases and the complexity of the cryotherapy mechanisms are expected to hinder the market growth over the forecast period.

Cryotherapy Industry Segmentation

As per the scope of the report, cryotherapy is also known as cryoablation, cryosurgery, targeted cryoablation therapy, and percutaneous cryotherapy. Cryotherapy is a minimally invasive method that uses extreme cold to freeze and destroy the infected tissues or cells. The cryotherapy market is segmented by Product (Cryosurgery Devices (Tissue Contact Probes, Tissue Spray Probes, and Epidermal and Subcutaneous Cryoablation Devices), Localized Cryotherapy Devices, Cryochambers, and Cryosaunas), Application (Surgical Applications (Oncology, Cardiology, Dermatology and Other Surgical Applications), Pain Management and Recovery, Health, and Beauty) End User (Hospitals and Cryotherapy Centers), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (USD million) for the above segments.