Market Trends of Global Cryotherapy Industry
This section covers the major market trends shaping the Cryotherapy Market according to our research experts:
Oncology by Segment is Expected to Grow Over the Forecast Period
Cryotherapy is used to treat several types of cancers, as well as some precancerous or noncancerous conditions. In addition to prostate and liver tumors, cryosurgery can be an effective treatment for Retinoblastoma, early-stage skin cancers (both basal cell and squamous cell carcinomas), precancerous skin growths known as actinic keratosis, and precancerous conditions of the cervix known as cervical intraepithelial neoplasia. The oncology segment may hold the highest market share during the forecast period due to the high incidence and prevalence of cancer, as well as growing awareness regarding various types of cryotherapy approaches.
Minimally invasive ablative procedures have emerged as popular alternatives for cancer treatment or surgical tumor removal with rapid advances in modern imaging. Tumor ablation modalities are currently offered in clinical practice, and cryoablation procedures are extensively used. Increasing research for analyzing the impact of cryotherapy on cancer treatment is also increasing. For instance, in February 2022 research article titled 'Recent progress in cryoablation cancer therapy and nanoparticles mediated cryoablation' was published in Theranostics journal, which was focused on recent progress in cryoablation cancer therapy and nanoparticles mediated cryoablation. As per the research, image-guided combination cryotherapy has the possibility of eradicating cancer while preserving neighboring organs and tissues: also, the research paper mentioned above stated that recent development of multifunctional nanocarriers can play a major role in the expansion of cryoablation in the treatment of cancer. Thus, the extensive and rising research on the benefits of cryotherapy and combination cryoablation cancer therapies is predicted to create a better opportunity for the oncology segment.
The insights on increased R&D in the segment are also predicted to drive the segment growth. For instance, in April 2021, IceCure Medical Ltd., developer of the next generation cryoablation technology, received Breakthrough Device Designation from Food and Drug Administration (FDA) for its lead asset, ProSense, and proposed indication for use, including for use in the treatment of patients with T1 invasive breast cancer and/or patients not suitable for surgical alternatives for the treatment of breast cancer. ProSense is a liquid-nitrogen-based cryoablation system that enables minimally-invasive treatment of cancer tumors.
Therefore, owing to the factors stated above, the oncology segment is growing, and it is expected to have significant growth over the forecast period. Hence, driving the growth of the studied market.
North America is Expected to Dominate the Market Over the Forecast Period
North America is the largest regional market in terms of revenue, owing to high healthcare expenditure by local governments, highly developed healthcare infrastructure in the United States (US) and Canada, and the availability of well-developed cryotherapy products in this region may also influence the market growth during the forecast period.
Along with the healthcare expenditure, the presence of skilled professionals, increasing adoption of whole-body cryotherapy, increasing adoption of cryotherapy for cancers and skin disorders, rising prevalence of cancer, and increasing adoption of minimally invasive surgeries are primary and major driving factors for the overall market growth in the country. For example, the Cancer Facts & Figures 2022 published by the American Cancer Society shows that there will be an estimated 1.9 million new cancer cases to be diagnosed in the US. And as per the source mentioned above, Cancer is the second most common cause of death in the US, after heart disease. Due to the benefits of cryotherapy in cancer treatment and tumor removal by surgery, the cryotherapy market is predicted to grow in the country.
Moreover, the intended involvement of market players to develop and create demand for cryotherapy in the country is predicted to drive market growth. For instance, in December 2021, Restore Hyper Wellness (Restore), one of the leading providers of proactive wellness solutions, invested USD 140 million, led by General Atlantic, a leading global growth equity firm. Restore's most popular modalities include IV Drip Therapy and Whole-Body Cryotherapy. Further, in July 2020, Channel Medsystems, Inc., a medical device company, launched its Cerene Cryotherapy treatment for heavy menstrual bleeding. Hence, the recent advancement in the United States is garnering market growth in the country.
Hence, as per the factors mentioned above, the North American region is anticipated to create an opportunity for cryotherapy, driving the overall market growth in the country.
