The growing prevalence of cancer is one of the major factors for the growth of the cryotherapy market. As per the WHO statistics, cancer accounts for 13% of deaths globally every year, moreover, 70% increase in cancer incidences is anticipated over the next couple of decades and global geriatric population is anticipated to nearly double from 12% to 22% from 2015 to 2022.
Furthermore, increasing technological advancements in the cryotherapy treatment, increasing inclination toward the minimally invasive procedures, rise in applications of cryotherapy treatment, such as cardiac conditions, pain management, skin disorders, beauty, wellness, fitness, etc. are likely to propel the growth of the cryotherapy market.
However, the high cost of the treatment, stringent safety guidelines, adverse effects associated with cryogenic gases, lack of complete knowledge regarding cryotherapy, the complexity of the cryotherapy mechanisms are likely to hinder the cryotherapy market.
Key Market Trends
Oncology Segment is Found Dominating the Cryotherapy Market
Oncology segment holds the highest market share during the forecast period due to high incidence and prevalence of cancer and also growing awareness regarding various types of cryotherapy approaches are the major factor propelling the growth of the cryotherapy market. Cryosurgery is used to treat several types of cancer, and 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, precancerous conditions of the cervix known as cervical intraepithelial neoplasia.
Cryosurgery is also used to treat some types of low-grade cancerous and noncancerous tumors of the bone. It may reduce the risk of joint damage when compared with open surgery, and help lessen the need for amputation. The treatment is also used to treat AIDS-related Kaposi sarcoma, when the skin lesions are small and localized.
North America Holds the Largest Market Share in the Cryotherapy Market
North America is the largest regional market in terms of revenue, due to 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.
Furthermore, high healthcare expenditure by the local governments, highly developed healthcare infrastructure in the United States and Canada, availability of well-developed cryotherapy products in this region would also influence the market growth during the forecast period.
There is high competition among the players of the cryotherapy market. Some of the market players are Medtronic Plc, Impact Cryotherapy Inc., Zimmer Medizinsysteme GmbH, Brymill Cryogenic Systems Ltd, Cryoconcepts LP, Kriosystem Life Sp.zo.o., Galil Medical Inc., Cooper Surgical Inc., Channel Medsystems Inc., and Erbe Elektromedizin GmbH among others.
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