Cryotherapy Market Size, Share & Trends Analysis Report By Therapy Type (Cryosurgery, Chamber Therapy), By Device Type (Cryo Chamber, Cryo Probe), By Application (Fitness, Cold Storage), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global cryotherapy market size was valued at USD 6.96 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2023 to 2030. Some of the major factors propelling the growth are rising demand for minimally invasive procedures, high prevalence of skin disorders & chronic diseases, and an increase in demand for cryotherapy in beauty & wellness clinics, fitness centers, and pain management. The market has been adversely impacted by the COVID-19 pandemic. Amid the pandemic, a slowdown in demand and disruption in the supply of cryotherapy products were observed, due to the strategies designed to curb the pandemic. However, the impact of COVID-19 reduced significantly by the end of 2020 in most countries.

Whereas some countries were affected by the third wave of COVID-19 and the effect lasted until the third quarter of 2021. The rising prevalence of cancer and chronic conditions, such as rheumatic conditions, arthritis, and fibromyalgia, coupled with the rise in the geriatric population, are among the major factors that increase the demand for cryotherapy. According to the WHO, globally, cancer is the second-leading cause of death. In 2020, globally, cancer cases reached 19.3 million, and the number of deaths due to cancer was 9.96 million. Cryosurgery is a minimally invasive procedure. It offers multiple advantages over conventional surgeries, including rapid wound healing, shorter hospital stays, and lesser pain & surgical wounds.

Moreover, cryotherapy recently gained more traction in beauty & aesthetics. Also, athletes and celebrities are embracing it as a new trend. All such factors are expected to accelerate the market growth.There are some adverse effects of cryosurgery procedure, including the formation of blisters, scarring, infection, pain, ulcers, damage to healthy tissues, vessels & nerves injury, and whitening of treated skin. In addition, it requires constant vigilance of professional technicians, which could act as a limitation in lower and middle-income countries. Furthermore, whole-body cryotherapy is not approved for treatment purposes. Due to this, it is not reimbursable, and it requires out-of-pocket expenditures. All these factors could impede the market growth over the forecast period.

Therapy Type Insights

On the basis of therapy types, the global market has been further categorized into cryosurgery, icepack therapy, and chamber therapy. The cryosurgery segment dominated the global market and accounted for the maximum share of more than 54.0% of the overall revenue in 2022. This can be attributed to the rise in demand for surgical procedures across the globe. In comparison with traditional techniques, this procedure carries limited side effects and thus facilitates faster recovery. In addition, it can be used as an adjunct therapy with other therapies, such as radiation, chemotherapy, and hormone therapy.

Chamber therapy is expected to be the fastest-growing segment owing to an increase in the application of cryotherapy in various fields, such as beauty & wellness, fitness, and others. Chamber therapy is getting popular among athletes and sportspersons. Several research studies have been published on sports injuries-based cryotherapy treatments and their effects on various sports-related outcomes, such as muscle pain, damage & soreness, and delayed onset of muscle soreness. Moreover, prolonged use of a specific set of muscles often causes aches, pain, loss of muscle strength, and tiredness, especially among athletes.

Application Insights

The fitness application segment is anticipated to register the fastest growth rate of more than 12.0% from 2022 to 2030 due to increased awareness about the benefits of cryotherapy in fitness coupled with a rise in the adoption of cryo chambers in fitness clubs. This can be attributed to its ability to stimulate natural healing in the body and provide faster pain relief. Delayed Onset of Muscle Soreness (DOMS) is broadly defined as muscular pain, stiffness, and tenderness observed post a high-intensity workout regime. Cryotherapy can be used for faster relief from DOMS. All these factors promote use of cryotherapy in fitness centers. Cold storage had the largest share of 45.79%in 2022. It has a pivotal role in the healthcare industry, including various applications, such as bone marrow transplantation, in vitro fertilization, and cord blood banking. 

Pharmaceutical cold chain logistics is another major application of cold storage. It is used in vaccines and drug preservation as well as transportation. For instance, Pfizer’s COVID-19 vaccine requires to be stored at -70 degrees Celsius. Owing to all these factors, cold storage had a significant share in 2022.Moreover, since the last decade, cryosurgery has been one of the popular treatment options in various medical fields, such as oncology, cardiology, dermatology, and others. In oncology, cryotherapy can be used for treatment of different types of cancers, such as retinoblastoma, prostate, skin, and cervical cancers. The major advantage of cryotherapy is that it can be repeated and used as an adjunct therapy with other treatments, such as chemotherapy, hormone therapy, and radiation. 

End-use Insights

On the basis of end-uses, the global market has been further categorized into hospitals & specialty clinics, cryotherapy centers, spas & fitness centers, and others. The hospitals & specialty clinics end-use segment is expected to register the growth rate of 7.9% over the forecast period. Advancements in cryotherapy technology for the treatment of various diseases and disorders increase the demand for cryosurgery and related products in hospitals and specialty clinics. Various key hospitals and clinics started offering cryotherapy-based treatment. For instance, in October 2021, CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic, which provides computer-controlled cryotherapy solutions for knee-associated treatments.

The spa & fitness centers segment is estimated to register the fastest CAGR from 2023 to 2030. Cryotherapy is a new trend in fitness and wellness with substantial benefits. Due to this, more and more people are opting for this service, creating high demand. To address the opportunity, several fitness clubs and wellness spas are adopting cryotherapy in their facilities.In this segment, cryotherapy products, such as cryosauna, are expected to be in high demand due to their high compatibility with fitness centers in terms of design and use. All these factors are expected to boost market growth over the forecast period.

Device Type Insights

Cryochamber is expected to grow at the fastest CAGR of more than 10.1% during the forecast period, which can be attributed to a rise in the number of cryotherapy centers and its high adoption by beauty clinics & fitness centers. A cryo chamber can be used in athletic training facilities, spas, and beauty treatment. According to the NCBI research article, cryo chambers and cryosauna have benefits, such as pain relief & muscle healing, weight loss, reduced inflammation, dementia prevention, and improvements in symptoms of eczema. However, some reports contradict treatment claims. For instance, according to the Cochrane Review, four published studies showed no significant benefits of cryotherapy in muscle pain management. 

Cryoguns also held a significant market share of 10.7% in 2022. Cryoguns are used to treat a wide range of medical conditions, including dermatology and oncology conditions. Due to its minimal invasiveness, reduced pain, and bleeding, it is much more convenient & comfortable than traditional surgery treatment. In addition, cryoguns are used to treat a wide range of medical conditions, including dermatology and oncology conditions. Common warts, common verruca, cutaneous horn, cutaneous lesions, dermatofibroma, eyelid margin lesions, hemorrhoids, hypertrophic scarring, keloid, and skin tags are some of the most common dermatological conditions treated using cryoguns. It is also used to for the treatment of cervical cancer. All these factors are likely to drive the demand for cryogun in the coming years. 

Regional Insights

North America dominated the global market in 2022 and accounted for the largest share of 42.83% of the overall revenue primarily due to the high disposable income levels, well-established healthcare infrastructure, and high healthcare expenditure. This region has a significant number of cryotherapy centers. According to a research study, North America holds around 69% of total cryotherapy centers around the world. This is expected to propel market growth in the coming years.

Asia Pacific is expected to be the fastest-growingmarket during the forecast periodon account of untapped opportunities in the region, growing awareness about cryosurgery in cancer and skin treatments coupled with the rapidly developing healthcare infrastructure, and increasing disposable incomes in emerging Asian countries. Approval of new products in developing markets is also expected to be a major driving factor. For instance, in October 2021, IceCure Medical Ltd. submitted an amendment to NMPA China regarding IceSense3 Cryoprobes system registration certificate. After successful approval, IceCure Medical can commercialize its product in China.

Key Companies & Market Share Insights

Various small- and large-scale manufacturers offer products for cryosurgery & other cold therapies, resulting in intense competition among players. For instance, in January 2021, Pregna International Ltd. launched CryoPop in India. It is a cryotherapy device indicated to treat precancerous cervical cancer lesions. 

Moreover, companies are using their resources to aid in the development of new products and enhance supply chain. For instance, In March 2023, IceCure received approval for the commercial use of its cryoprobe, IceSense3 Disposable in China. IceSense3 probes are used with the company's previously approved IceSense3 console. China is a prime target market with approximately 430, 000 breast cancer cases in 2022 and the company would be able to address a significant market with the approval of the cryoprobes. Some of the prominent key players in the global cryotherapy market include:

• Brymill Cryogenic Systems

• Metrum Cryoflex

• CryoConcepts LP

• Medtronic

• Cortex Technology

• Medtronic Medicale S.r.l.

• Cryoalfa

• Wallach Surgical Devices

• Zimmer MedizinSysteme GmbH 

Cryotherapy Market Report Scope

Global Cryotherapy Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global cryotherapy market report on the basis of therapy type, device type, application, end-use, and region:

• Therapy Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Cryosurgery

  • Icepack Therapy

  • Chamber Therapy

• Device Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Cryogun

  • Cryo Probes

    • Tissue Contact Probes

    • Tissue Spray Probes

  • Gas Cylinders

  • Localized Cryotherapy Devices

  • Cryochambers & Cryosaunas

  • Other Devices

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Surgical Applications

    • Oncology

    • Cardiology

    • Dermatology

    • Others

  • Pain Management

  • Beauty & Wellness

  • Fitness

  • Cold Storage

  • Other Applications

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals & Specialty Clinics

  • Cryotherapy Centers

  • Spas & Fitness Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • France

    • The Netherlands

    • Denmark

    • Poland

    • Italy

    • Austria

    • Germany

    • Switzerland

    • Spain

    • Sweden

    • Norway

    • Slovakia

  • Asia Pacific

    • China

    • India

    • Japan

    • Pakistan

    • Thailand

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • UAE

    • Turkey

    • Egypt

    • Saudi Arabia

    • Kuwait

    • South Africa