Cryotherapy Market Size, Share & Trends Analysis Report By Therapy Type (Cryosurgery, Chamber Therapy), By Device Type (Cryogun, Cryo Probes), By Application (Surgical Applications, Pain Management), By End-use, And Segment Forecasts, 2021 - 2028

Report Overview

The global cryotherapy market size was valued at USD 3.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.3% from 2021 to 2028. Cryotherapy, or sometimes called cryogenic therapy, is a minimally invasive therapy that involves the use of extremely cold temperatures to destroy diseased tissue. Cryotherapy is widely used in the treatment of a variety of chronic conditions such as cancer, arthritis, pain, and skin conditions like warts, skin tags, and dark spots. Cryosurgery offers various advantages over traditional surgeries including smaller incisions, shorter hospital stay, rapid wound healing, lesser pain and surgical wounds, and lower risk of complications. Such advantages of cryosurgery have led to its increased adoption in the past few years, thus, supported its market growth.

The introduction of technologically advanced and affordable cryotherapy devices and the increasing adoption of such devices in key regions are anticipated to significantly fuel the market growth. In May 2020, CryoBuilt, a manufacturer of whole body cryotherapy systems, launched EVEREST, an advanced and affordable product line of whole body cryotherapy chambers. In May 2019, Cryo Innovations received approval for a Federal General Services Administration (GSA) contract to provide whole body cryotherapy solutions to the U.S. Military or and any government department.

Furthermore, the mounting prevalence of chronic conditions such as cancer, arthritis, fibromyalgia, among others has fueled the demand for effective cryotherapy solutions for its treatment. According to the data published by the International Agency for Research on Cancer (IARC), in 2018, an estimated 17.0 million new cases of cancer were observed worldwide, which led to around 9.5 million deaths. The same source also stated that, by 2040, this number is projected to grow to 27.5 million new cancer cases every year.

Moreover, increasing strategic initiatives such as mergers, collaborations, and acquisitions by leading players are likely to create a conducive environment for market growth during the forecast period. For instance, in June 2019, Varian Medical Systems, Inc. acquired Endocare and Alicon in order to expand its integrated cancer care solutions portfolio. Following this acquisition, Varian expanded its portfolio with Endocare’s Cryocare CS System, a fully integrated treatment system that is designed to simplify cryotherapy. This strategic acquisition helped Varian to enhance its position in the oncology segment.

Therapy Type Insights

The cryosurgery segment dominated the market in 2020 with a revenue share of 64.5%. Increased demand for minimally invasive cryosurgery for the treatment variety of diseases such as cancer, benign tumors, etc. has supported the segmental growth. Cryosurgery enables the destruction of abnormal cells or tissues, while healthy tissue is protected. In comparison with conventional procedures, this procedure carries limited side effects and thus facilitates faster recovery.

Icepack therapy and chamber therapy segments are predicted to show robust growth during the forecast period. Icepack therapy involves the usage of cold temperatures to slow down blood flow and helps to reduce the pain and swelling. Icepack therapy is mainly used for pain management in arthritis pain, swelling after surgery, back injuries and back pain, and sports injuries. Chamber therapy involves the use of very low temperatures, around -60°C to -110°C, for pain management and other applications such as relaxation and beauty treatment. This therapy is recommended for individuals suffering from chronic pain due to any medical condition such as rheumatoid arthritis. Creating Beautiful Bodies Blvd (CBB BLVD) offers Brisbane Cryotherapy Chamber, which is a whole-body cryochamber that offers benefits such as muscle healing, pain relief, reduces anxiety and inflammation, prevents dementia, improves symptoms of eczema, and helps in the treatment of headaches.

Device type Insights

The cryogun segment dominated the overall market with the largest revenue share of 25.9% in 2020 and is projected to maintain its dominance throughout the forecast period. High use of this device in cryotherapy and product advancement is among the major factors contributing to the large share held by this segment. In addition, the high incidence of cancer and dermatologic conditions is also expected to be major factors propelling the demand for cryoguns.

On the other hand, the cryochambers and cryosaunas segment is projected to grow at the highest rate during the forecast period due to its increasing application in pain management. The demand for cryochamber therapy is growing among the patients suffering from musculoskeletal conditions, such as rheumatoid arthritis, psoriatic arthritis, and ankylosing spondylitis. In addition, increasing demand for cryochambers in athletic training facilities, spas, and beauty centers has further supported the segment growth.

Application Insights

The surgical applications segment dominated the market and accounted for the largest revenue share of 71.0% in 2020. Based on surgical applications, the market is sub-segmented into oncology, cardiology, dermatology, and others. Oncology dominated the surgical applications segment as cryotherapy is widely applied for the treatment of a variety of cancers such as prostate, cervical, and skin. Thus, the rising prevalence of these cancers and growing awareness about cryotherapy-based treatment approaches are anticipated to be prominent factors responsible for its large share.

The pain management segment is anticipated to show significant growth owing to the high prevalence of joints and muscle pain in the adult population and the introduction of innovative cryotherapy products for their treatment. In April 2019, U.S.-based, Omax Health, Inc. launched its new product CryoFreeze CBD Pain Relief Roll-On as part of its cryotherapy sports line portfolio.

End-use Insights

Hospitals and specialty clinics led the market and accounted for the largest revenue share of 43.1% in 2020. This large share is attributed to the fact that hospitals and specialty clinics serve as primary centers for cryosurgery. In addition, increasing demand for cryosurgery procedures at hospitals and clinics owing to its various advantages has further supported the segmental growth. As per the study published by the NIH’s National Library of Medicine, in July 2017, the use cryosurgery for treating cancer is safer, less invasive, and enhances the targeting of cancer cells with few associated complications. 

The cryotherapy centers segment is estimated to witness lucrative growth during the forecast period. The high growth of this segment can be credited to the increasing establishment of cryotherapy centers in the key markets. For instance, in January 2021, [email protected] established its new cryotherapy center in Georgetown, Texas. This newly launched center offers whole body cryotherapy treatments to reduce inflammation, pain, and weight.

Regional Insights

North America dominated the cryotherapy market and held the largest revenue share of 37.4% in 2020 and is projected to maintain the lead throughout the forecast period. Well-established healthcare infrastructure, favorable reimbursement scenarios, and the high adoption of technologically advanced solutions in the region have led to its high share. Moreover, the local presence of leading players and continuous strategic initiatives by them is also likely to support regional growth.

In Europe, the market is expected to account for a significant share owing to the approval and launch of innovative cryotherapy products in the region. For instance, in December 2019, the health officials of Europe approved the use of CSA Medical’s system for cryotherapy for the treatment of COPD patients with chronic bronchitis. Asia Pacific region is projected to witness the highest growth during the forecast period. This high growth is credited to the presence of a huge target population in emerging countries such as India and China and increasing efforts by leading players to ensure the availability of cryotherapy devices in these countries.

Key Companies & Market Share Insights

Key participants in the market are engaged in various inorganic and organic strategic developments to expand their existing product portfolios and geographic expansion. In January 2019, Quantum Cryogenics launched cryochamber CryoQube as a part of its new venture. The product delivers cold air that had been pre-chilled using liquid nitrogen. Some of the prominent players in the cryotherapy market include:

• Brymill Cryogenic Systems

• Metrum Cryoflex Sp. z oo, Sp.

• CryoConcepts LP

• Medtronic

• CooperSurgical, Inc.

• Cortex Technology

• Mectronic Medicale S.r.l.

• Cryoalfa

• ERBE Elektromedizin GmbH

• Special Medical Technology Co., Ltd.

Cryotherapy Market Report Scope

Segments Covered in the Report

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 2016 to 2028. 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 (Revenue, USD Million, 2016 - 2028)

  • Cryosurgery

  • Icepack Therapy

  • Chamber Therapy

• Device Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Cryogun

  • Cryo Probes

    • Tissue Contact Probes

    • Tissue Spray Probes

  • Gas Cylinders

  • Localized Cryotherapy Devices

  • Cryochambers & Cryosaunas

  • Others

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Surgical Applications

    • Oncology

    • Cardiology

    • Dermatology

    • Other Surgical Applications

  • Pain Management

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Hospitals & Specialty Clinics

  • Cryotherapy Centers

  • Spas & Fitness Centers

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East and Africa

    • South Africa

    • Saudi Arabia

    • UAE