Cryotherapy Market Size, Share & Trends Report

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 ID: GVR-1-68038-146-7
  • Number of Pages: 139
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the cryotherapy market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for cryotherapy market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of cryotherapy market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Cryotherapy Market Categorization:

The cryotherapy market was categorized into five segments, namely therapy type (Cryosurgery, Icepack Therapy, Chamber Therapy), device type (Cryogun, Cryo Probes, Gas Cylinders, Localized Cryotherapy Devices, Cryochambers & Cryosaunas), application (Surgical Applications, Pain Management, Beauty & Wellness, Fitness, Cold Storage), end-use (Hospitals & Specialty Clinics, Cryotherapy Centers, Spas & Fitness Centers), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The cryotherapy market was segmented into therapy type, device type, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The cryotherapy market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into thirty countries, namely, the U.S.; Canada; France; The Netherlands; Denmark; Poland; Italy; Austria; Germany; Switzerland; Spain; Sweden; Norway; Slovakia; China; India; Pakistan; Japan; Thailand; South Korea; Australia; Brazil; Mexico; Argentina; UAE; Turkey; Egypt; Saudi Arabia; Kuwait; and South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Cryotherapy market companies & financials:

The cryotherapy market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Brymill Cryogenic Systems - Brymill Cryogenic Systems, established in 1966, is a prominent U.S.-based company that specializes in designing and manufacturing cryosurgical equipment. The company offers a wide array of cryosurgical products, including liquid nitrogen cryosurgical tips, probes, and accessories, which enable physicians to treat various skin lesions. Headquartered in the U.S., Brymill Cryogenic Systems has a global presence, with an extensive distribution network spanning across North America, South America, Africa, Europe, Asia, and Australia. The company’s innovative and diverse range of cryosurgical products has positioned it as a key player in the cryotherapy market, contributing to the advancement and accessibility of cryotherapy technologies in healthcare and wellness. 

  • Metrum Cryoflex -  Metrum Cryoflex, a prominent European medical device manufacturer, was established in 2000 and is based in Poland. The company has a strong global presence, operating in 45 countries and collaborating with various distributors to supply its products internationally. Metrum Cryoflex offers a diverse range of medical devices for cryotherapy, ozone therapy, pressotherapy, and laser medicine. With over 29 years of experience, the company has provided its advanced devices to more than 7,000 private clinics worldwide.   

  • Cortex Technology -  Cortex Technology, a Danish company established in 1986, is a leading manufacturer of cryosurgical equipment and skin analysis devices. The company has a wide distribution network in over 50 countries, including the US, China, Japan, and many European and Middle Eastern countries. Cortex Technology has a well-established ISO 13485 certification quality management system, and its products are CE-marked and have received regulatory approvals from multiple countries worldwide, including 510(k) for DermaScan and CryoPro.   

  • Physiomed Elektromedizin AG -  Physiomed Elektromedizin AG, a German company founded in 1973, is a leading manufacturer of innovative diagnostic and therapeutic products. The company has a strong position in Germany and a wide distribution network in over 83 countries. Physiomed Elektromedizin AG offers a broad range of products for multiple therapies, including combination, electro, ultrasound, vacuum, laser, shortwave, microwave, traction, cryo, magneto, and shockwave therapy. Its products are used in various areas, including sports, rehabilitation, and aesthetics.   

  • Kaya Skin Clinic -  Kaya Skin Clinic, founded in 2003 and headquartered in India, is a leading provider of skin and hair care services and products. The company offers a wide range of services, including pigmentation, anti-aging, laser permanent hair reduction, and beautification services. Kaya Skin Clinic has a strong presence in India, with around 94 clinics across 27 cities, and also operates 23 clinics in the Middle East. The company’s product line consists of more than 60 products for both men and women, covering 13 distinct hair and skincare ranges. These products are developed by an experienced team of R&D and medical services, specially crafted for Indian hair and skin. Kaya Skin Clinic’s offerings meet high international quality standards and are approved by the U.S. FDA. The company also provides in-house training programs to its dermatologists and skincare practitioners, ensuring the highest level of expertise and service.   

  • Silkor -  Silkor, a skincare service provider, was established in 1997 and is based in Beirut, Lebanon. The company offers a wide range of services, including skin care treatments, laser hair removal, slimming solutions, cosmetic and plastic surgery, and medico-aesthetic services. Silkor collaborates with global partners such as Lumenis, Cynosure, Zimmer, Syneron, and others to ensure the use of state-of-the-art systems and best-in-class IT platforms, all of which are FDA approved. The company has academic training centers in Lebanon to enhance the skills of its specialists, with an annual training capacity for over 100 specialists. Silkor has a strong presence in the Middle East and North Africa, including countries like Iraq, Kuwait, Oman, and the UAE. In 2018, the company expanded its presence in Europe by establishing centers in London and Paris. Silkor is known for its commitment to providing high-quality services and for its continuous efforts to meet the evolving needs of its customers.  

  • Novique Medical Aesthetics -  Novique Medical Aesthetics, headquartered in Pennsylvania, is a prominent skin and hair care company that offers a diverse range of solutions, including facial and body treatments, cryotherapy, anti-aging, and regenerative medicines. The company is known for its state-of-the-art chamber, CRYO Science Arctic, which provides full-body cryotherapy treatment at very low temperatures, proven to be effective in improving physical conditions. Novique Medical Aesthetics also provides pre- and post-treatment consultation services, ensuring that customers receive appropriate treatment with the guidance of the company’s expert medical staff. Operating in the Bucks, Doylestown, Philadelphia, and PA county area across Pennsylvania, the company has established itself as a leader in the region, employing over 25 people. Novique Medical Aesthetics is committed to redefining a personalized approach to clients’ beauty and wellness goals, making it a trusted destination for individuals seeking high-quality medical aesthetic services.  

  • LondonCryo Limited - LondonCryo Limited, established in 2016 and headquartered in London, is a cryotherapy service provider that offers a variety of cryotherapy-based treatments for sports recovery, pain management, fitness, anti-aging, and beauty. The company is the first in the UK to provide CryoSkin slimming technology with its new X CryoTM by Cryotech Nordic (CTN) technology, which uses heat and cold extraction. LondonCryo offers customer-friendly and target-specific treatments that provide benefits in beauty, health, sports, and wellness. A typical treatment per session lasts for 3 to 5 minutes. The company has a dedicated cryotherapy facility for sports recovery, pain relief, and aesthetics. LondonCryo’s main R&D focus is on cryotherapy and a range of wellness treatments to make them available to all ages of people. The company also generates revenue through its other business that includes renting and leasing office machinery and equipment to other companies.  

  • Zimmer MedizinSysteme GmbH  -  Zimmer MedizinSysteme GmbH is a leading manufacturer of physiotherapy systems. The company was founded in 1969 and is headquartered in Germany. It operates in four core business segments, i.e., physical therapy, Zimmer MedizinSysteme GmbH, a leading manufacturer of physiotherapy systems, was founded in 1969 and is headquartered in Germany. The company operates in four core business segments: physical therapy, whole-body cold, diagnostic & ultrasound, and aesthetic medicines. It offers innovative cardiology and diagnostic products, as well as software. Zimmer MedizinSysteme GmbH provides cold therapy and Z cryo under its cryotherapy product portfolio. The company invests significantly in research and development for innovative product development. In Germany, it has an excellent customer support base with more than 100 field representatives. In 2002, the company was certified under ISO 13485, demonstrating its commitment to product quality. Internationally, its branch companies and partners serve customers in over 60 countries. Zimmer MedizinSysteme GmbH has over 50 years of experience in technical medicine and has become one of the leading European manufacturers for physiotherapy systems.  

  • Cryo -  Cryo, a UAE-based health, wellness, and fitness company, was incorporated in 2013 and headquartered in Dubai. The company is a global leader in the application of cryotherapy for performance elevation, health, wellness, recovery, and body slimming. Cryo focuses on areas of anti-aging, weight loss, and recovery through its cutting-edge technology. Its commercial operations are managed through innovative health and essential health wellness treatments. The company offers state-of-the-art technology that provides whole body cryotherapy solutions to customers, with extremely low temperatures at -140 to -180 degrees Celsius. Cryo provides services at various locations worldwide, including Thailand, Dubai, Saudi Arabia, Kuwait, Turkey, Australia, and Manama.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Cryotherapy Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Cryotherapy Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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