The global cryotherapy market size is expected to reach USD 11.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.0% from 2023 to 2030. This growth is due to a rise in demand for cryotherapy in fitness, beauty & wellness, increased prevalence of chronic diseases, and the high demand for minimally invasive procedures.A rise in the demand for minimally invasive procedures for the treatment of chronic diseases is also among the primary factors driving the market growth. Cryosurgery is a minimally invasive procedure. It has various advantages over conventional surgeries, including lesser pain, rapid wound healing, minimal surgical wounds, shorter hospital stays, and lower risk of complications.
Cardio Clinic at Asklepios St. Georg, one of the top heart centers in Germany, claims to perform around 300 cardiac cryoablation procedures every year.In fitness, beauty, and wellness treatments, there is a high demand for cryotherapy. Due to the high incidence of sports injuries, several sports clubs and sports teams are using cryo chambers for quicker recovery of injuries. For instance, the German rowing team, Wales Rugby Team, and the Chinese Olympic team have their own cryo chambers. All these factors are anticipated to boost market growth over the coming years. The COVID-19 pandemic adversely affected the market. Amid the pandemic, owing to stringent government regulations and lockdown to control the pandemic, a slowdown in the demand for cryotherapy was observed in the initial phase of the pandemic.
However, the market regained its pace by the end of 2020 in most countries.Companies are adopting strategies, such as new product development and partnerships. For instance, in August 2020, Cryoport, Inc. acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million. CRYOPDP-a French pioneer company-provides temperature-controlled logistics solutions for cell & gene therapy and clinical research communities. In October 2021, CARE Innovative Solutions announced the launch of the Slynarski Knee Clinic. It is the first clinic in Poland to provide computer-controlled cryotherapy solutions for knee-associated treatments.
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The cryosurgery segment held the largest revenue share in 2022 due to a rise in demand for surgical procedures
Cryochamber is expected to grow at a fastest CAGR over the forecast period, due to its high adoption by beauty clinics & fitness centers
Cold storage held the largest revenue share in 2022 due to the high demand for pharmaceutical cold chain logistics
In addition, various applications of cold storage in healthcare, such as bone marrow transplantation, in vitro fertilization, and cord blood banking, are another factor contributing to its largest share
North America is projected to be the dominant region due to high disposable income, well-established healthcare infrastructure, and high per capita healthcare expenditure
Grand View Research has segmented the global cryotherapy market based on therapy type, device type, application, end-use, and region:
Cryotherapy Therapy Type Outlook (Revenue, USD Million, 2018 - 2030)
Cryotherapy Device Type Outlook (Revenue, USD Million, 2018 - 2030)
Tissue Contact Probes
Tissue Spray Probes
Localized Cryotherapy Devices
Cryochambers & Cryosaunas
Cryotherapy Application Outlook (Revenue, USD Million, 2018 - 2030)
Beauty & Wellness
Cryotherapy End-use Outlook (Revenue, USD Million, 2018 - 2030)
Hospitals & Specialty Clinics
Spas & Fitness Centers
Cryotherapy Regional Outlook (Revenue, USD Million, 2018 - 2030)
Middle East & Africa
List of Key Players of Cryotherapy Market
Brymill Cryogenic Systems
Medtronic Medicale S.r.l.
Wallach Surgical Devices
Zimmer MedizinSysteme GmbH
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