Cryotherapy is a therapeutic technique that involves exposing the body or specific body parts to freezing temperatures for a short duration. The therapeutic effects of cryotherapy include vasoconstriction (narrowing of blood vessels), reduced inflammation, pain relief, and potential benefits for muscle recovery. Cryotherapy is used in various fields, including sports medicine, physical therapy, dermatology, oncology, and wellness.
Advancements in Cryosurgery for Treating Cancers Boost the Market Growth
Cryosurgery, a method employing cold temperatures, treats various cancers and non-cancerous conditions. It is often considered for treating small tumors, especially in situations where surgical intervention may be challenging or less preferable. This technique finds application across different cancer types, including retinoblastoma, skin cancers, early-stage prostate cancer, liver cancer, bone cancer, and non-small cell lung cancer. Additionally, cryosurgery is effective in addressing conditions such as actinic keratoses, abnormal cervical cell changes, and benign bone tumors.
The procedure entails tissue freezing using liquid nitrogen or argon gas, resulting in the demise of targeted cells. Researchers are actively exploring the integration of cryotherapy with other cancer treatments, such as radiation therapy, chemotherapy, hormone therapy, or immunotherapy. This combination of therapies holds the potential to augment the overall effectiveness of cancer treatment and possibly enhance outcomes. Furthermore, cryotherapy holds promise in providing palliative care for cancer patients by mitigating symptoms and enhancing their quality of life. For instance,
- In March 2023, ChemoMouthpiece has entered into a partnership with commercialisation services provider EVERSANA to launch and market its cryotherapy device called Chemo Mouthpiece for oncology patients in the U.S.
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Growing Adoption of Cryotherapy in the Sport, Medical, and Beauty Industry Drives the Market
Cryotherapy, involving the application of extremely low temperatures in medical therapy, beauty procedures, and sports injury healing, among other applications, is experiencing a transformative evolution driven by state-of-the-art technologies. The integration of cutting-edge advancements in cryogenic equipment, precise temperature control, and heightened safety features is fostering a more accessible and efficient cryotherapy experience. The holistic advantages of cryotherapy, encompassing reduced inflammation, enhanced circulation, and improved recovery, resonate with individuals pursuing comprehensive wellness solutions. As a result, one can extensively leverage either whole-body cryotherapy or localized cryotherapy solutions across diverse applications, tailoring the approach to specific needs.
Athletic Recovery and Performance Enhancement: Cryotherapy is extremely popular among athletes for its benefits. First of all, it helps to recover faster after serious physical overload. It also helps reduce muscle afterward, so an athlete can quickly get back to training. Second, cryotherapy reduces inflammation, and eliminates pain, helping with faster healing of tissues. Third, cryotherapy helps relax overworked muscles and improve flexibility. All these benefits help an athlete stay motivated in the recovery process. For instance,
- The Bulgari Spa in London introduced four groundbreaking cryotherapy treatments designed for both men and women. One of these, the cryotherapy sports massage, focuses on specific areas to relieve pain, reduce inflammation, and expedite recovery from injuries
Stress Management and Mental Wellness: Exposure to extreme cold temperatures during cryotherapy sessions is believed to trigger the release of endorphins, promoting a sense of well-being and relaxation. As awareness of the connection between physical and mental health grows, cryotherapy is positioned as a holistic tool for achieving overall wellness.
Beauty and Anti-Aging Treatments: Whole-body cryotherapy is a widely accepted beauty and wellness practice. In beauty, extreme cold is often used in anti-age programs as it is known to boost microcirculation and up collagen production for tighter and younger-looking skin. Cryotherapy is also an integral element in weight-reduction programs, as it fastens metabolism, browns white fat, and fights stress to support a smoother transition to a balanced lifestyle. The treatment gives multiple wellness benefits, such as energy boost, better sleep, and improved physical and mental well-being.
- In July 2022, The Spa Butler, a leading cryotherapy industry player, revealed plans to launch a range of groundbreaking health-related products. Among them is the America Cryo Subzero, a localized skin cooling device reaching subzero temperatures, offering cost-effective, convenient cryotherapy facials
Cryotherapy Market: Key Constraints/ Challenges
The stringent regulatory policies for cryotherapy equipment and the risk and side effects associated with cryotherapy treatments such as decreased heart rate, increased blood pressure, lowered respiration, burning of the skin, or frostbite are some of the factors that are likely to hamper its growth in the coming years.
North America Expected to Continue to Hold a Major Share in the Cryotherapy Market
From a geographical perspective, North America holds a major market share of the cryotherapy market. This can be mainly attributed to the growing prevalence of cancer and other skin diseases, increased usage of cryotherapy in aesthetic treatments, rise in the incidence of sports injuries, and growing awareness regarding minimally invasive cryotherapy procedures in the region. However, the Asia-Pacific region is expected to witness strong growth in the coming years due to the growing application of cryosurgery, technological advancement in cryotherapy equipment, and rising preference for minimally invasive techniques in the region.
Cryotherapy Market: Competitive Landscape
Some of the key players operating in the market are CryoConcepts, Impact Cryotherapy, Zimmer MedizinSysteme GmbH, Metrum Cryoflex, Cryo Manufacturing, Krion Cryo Solutions, Brymill Cryogenic Systems, Medtronic, Cortex Technology, Varian, IceCure Medical, Cryomed, and Boston Scientific Corporation, among others.
Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market
Players operating in this market are adopting organic and inorganic growth strategies such as launching new products, acquiring related firms, and entering into mergers & collaborations to garner higher market share. For instance,
- In November 2023, IceCure Medical announced that the Central Drugs Standard Control Organization ("CDSCO") in India has approved the ProSense system based on the CDSCO's updated regulatory requirements. This is in addition to existing approvals, including disposables and cryoprobes, already approved for indications covering general surgery and oncology for tissues of the breast, lung, bone, kidney, liver, and more
- In August 2023, Boston Scientific Corporation announced that it had received U.S. Food and Drug Administration (FDA) approval for the POLARx Cryoablation System. The new system, which is indicated for the treatment of patients with paroxysmal atrial fibrillation (AF), features the POLARx FIT Cryoablation Balloon Catheter, a device with the unique capability of enabling two balloon sizes – 28 and 31mm – in one catheter
- In May 2023, Varian, a Siemens Healthineers company announced the introduction of Isolis cryoprobe, a single-use, disposable device designed for use with CryoCare systems1 that seeks to improve procedural efficiency and precision for cryoablation
The cryotherapy market is a rapidly evolving industry that is expected to gain further momentum in the coming years due to the increasing application of cryotherapy, a strong emphasis on developing new cryotherapies techniques, growing awareness regarding cryosurgery in cancer and skin treatments, and aggressive organic and inorganic growth strategies followed by the players.
Key Strategic Questions Addressed
- What is the market size and forecast for the Cryotherapy Market?
- What are the historical, present, and forecasted market shares and growth rates of various segments and sub-segments of the Cryotherapy Market?
- What are the major growth drivers, restraints/challenges impacting the market?
- What are the opportunities prevailing in the market?
- What is the investment landscape?
- Which region has the highest share in the market? Which region is expected to witness the highest growth rate in the next 5 years?
- Who are the major players operating in the market? What is the competitive positioning of key players?
- Who are the new players entering the market?
- What are the key strategies adopted by players?
The study has been compiled based on extensive primary and secondary research.
Secondary Research (Indicative List)
To validate research findings (market size & forecasts, market segmentation, market dynamics, competitive landscape, key industry trends, etc.), extensive primary interviews were conducted with both supply and demand-side stakeholders.
Supply Side Stakeholders:
- Senior Management Level: CEOs, Presidents, Vice-Presidents, Directors, Chief Technology Officers, Chief Commercial Officers
- Mid-Management Level: Product Managers, Sales Managers, Brand Managers, Business Development Managers, Consultants
- Demand Side Stakeholders: Hospitals and Speciality Clinics, Cryotherapy Centers, Spas & Fitness Centers, Among Others
Breakdown of Primary Interviews
Market Size Estimation
Both ‘Top-Down and Bottom-Up Approaches’ were used to derive market size estimates and forecasts.
Research findings derived through secondary sources & and internal analysis were validated with Primary Interviews, an Internal Knowledge Repository, and Company Sales Data.