Growing strategic partnership among sports bodies and healthcare associations is witnessed to be a major trend governing the cryotherapy market. In addition, established players and local vendors operating in the market will play a vital role in the global market of cryotherapy. Moreover, with the increasing favorable policies for reimbursement and surge in adoption by sports and athletes associations, the global cryotherapy market is expected to witness expansion at a prominent pace in the coming years.
The global cryotherapy market is expected to witness a growth of 6.5% CAGR over the forecast period, 2016-2024. Cryochambers among other types of products will witness robust demand in the span of next seven years. Oncology among various applications will witness a stable growth over the coming years. Hospitals among other end users will witness relatively fast growth, and will witness 6.8% CAGR in the coming years.
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Various trends fuelling demand for cryotherapy include:
- Emerging Technology:
With increasing preference for minimally invasive procedures over other conventional treatment procedures, cryotherapy is likely to witness an upsurge in demand in the coming years. Local skin treatments for inflammatory diseases such as psoriasis and rheumatoid arthritis has gained traction however, cryotherapy is increasingly preferred today to maintain a healthier lifestyle.
Cryochambers will witness a robust demand among other type of products, and will witness a growth of about 7% CAGR in the span of next seven years. Oncology among other applications accounted for a revenue share of about 80% in the coming years.
- Strategic Associations:
Various companies and healthcare institutions are collaborating with the athletic organizations, complimentary business providers and sports club. Growing trends regarding strategic partnership between sport bodies and healthcare associations is fuelling demand for cryotherapy in the coming years. A prominent cryosaunas seller and manufacturer based in the U.S. – Impact Cryotherapy has signed several agreements with various sports associations. Erbe Elektromedizin GmbH has launched ERBECRYO 2 Cryosurgical Unit for application in plastic surgery with a flexible cryoprobe that protects the surrounding tissues. Such factors are likely to impact growth of the global cryotherpay market globally over the coming years.
However, dermatology will witness a relatively fast growth among other applications over the coming years. Dermatology among other applications is likely to witness a growth of 7% CAGR in the span of next seven years. Hospitals among other end users will witness a relatively fast growth in the coming years. Moreover, hospitals are likely to witness a growth of 6.8% CAGR over the coming years.
- Regional Analysis:
With increasing adoption of cryotherapy in wellness, healthcare and cosmetics industry, North America will account for major market share in the global market in the coming years. Europe among other regions will represent the second largest market for cryotherapy in the span of next seven years. Germany, U.K. and France will represent the most attractive markets globally, and Europe will account for over US$ 1,001 Mn in terms of revenue in the coming years. APAC among other regions will represent the third position and is likely to witness relatively fast growth due to continuous installation of cryochambers and cryosurgical equipment in countries such as Australia, China and Japan.
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Overall, while there are various treatment techniques in the global market, cryotherapy is relatively more preferred among the end users. Moreover, various hospitals and companies are increasingly collaborating with other sports associations and bodies in order to gain an edge over other market players.