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Cryotherapy involves the local or whole-body exposure of the body to extremely cold temperatures for therapeutic purposes. It is used to relieve pain, reduce inflammation, and accelerate muscle healing in sportspeople and patients recovering from injuries and surgeries. Cryotherapy equipment including cryotherapy chambers, cryosurgery devices, and topical cryotherapy devices are gaining widespread adoption across gyms, physiotherapy clinics, and professional athletic facilities owing to their effectiveness and minimal side effects. The global Cryotherapy Market is estimated to be valued at US$ 294.8 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing utilization of cryotherapy in sports medicine applications such as treatment of musculoskeletal ailments and prevention of injuries has been a key driver of market growth. Cryotherapy provides quick relief from pain and swelling associated with sports injuries without drugs or surgical intervention. It reduces inflammation and accelerates the healing process, allowing players to resume training sooner. Owing to its benefits, whole-body cryotherapy chambers that expose the entire body to temperatures between -110°C to -160°C for a short time have gained widespread popularity among professional athletes and weekend warriors alike. This growing demand from gyms and sports facilities for cryotherapy equipment is expected to sustain the market progress over the forecast period.
SWOT Analysis
Strengths: Cryotherapy is a non-invasive treatment method with minimal risks and side effects. It helps in pain relief quickly.
Weaknesses: The results of cryotherapy may not be permanent and the treatment needs to be repeated periodically. Equipment and set up costs are high.
Opportunities: Rising incidence of sports injuries, joint pains and other conditions drives the demand for cryotherapy. Growing awareness about its benefits presents opportunities for market expansion.
Threats: Strict regulatory guidelines and procedures for approval of cryotherapy equipment. Alternative treatment options like laser therapy, physiotherapy pose threats.
Key Takeaways
The global cryotherapy market is expected to witness high growth.
Regional analysis: The cryotherapy market in North America currently dominates owing to raising awareness about minimally invasive procedures and favorable reimbursement policies. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising medical tourism and increasing disposable incomes.
Key players operating in the cryotherapy market are Zimmer MedizinSysteme GmbH, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, C A Manufacturing Sp zoo, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoswiss GmbH, CryoConcepts LP., Medtronic, METRUM CRYOFLEX Sp. z o.o., CryoBuilt, Inc., Advanced Monitors Corporation, STERIS, DJO, LLC, and Pregna International Limited.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
