The study involved four major activities to estimate the current size of the cryotherapy market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Research Methodologies Followed:
Primary Research
The cryotherapy market has several stakeholders such as ablation device manufacturing companies, portable/localized cryotherapy device manufacturing companies, cryosauna & cryochamber manufacturing companies, cryotherapy centers, spas, wellness, and health centers, healthcare institutions (hospitals, medical schools, group practices, individual surgeons, and governing bodies), medical device vendors/service providers, research institutes, market research companies.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers, D&B, Bloomberg Business, and Factiva have been referred to, so as to identify and collect information for this study.
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Revenue Gains Expectations:
The cryotherapy market is expected to grow from USD 206 million in 2019 to USD 319 million by 2024, at a CAGR of 9.1% during the forecast period. Technological advancements in cryotherapy equipment and its growing popularity in the beauty, wellness, and fitness industries are also supporting the growth of this market.
Driver: Technological Advancements in cryotherapy equipment
Cryotherapy has become an important treatment option, mainly due to the various technological innovations and advancements in cryotherapy equipment over the years. Developments have been observed in various equipment, including cryosurgery units and accessories.
Restraint: Limited access to cryotherapy and lack of awareness
Cryotherapy remains limited to very few geographic regions. The extent of cryotherapy practices is majorly limited to North America and Europe, with few other countries like Japan, China, and Australia witnessing any developments in this field, mainly due to lack of awareness.
Recent Developments
· Medtronic collaborated with Phillips (Netherlands) to facilitate the sale of products on behalf of Philips to provide an innovative, integrated image guidance solution for cryoablation procedures, for the advance treatment of paroxysmal atrial fibrillation (PAF), a common heart rhythm disorder.
· Kriosystem Life was the official supplier of cryotherapy devices for The World Games 2017, held in Wroclaw, Poland.
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Surgical applications held the largest share of the cryotherapy market
Cryotherapy is widely used for the treatment of health conditions like pain, malignant & benign tumors, tissue damages or lesions, and sports injuries. The cryotherapy applications market is segmented into surgical applications (oncology, dermatology, cardiology, and other surgical applications); pain management; and recovery, health, & beauty applications.
North America is expected to hold a dominant share in the cryotherapy market during the forecast period
North America held the largest share of the market and is projected to continue to do so during the forecast period. Factors such as the growing popularity of cryotherapy, rising prevalence of cancer, increase in sports and physical activity-related injuries, and rising prevalence of CVDs are driving the North American cryotherapy market.
