The 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 Overview:

Cryotherapy involves application of extremely cold temperatures to the skin for pain relief and treatment of various medical conditions. Cryotherapy uses liquid nitrogen, which is sprayed onto the skin for short intervals to relieve muscle and joint pain. It helps minimize inflammation and reduces swelling by constricting the blood vessels near the skin. Major advantages of cryotherapy include quick recovery time, minimal side effects, and effectiveness for various pain conditions. Growing geriatric population suffering from joint disorders and sports injuries is driving the demand for cryotherapy.

Market key trends:

Cryotherapy is gaining traction owing to rising demand for minimally invasive pain management procedures. Patients are increasingly opting for cryotherapy to treat various pain conditions such as arthritis, tendonitis, and bursitis due to advantages such as no anesthesia requirement and faster recovery time as compared to surgery. Furthermore, growing popularity of cryotherapy as an alternative therapy among athletes and active adults for muscle recovery post-workout or injury is propelling the market growth. Rising awareness about various medical applications of cryotherapy and favorable reimbursement policies are some other crucial factors expected to boost the cryotherapy market over the forecast period.

Porter’s Analysis

Threat of new entrants: Low capital requirements and availability of technology has lowered the threat of new entrants to an extent. However, established players hold majority market share limiting scope for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of differentiated products at competitive prices from Cryotherapy Market players.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and versatility of cryotherapy equipment manufacturers globally.

Threat of new substitutes: Threat from substitutes like therapeutic hypothermia techniques and pain management therapies pose threat but cryotherapy has widespread acceptance and use in sports medicine and aesthetics currently.

Competitive rivalry: High as major global players compete on technology advancement, product innovation and service offerings.

SWOT Analysis

Strength: Cryotherapy is effective, safe, and non-invasive treatment option stimulating blood circulation and relieving muscle soreness.

Weakness: Safety concerns related to extreme cold exposure and lack of protocol standardization. Expensive setup and maintenance costs.

Opportunity: Increasing demand from sports medicine, dermatology and pain management. Untapped growth potential in emerging markets.

Threats: Stringent regulatory pathways and product approval processes. Reimbursement challenges affecting market revenue.

Key Takeaways

The Global Cryotherapy Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing instances of sports injuries and advent of body contouring applications. North America dominates the market currently due to supportive reimbursement policies and higher acceptance of aesthetic procedures.

Regional analysis - Europe is the second largest market for cryotherapy globally. Improving healthcare infrastructure and rising medical tourism in countries like Germany, France, and UK are boosting regional market revenue. Asia Pacific is projected to exhibit fastest growth during the forecast period ascribed to growing medical aesthetics industry in China, India, and Japan.

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.

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https://www.ukwebwire.com/cryotherapy-market-size-share-growth-outlook-2023/