The latest market report published by Credence Research, Inc. “Cryotherapy Devices Market By Type (Cryosurgery Devices, Whole Body Cryotherapy Devices (Cyrochambers), Partial Body Cryotherapy Devices), By Application (Pain Management, Surgical Applications, Others) – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” The global market for cryotherapy devices was valued at US$ 3,126.2 million in 2017 and is expected to reach US$ 7,089.2 million by 2026, increasing to CAGR by 9.4 per cent from 2018 to 2026.
The global market for cryotherapy devices is expected to progress towards a healthy CAGR, taking into account key factors such as increasing demand for minimally invasive surgical procedures for the treatment of conditions such as cancer and cardiovascular disease and increasing preference for asthetic and overall well-being solutions. The technological evolution of cryotherapy devices is also a key factor attributed to the driver of this market. The growing popularity of cosmetic procedures, wellness and fitness is also a major driver of the global market for cryotherapy devices.
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The prevalence of cervical cancer, skin cancer, prostate cancer, and complications associated with sun damage to the skin is increasing rapidly. Cryosurgery has advantages for the treatment of these conditions, such as fewer complications, reduced risk of infection, lower blood loss and faster recovery. This also avoids the need for repeat hospitalization and therefore reduces the overall cost of treatment. This modality is also considered beneficial for patients who can not be selected for open and highly invasive surgery, particularly for senescent patients. As a result, with an increase in the number of cancer cases worldwide, the market for cryotherapy devices will increase accordingly.
Based on product types, the global market for cryotherapy devices is divided into cryosurgery devices, whole body cryotherapy devices and partial body cryotherapy devices. Among these, the revenue share of cryosurgery equipment is the highest. The early introduction of cryosurgery devices on the market and their proven improved performance are key attributes driving the dominance of this segment. Similarly, among the key applications considered for cryotherapy devices, the demand for these devices is the highest in surgical applications. Oncology is the primary surgical area where cryosurgery devices are increasingly used. In addition, with the growing demand for asthetic and wellness solutions increasing globally, the demand for cryosurgery chambers will also rise accordingly.
Geographically, North America is the largest market for cryosurgery devices. Greater purchasing power, better reimbursements and high awareness are the key factors supporting the dominance of North America market. On the other hand, Asia Pacific market will progress at the fastest growth rate during the forecast period. Rapidly proliferating medical tourism industry, increasing prevalence of cancer along with growing pool of geriatric patients drive the growth of Asia Pacific market. Some other prime factors driving Asia Pacific market are increasing awareness and skills in healthcare personnel, and growing disposable incomes paving way for increased demand for asthetic and wellbeing solutions. The global cryotherapy devices market is characterized by presence of several market players making this industry fragmented in nature. Multinational giants such as CooperSurgical and Medtronic specialize in manufacturing of cryosurgery devices while having strong foothold in the international markets. Whereas for products such as whole and partial body cryotherapy devices, the presence of local and niche players is highly prominent.
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Key Market Movements:
- Consistently increasing prevalence of chronic conditions associated with heart and cancer
- Increasing demand for minimally invasive cryosurgical intervention in geriatric patients
- Growing demand for cryosurgery in asthetic procedures, particularly treating skin lesions and complications associated with sun damage
- Increasing disposable incomes in emerging markets of Asia Pacific, paving way for adoption of novel cryotherapy solutions such as cryochambers
Report Scope by Segments
By Type (2016–2026; US$ Mn)
- Cryosurgery Devices
- Contact Probes
- Spray Probes
- Epidermal and Subcutaneous Cryoablation Devices
- Whole Body Cryotherapy Devices (Cyrochambers)
- Partial Body Cryotherapy Devices
By Application (2016–2026; US$ Mn)
- Pain Management
- Surgical Applications
- Others (Beauty, Health and Wellbeing)
By Geography Segment (2016–2026; US$ Mn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America