Rise in prevalence of chronic diseases and surge in number of non-invasive and minimally-invasive procedures drive the growth of the global cryotherapy market. North America contributed to the highest share in 2020, and is expected to continue its lead position by 2030. During the Covid-19 pandemic, governments of various countries put limitations and bans on several medical procedures and elective surgeries. This reduced cryotherapy procedures and demand for cryotherapy equipment.
Portland, OR, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cryotherapy Market generated $213 million in 2020, and is estimated to reach $392 million by 2030, witnessing a CAGR of 7.5% from 2021 to 2030. The report provides an extensive analysis of changing market dynamics, top segments, top investment pockets, regional landscape, value chain, and competitive scenario.
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Rise in prevalence of chronic diseases, surge in number of non-invasive and minimally-invasive procedures, and technological advancements drive the growth of the global cryotherapy market. However, usage of hazardous cryogenic gases and lack of awareness hinder the market growth. On the other hand, focus on expanding cryotherapy applications would create new opportunities in the coming years.
During the Covid-19 pandemic, governments of various countries put limitations and bans on several medical procedures and elective surgeries. This reduced cryotherapy procedures and demand for cryotherapy equipment.
Moreover, cryotherapy equipment manufacturing companies have been facing issues such as in-person product demonstrations, carrying out production in their facilities at full capacity, and organizing conferences. This leads to reduced sales volumes.
The report offers detailed segmentation of the global cryotherapy market based on product, application, end user, and region.
Based on product, the cryosurgery devices segment held the largest share in 2020, contributing to more than two-fifths of the total share, and is projected to maintain its lead in terms of revenue during the forecast period. Moreover, this segment is estimated to manifest the fastest CAGR of 8.4% from 2021 to 2030. The research also analyzes the segments including localized cryotherapy devices and cryochambers & cryosaunas.
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Based on end user, the hospitals and clinics segment accounted for the largest share in 2020, contributing to nearly half of the global cryotherapy market, and is estimated to maintain its leadership status during the forecast period. However, the cryotherapy centers segment is expected to portray the fastest CAGR of 8.4% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding more than one-third of the total share, and is expected to continue its lead position by 2030. However, Asia-Pacific is projected to witness the fastest CAGR of 9.5% during the forecast period.
Leading players of the global cryotherapy market analyzed in the research include Impact Cryotherapy, Cooper Companies (Coopersurgical), Brymill Cryogenic Systems, Kriosystem Life, Erbe Elektromedizin GmbH, Metrum Cryoflex, Medtronic Plc, US Cryotherapy, Cryoconcepts LP, and Zimmer Medizinsysteme GmbH.
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