According to a new report by Allied Market Research, titled “Cryotherapy Market by Product, Application and End-User: Global Opportunity Analysis and Industry Forecast, 2021-2030,” the global cryotherapy market was valued at and is worth US$213 million in 2020 also is projected to reach US$392 million by 2030, growing at a CAGR of 7.5% from 2021 to 2030.
♦ 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
Major Key Market Participants –
Cooper Company (Coopersurgical),
Heritage Electromedicine GmbH,
Cryoconcepts LP and
Zimmer Medical Systems Ltd.
During the Covid-19 pandemic, the governments of various countries have imposed restrictions and bans on multiple medical procedures and elective surgeries. This reduced cryotherapy procedures and the demand for cryotherapy equipment.
In addition, cryotherapy equipment manufacturers face issues such as in-person product demonstrations, running production at their facilities at full capacity, and organizing conferences. This leads to reduced sales volumes.
On the basis of product, the Cryosurgical Devices segment is the largest contributor to revenue and is anticipated to rise at a considerable rate during the forecast period. Important factors such as the increasing number of minor surgeries and rising consumer health concerns are expected to fuel the market growth. Also, it offers several advantages over traditional surgery, including smaller incisions, shorter hospital stays, faster wound healing, less pain and fewer complications, which are driving the market growth.
♦ 𝐅𝐨𝐫 𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲:
From the end-user perspective, the Hospitals & Clinics sector has been a major contributor to revenue and is expected to grow significantly during the forecast period owing to the large customer base, rise in medical costs, increase in the number of diseases and the presence of a supportive management system. In addition, increasing geriatric population, urbanization and industrialization, rising per capita income, and heavy investment in R&D programs to develop cryotherapy equipment or devices are driving the market growth.
The overall impact of COVID-19 remains negative on the cryotherapy market as the number of cryotherapies decreases. This therapy requires the routine use of reusable therapy devices for treatment that can become infected with the SARS-COV-2 virus. In addition, dermatologists often use cryotherapy in high-risk areas, such as the B. nasal, perioral. This increases the risk of disease transmission when coronavirus particles are more likely to be aerosolized. This increases the risk of disease transmission. In addition, policies issued by governments to provide surgical and therapeutic services to patients in need of urgent care and to postpone other therapies and surgeries when they are not urgent have led to a drop in demand for cryotherapy products.
♦ 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:
In 2020, North America accounted for the largest share of the cryotherapy market owing to the increase in the geriatric population, the surge in R&D investment in the development of cryotherapy devices and devices for various chronic diseases, and supportive government initiatives to increase healthcare spending, which are major factors driving the Driving Cryotherapy Market Growth.
♦ Check out the trend report here –
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