Global Cryotherapy Market is Projected to Record a Robust CAGR of 3.5% by 2024
According to a study conducted by Persistence Market Research (PMR), the global market for cryotherapy is set to witness a CAGR of 6.5% during the forecast period 2016-2024. According to the study, North America will continue to be the leading market for cryotherapy globally during the forecast period.
Suppliers are emphasizing on ensuring affordable and adequate supply of gas in order to provide smoother maintenance services to clients, while steadily increasing the range of non-gas equipment.Higher investments in training programs on cryosurgical approach are anticipated to broaden the pool of skilled resources/surgeons.
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While growing popularity of minimally invasive procedures is propelling the demand for cryosurgery equipment, lack of information on treatment option and complex regulatory nature of cryosurgery equipment is likely to curb the overall market growth.
On the other side, higher success ratio of cryotherapy and availability of affordable treatment is expected to drive the growth of the global cryotherapy market over the forecast period. In addition, robust adoption the by sports and athletes associations and favorable reimbursement policies are influencing the overall market to expand at a pronounced rate.
Likewise, increasing strategic partnerships between healthcare associations and sports bodies is identified as a major trend governing the market. Moreover, factors such as fragmented nature of the market and presence of a handful of established player and many local vendors are expected to play a major role in shaping the market in the near future.
Based on products type, demand for cryochambers will remain strong during the assessment period, surging at a compound annual growth rate of nearly 7% over 2024. Expansion of production capacity would render the segment achieve market exclusivity.
Based on application, in 2016, the oncology segment was estimated to account for nearly 80% share of the market in terms of value. The segment is expected to witness a steady growth during the forecast period. Whereas, dermatology is expected to be the fastest growing segment, reflecting a CAGR of over 7% with an incremental opportunity of US$ 76.1 Million between 2016 and 2024.
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By end user, hospitals are projected to be the fastest growing segment of the market. In addition, the segment is set to ride on a CAGR on 6.8% to reach US$ 2,479.3 Million by the end of 2024.
North America holds the lion’s share of global cryotherapy market partly due to the robust adoption of cryotherapy in healthcare, cosmetic, and wellness industry in the region. Europe is the second largest market for cryotherapy. In addition, the region is expected to rake in over US$ 1,001 Million in revenue by the end of the assessment period, with the UK, Germany and France being the top three attractive markets.
Whereas, APAC sits in the third position and is expected to contest for a higher position in the global market owing to the incessant installation of cryochambers and cryosurgical equipment in countries such as Japan, China, and Australia.
Key players functioning in the global market for cryotherapy include Zimmer MedizinSysteme GmbH, Erbe Elektromedizin GmbH, Impact Cryotherapy Inc., KrioSystem Sp. z.o.o ., The Cooper Companies Inc., Metrum Cryoflex Sp. z o.o., Sp. K., Novotech S.R.O, Air Products and Chemicals, Inc. etc. Most suppliers of cryosurgery equipment and cryochambers are focusing on improving their services in order to meet the rising consumer expectation worldwide.
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