Cryotherapy and Cryosurgery Market Overview
The Cryotherapy and Cryosurgery market has evolved to an extent. What has incepted merely as a novel treatment for the ablation of cancerous tissue, cryotherapy is now being used in treatments ranging from sports injuries and fibromyalgia to weight reduction programme as well as rejuvenating scene care and facials amongst other disorders.
Additionally, cryotherapy is also used in therapeutic hypothermia to treat an unconscious patient who has spontaneous circulation after suffering a heart attack. Whereas, cryosurgery is used to treat hemorrhoids, warts, skin lesions, and a variety of cancers and tumors, by ablating the affected tissue.
Cryotherapy has proven to be a boon for patients who cannot undergo surgery. As a result, cryotherapy is vastly preferred by clinicians and patients alike. This is acting as a significant tailwind that is pushing up the market on the global platform.
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Considering the potential of the market to expand further during the upcoming years, Market Research Future (MRFR) in its recently published study report asserts that the global cryotherapy and cryosurgery market will accrue over USD 2.65 BN. by 2023, registering a CAGR of 6.9% throughout the forecast period (2018 to 2023).
Additional factors fostering the growth of the market include the demand for the quality healthcare that is growing with the ever-increasing population, and the substantial investments transpired in the R&D for the development of medicines and supporting devices.
Besides, the rising cases of drug reaction, drug resistance or non-responsiveness alongside the rapidly increasing prevalence of cancer are acting as a market growth propellant. Indeed, improving economic conditions, worldwide, account for a key growth driver enabling the quality healthcare, proliferating the number of healthcare facilities.
On the flip side, lack of technical expertise and incompetency challenges along with the high cost of the treatment is expected to obstruct the market growth acting as a major headwind.
Nevertheless, rapidly spreading awareness about the availability of this treatment is expected to support the growth of this market. Furthermore, the untapped opportunities in the developing economies, such as China and India, along with the increasing number of cancer treatments are projected to propel the market growth.
Cryotherapy and Cryosurgery Market – Segmentations
The report has been segmented into four key dynamics;
By Type: Instant Ice Pack Therapy, Ice Pack Therapy, Whole Body Cryotherapy, Partial Body Cryotherapy, and Internal Cryotherapy among others.
By Device Type: Cryo Chambers, Cryogun, Gas Cylinders, Thermocouple Devices, CryoProbes, and Cryosaunas among others.
By Application: Oncology, Dermatology, Pain Management, Cardiology, Trigeminal Neuralgia, and others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
By Type, the subsegment Ice Pack therapy is estimated to account for 28% of the market share, whereas, the subsegment Instant Ice Pack Therapy will gain 23% of the market share.
The subsegment Whole Body Cryotherapy will evaluate for 16% of the market share, and the subsegment Partial Body Cryotherapy will pull approx. 21% market share, whereas, the subsegment Internal Cryotherapy will account for 12% of the market share.
Cryotherapy and Cryosurgery Market – Geographical Analysis
The North American region will retain its dominance over the global cryotherapy and cryosurgery market, holding the largest share of the market. The market will create a larger revenue pocket over the forecast period (2018-2023). Heading with the several product innovations and the augmenting demand for the minimally invasive procedures to treat chronic diseases such as Cancer, the market is expected to evolve rapidly.
The European cryotherapy and cryosurgery market stands the second-largest market, globally. Factors substantiating the market growth include increasing occurrences of cancer and the presence of a well-proliferated healthcare sector equipped with the advanced treatment facilities.
Moreover, factors such as the presence of large players and investments transpired by them into R&D to bring innovation in the therapy and to invent a new cryoablation device act as a tailwind pushing up the growth of the market. Besides, the improving economy in the region fosters the growth of the cryotherapy and cryosurgery market, increasing per capita healthcare expenditures.
The Asia Pacific region is rapidly emerging as a lucrative market for cryotherapy and cryosurgery. Factors boosting the market growth in the region include the large unmet clinical needs and the continuously improving economy that is increasing the access to the quality healthcare. The ever-increasing population that is increasingly inclining towards the sedentary lifestyle alongside the substantial funding support from private and public sectors to increase R&D activities, is supporting the market growth of the regional market.
Cryotherapy and Cryosurgery Market – Competitive Analysis
The highly competitive, cryotherapy & cryosurgery market appears to be fragmented due to the presence of several active players accounting for the substantial share in the market. The key strategies traced from the analysis of recent developments of the key players include agreement & partnership, product launch, acquisition, and expansion. Matured players strive to develop a comprehensive range of safe and reliable solutions portfolio, utilizing breakthrough technologies.
Cryotherapy and Cryosurgery Market Key Players:
Some of the players leading the market and profiled in the analysis are Galil Medical Inc. (US), HealthTronics, Inc. (US), Impact Cryotherapy (US), Grand Cryo LLC (Russia), Medtronic (Republic of Ireland), KryoLife Inc. (US), MedGyn Products, Inc. (US), and Incorporated, Erbe USA, Wallach Surgical Devices (US).
Industry/Innovation/Related News:
June 02, 2018 – PENTAX Medical Company (US), a leading global player in diagnostic and therapeutic endoscopy, featured the next-generation endoscopic cryoablation device at Digestive Disease Week (DDW) held during June 2–5.
Just on the previous day, June 01, PENTAX had launched its latest C2 CryoBalloon™ Ablation System for the treatment of Barrett’s esophagus, a condition in which the lining of the esophagus develops abnormal lesions primarily as a result of chronic gastroesophageal reflux disease (GERD). C2 CryoBalloon is developed by C2 Therapeutics, PENTAX had acquired last year, and now, is operating under the name – PENTAX Medical.
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