Cryotherapy is the application of extremely cold, used in minimally invasive procedure to reduce pain and destroy tumor. It is useful in treating conditions and problems such as skin problems, heart diseases, injuries, improving immunity, and increasing blood pressure. The global cryotherapy market is growing at significant rate, due to escalating occurrence of cardiovascular diseases and cancer and mounting acceptance of minimally invasive procedure.
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The cryotherapy market is subdivided by product into localized devices, cryosurgery devices and cryochambers & cryosaunas. Cryosurgery devices account the largest share and is expected to grow at the fastest rate in the market due to mounting acceptance for minimally invasive procedures and technological improvement in cryosurgery devices.
The mounting need for minimally invasive procedures, escalating occurrence of skin disorders, technological innovation in equipment, and mounting popularity in beauty, fitness and wellness industries are the primary growth drivers for cryotherapy market.
Geographically, North America is the largest cryotherapy market as in the region the prevalence of cardiovascular diseases and cancer are mounting.
Asia-Pacific is observed to witness fastest growth in the market, as the region comprises of large population base and mounting acceptance of minimally invasive procedure. In addition, escalating occurrence of cardiovascular diseases and cancer, speedy growth in geriatric population, boosting medical tourism, mounting healthcare expenditure and refining healthcare infrastructure are also creating a positive impact on the cryotherapy industry growth in the region.
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Key players in the cryotherapy industry are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In October 2015, Galil Medical, launched IcePearl 2.1 CX Cryoablation Needle and IceFORCE 2.1 CX Cryoablation Needle into its cryoablation family.
Medtronic PLC, ERBE Elektromedizin GmbH, Impact Cryotherapy, Cryoconcepts LP, Zimmer Medizinsysteme GmbH, Kriosystem Life, Metrum Cryoflex, Brymill Cryogenic Systems, US Cryotherapy, Galil Medical, and Coopersurgical, are the key players offering cryo products.
Source: VynZ Research