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.

PORTLAND, OREGON, UNITED STATES, August 9, 2022 /EINPresswire.com/ -- 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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Covid-19 Scenario:

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.

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.

Cryotherapy is widely used for treatment of health conditions such as pain, malignant & benign tumors, tissue damages or lesions, and sports injuries. It is a pain treatment that uses a method of localized freezing temperatures to treat localized areas of some cancers (called cryosurgery), e.g., prostate cancer and to treat abnormal skin cells by dermatologists. In cryotherapy, a probe is inserted into the tissue next to the affected nerve to freeze the nerve. Freezing inactivates the nerve and, as a result, painful nerve irritation is relieved. Cryotherapy is a relatively safe and effective means of treating localized nerve irritation.

Rise in the incidences of cancers and sport injuries, increase in demand for minimally invasive therapies, and technological advancements in cryotherapy equipment are the major drivers that boost the market growth in upcoming years. Furthermore, increase in popularity of cryotherapy in wellness, beauty, and fitness centers is the major factor that propels growth of the cryotherapy market. In addition, rise in focus on expanding cryotherapy applications is expected to provide beneficial opportunities for the cryotherapy market during the forecast period. However, use of hazardous cryogenic gases in various cryotherapies, lack of awareness about benefits of cryotherapy, and strict rules & regulations associated with product approval are major factors that hinder the market growth.

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Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. Lockdown, government regulations, and continuous increase in infection rate across the country created a widespread financial impact on neurology hospitals and clinics. Large number of hospitals and clinics have witnessed a drop in number of patient visits amid COVID-19 ultimately reducing client contact.

The overall impact of COVID-19 remains negative on cryotherapy market, as decline in number cryotherapies. This therapy requires the routine use of reusable therapy equipment for treatment which can be infected with SARS COV-2 virus. Furthermore, dermatologist often use cryotherapy on high-risk area such as like nasal, perioral This increases the risk of disease transmission where coronavirus particle is more likely to be aerosolized. This increases the risk of disease transmission. In addition, guidelines issued by governments to provide surgery and therapy services to patients who require urgent attention and postpone other therapies and surgeries if not urgent has led to decline in demand for cryotherapy products.

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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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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Allied Analytics LLP
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