The global Cryotherapy Market size is expected to reach USD 8.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.3% from 2021 to 2028. The introduction of advanced cryotherapy devices, increasing R&D investments, and the growing prevalence of chronic conditions such as cancer and arthritis are expected to propel market growth.
Approval and introduction of technologically advanced
cryotherapy devices by key players operating in the space are anticipated to
significantly support market growth during the forecast period. For instance,
in June 2020, Beaver Visitec International (BVI), a U.S.-based ophthalmic
devices manufacturer, launched its new CryoTreq, a handheld cryo-surgery
device in the European market. This newly launched device is approved for the
treatment of retinal tears and detachments. Similarly, in April 2019, Channel
Medsystems, Inc., received the FDA approval for its Cerene Cryotherapy Device
intended for the treatment of heavy menstrual bleeding. This newly approved
device delivers cold therapy to freeze the lining of the uterus to
significantly diminish future menstrual bleeding.
Furthermore, the high prevalence of various chronic
conditions such as cancer, arthritis, pain, among others, and increasing
awareness about the usage of cold therapy for their treatment has further
fueled the market growth. As per the Globocan estimates, in 2020, around
19,292,789 new cases of cancer were diagnosed, globally. Also, as per the CDC
estimates, in 2020, around 63.0 million adults were suffering from arthritis in
the U.S. This number is expected to reach around 78.0 million by 2045.
Related Press Release@ Cryotherapy Market Report
Cryotherapy Market Report
Highlights
- By therapy type, the cryosurgery segment held the largest market
share in 2020. This high share can be attributed to its high demand for
the treatment of abnormal tumors
- The cryogun segment held the largest revenue share in 2020 attributed
to the high usage of these devices in the treatment of various oncology
and dermatological procedures
- Based on application, the oncology segment dominated the overall
market in 2020 owing to the rising prevalence of cancer and growing
awareness about cryotherapy-based treatment approaches
- High cost of cryotherapy devices and procedures is likely to limit
its adoption in underdeveloped economies, thus impeding market growth
- North America held the largest revenue share in 2020 due to the
high adoption of advanced devices, favorable reimbursement scenarios, and
local presence of leading players
- In Asia Pacific, the market is expected to witness significant
growth during the forecast period. This high growth can be attributed to
the presence of a huge target population and increasing initiatives by
dominant players to facilitate access to novel products
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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