The global Cryotherapy Market size is expected to reach USD 11.99 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 7.2% from 2022 to 2030. This growth is due to a rise in demand for cryotherapy in fitness, beauty & wellness, increased prevalence of chronic diseases, and the high demand for minimally invasive procedures. A rise in the demand for minimally invasive procedures for the treatment of chronic diseases is also among the primary factors driving the market growth. Cryosurgery is a minimally invasive procedure. It has various advantages over conventional surgeries, including lesser pain, rapid wound healing, minimal surgical wounds, shorter hospital stays, and lower risk of complications.
Cardio Clinic at Asklepios St. Georg, one of the top
heart centers in Germany, claims to perform around 300 cardiac cryoablation
procedures every year. In fitness, beauty, and wellness treatments, there is a
high demand for cryotherapy. Due to the high incidence of sports injuries,
several sports clubs and sports teams are using cryo chambers for quicker
recovery of injuries. For instance, the German rowing team, Wales Rugby Team,
and the Chinese Olympic team have their own cryo chambers. All these factors
are anticipated to boost market growth over the coming years. The COVID-19
pandemic adversely affected the market. Amid the pandemic, owing to stringent
government regulations and lockdown to control the pandemic, a slowdown in the
demand for cryotherapy was observed in the initial phase of the pandemic.
However, the market regained its pace by the end of
2020 in most countries. Companies are adopting strategies, such as new product
development and partnerships. For instance, in August 2020, Cryoport, Inc.
acquired CRYOPDP in an all-cash transaction of approximately USD 56.0 million.
CRYOPDP-a French pioneer company-provides temperature-controlled logistics
solutions for cell & gene therapy and clinical research communities. In
October 2021, CARE Innovative Solutions announced the launch of the Slynarski
Knee Clinic. It is the first clinic in Poland to provide computer-controlled
cryotherapy solutions for knee-associated treatments.
Related Press Release@ Cryotherapy Market Report
Cryotherapy
Market Report Highlights
- The cryosurgery segment held the largest revenue share in 2021 due
to a rise in demand for surgical procedures
- Cryochamber is expected to grow at a significant CAGR over the
forecast period, due to its high adoption by beauty clinics & fitness
centers
- Cold storage held the largest revenue share in 2021due to the high
demand for pharmaceutical cold chain logistics
- In addition, various applications of cold storage in healthcare,
such as bone marrow transplantation, in vitro fertilization, and cord
blood banking, are another factor contributing to its largest share
- North America is projected to be the dominant region due to high
disposable income, well-established healthcare infrastructure, and high
per capita healthcare expenditure
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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