Cryotherapy and Cryosurgery market is growing moderately. Cryotherapy, this medical practice has been used since ages. Cryotherapy and Cryosurgery both these medical process are carried on using low temperature. Cryotherapy treatment uses extreme cold temperature. Cryosurgery is a part of Cryotherapy that used to destroy or remove disease tissues. It is used to cure some types of cancer and to remove skin tags warts, moles etc. Cryotherapy is very useful in treating skin problems, heart diseases, injuries, improving immunity, increasing blood pressure etc. Cryotherapy is also widely used for treating sport related injuries.
According to a recent study report published by the Market Research Future, The global market of Cryotherapy & Cryosurgeryis projected to grow at a rapid pace during the forecast period (2015 – 2022). Cryotherapy and Cryosurgery market is expected to grow at the average CAGR of 6.9% which has started since 2015 and is expected to continue till 2023, thus growth period of this market can be stated as from 2015-2022. The worth of this market is expected to grow to US$ 4.29 billion by 2023; previously the worth of this market was US$ 2.65 billion in 2015.
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Continuous innovation and technological advancement are leading the growth of Cryotherapy & Cryosurgerymarket. Increasing awareness and consciousness about skin and related diseases are also driving the growth of this market along with increasing number of cancer treatments. Furthermore, in addition to the presence of untapped opportunities in the developing economies, such as China and India, the increasing investment in the healthcare sector is projected to propel the growth of this sector. However, several side effects, regulatory issues and high cost are major restraints of this market.
Cryotherapy & Cryosurgery Global Market – Competitive Analysis
The Cryotherapy & Cryosurgerymarket appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position.
Ice Pack Therapy segment by type is projected to account for the largest market share of 28% , Instant Ice Pack Therapy is anticipated to garner 23% of market share, Whole Body Cryotherapy will evaluate for 16% of Market share, Partial Body Cryotherapy will pull around 21% market share , whereas, Internal Cryotherapy segment will account 12% of Market Share.
Cryotherapy & Cryosurgery Global Market – Synopsis
Cryotherapy, also called Cryosurgery, cryoablation or targeted cryoablation therapy, is a minimally invasive treatment that uses extreme cold to freeze and destroy diseased tissue, including cancer cells. Although Cryotherapy and cryoablation can be used interchangeably, the term “Cryosurgery” is reserved best for Cryotherapy performed using an open, surgical approach.
There are challenges in the use of cryoablation. One is achieving total cryoablation when the target tissue has an irregular shape. In such cases, the physician may have to reposition the probes and run through the freeze-thaw cycles again. Another potential problem is skill-related: the physician must be well-trained and sufficiently experienced in the procedure to ensure that the ice ball is large enough and has reached the target temperatures needed for thorough ablation of the diseased tissue. Manufacturers are working to develop devices and procedures to increase ease of use and effectiveness of cryoablation.
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Cryotherapy & Cryosurgery Global Market – Regional Analysis
Considering the global scenario of the market, North America region is believed to be the largest market for Cryotherapy and Cryosurgery. Moreover the European market is also growing and is the second largest market for Cryotherapy and Cryosurgery. On the other hand, Asia-Pacific market for the same is expected to grow at significant rate during the forecasted period. Rest of the world is likely to have a limited but steady growth in the market.
Key Players for Cryotherapy and cryosurgery Market:
- Cryotherapy (US)
- Galil Medical Inc. (US)
- HealthTronics, Inc.(US)
- KryoLife Inc (US)
- Medtronic (Republic of Ireland)
- GRAND Cryo LLC (Russia)
- Erbe USA
- Wallach Surgical Devices (US)
- MedGyn Products, Inc. (US)
Considering the global scenario of the market, North America region is believed to be the largest market for cryotherapy and cryosurgery. Moreover the European market is also growing and is the second largest market for Cryotherapy and cryosurgery. On the other hand, Asia-Pacific market for the same is expected to grow at significant rate during the forecasted period. Rest of the world is likely to have a limited but steady growth in the market.
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