Cryotherapy Market Size, Share, Growth Analysis, By Type(Pain management, oncology), By Application(Hospitals and clinics, cryotherapy centers) - Industry Forecast 2024-2031

Cryotheraphy market size was valued at USD 269.01 million in 2022 and is poised to grow from USD 293.22 million in 2023 to USD 584.26 million in 2031, at a CAGR of 9.0% during the forecast period (2024-2031).

The cryotherapy market is competitive, with several major players for market share. These companies are constantly developing and launching new products, in an effort to capture a larger share of the market. 'Zimmer MedizinSysteme GmbH', 'Impact Cryotherapy', 'CryoConcepts LP', 'Cryomed s.r.o.', 'MECOTEC GmbH', 'METRUM CRYOFLEX Sp. z o.o.', 'Kriosystem Life Sp. z o.o.', 'CryoBuilt Technologies', 'Cryo Science', 'Juka Cryosauna', 'Titan Cryo', 'Cryosense', 'Cryonic Medical', 'Cryomachines Inc.', 'CRYO Science Deutschland GmbH', 'Kriomed Health Solutions', 'Cryo-X', 'Cryosthetics GmbH', 'Cryoaction Limited', 'Kriosan Sp. z o.o.', 'In February 2024, Vessi Medical, a company specializing in cryotherapy technology for treating non-muscle-invasive bladder cancer (NMIBC), revealed the completion of a $16.5 million Series A funding round. The company provides a cryo spray designed for hollow and moist organs, presenting a novel treatment method for NMIBC, a type of cancer affecting the surface of the bladder's inner lining. ', 'In November 2023, Hyperice, a renowned wellness brand focused on high performance, revealed a partnership with Pause Studio, a prominent wellness recovery brand. This collaboration intends to introduce Hyperice's award-winning technology to Pause clients across their nationwide network of studios. The goal is to elevate the Pause experience by integrating advanced technology to optimize performance and recovery benefits for clients. ', 'In October 2023, HydroMassage, a company renowned for its innovative wellness products such as HydroMassage, CryoLounge+, and RelaxSpace, revealed a corporate rebranding initiative under the new name, WellnessSpace Brands. With over three decades of experience, WellnessSpace Brands has been dedicated to assisting businesses in establishing wellness spaces that offer convenient, technology-driven solutions for comprehensive body wellness to people worldwide.'

Cryotherapy has become an important treatment option. There are a variety of reasons why cryotherapy equipment has become more new over the years. This includes the various technological innovations and advancements in the field. Development was observed in various equipment, including the cryosurgery units and accessories. Cryotherapy, cryosauna use, and other beauty and wellness therapies are helpful for treating inflammation, rheumatoid arthritis, and pain management, as well as general wellness, have also undergone developmental increase.

Cryotherapy is used to treat several types of cancers, as well as some pre cancerous or noncancerous conditions. Cryosurgery is an effective treatment for a variety of cancerous tumors, including prostate and liver tumors, as well as early-stage skin cancers (both basal cell and squamous cell carcinomas), precancerous skin growths known as actinic keratosis, and precancerous conditions of the cervix known as cervical intraepithelial neoplasia. The oncology market is expected to grow at the highest rate during the forecast period, due to the high incidence of cancer and growing awareness about various cryotherapy approaches.

North America dominated the market in 2021 and accounted for the largest share of 10.00% of the overall revenue primarily due to the high disposable income levels, The healthcare infrastructure is well-established and the country spends a high per capita amount on healthcare. This region has a high number of cryotherapy centers. According to a study, North America is home to around 69% of the world's cryotherapy centers. This new development is expected to lead to increased market growth in the near future. Asia Pacific is forecast to be the fastest-growing regional market during the forecast period.