Cryotherapy Market Analysis By Therapy Type (Cryosurgery, Icepack Therapy, Chamber Therapy), By Device Type (Cryoguns, Cryo Probes, Gas Cylinders, Cryo Chambers, Gas Pressure Gauges, Thermocouple Devices), By Application Type (Oncology, Cardiology, Dermatology, Pain Management, Ophthalmology, Gynecology), And Segment Forecasts To 2024
The global cryotherapy market was valued at USD 2.5 billion in 2015 and is expected to reach a value of USD 5.6 billion by 2024. This growth is majorly attributed to the rising demand for minimally invasive procedures and the surging prevalence of skin, retinoblastoma, prostate, and cervical cancer, and others. Minimally invasive cryosurgery provides various advantages over conventional surgery such as less pain, fewer scars and complications, and shorter hospital stay.
Cryosurgery is considered an advantageous option for inoperable patients or patients who are nonresponsive to treatment. Various cancer types including prostate, retinoblastoma, and cervical cancer are remediable with cryotherapy. According to the National Cancer Institute in the U.S., in 2013, over 14.1 million people were suffering from cancer. It is estimated that in 2016, more than 168,000 new cancer cases will be diagnosed in the U.S. Also, in 2013, more than 17,600 men in the U.S. were diagnosed with prostate cancer and it is estimated that this number will progressively grow in the near future. As a result of these cancer cases the market is expected to experience an upsurge.
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.
Further Key Findings from the Study Suggest:
The cryosurgery was the largest grossing segment in 2015 and is expected to maintain its position during the forecast period. The U.S. was a major contributor of this vertical. Innovation in surgical technologies and its rising demand in the developing economies will be a vital factor contributing to the sector growth
The cryogun segment is expected to lead this market in terms of revenue during the forecast period. The growth is attributed to its high use in therapy and product advancement. For instance, TrackerCam is an advanced cryogun device, which is equipped with an in-built camera, enabling physicians view the lesion area with greater clarity to perform accurate cryosurgical procedures
North America held over 35% of the market share of the global cryotherapy vertical in the year 2015. This region is projected to maintain its dominance throughout the forecast period. Well-developed healthcare infrastructure and availability of advanced technology and skilled professionals is anticipated to impel the demand for cryotherapy during the forecast period
The Asia Pacific region is projected to be the fastest growing regional market. Growing healthcare awareness in the fast emerging economies of India and China is mainly propelling the demand for cryotherapy products in the Asia Pacific region
This vertical involves several global as well as local players with some of the major participants being CryoConcepts LP, Brymill Cryogenic Systems, Metrum Cryoflex, CooperSurgical, Inc., CORTEX TECHNOLOGY, Cryoalfa, Erbe Elektromedizin, GmbH, Galil Medical, Inc., Mectronic Medicale, S.r.l, Medtronic, PHYSIOMED ELEKTROMEDIZIN, AG, Sanarus, Special Medical Technology Co., Ltd., Wallach Surgical Devices, and Zimmer MedizinSystems