by The global Cryotherapy Market is estimated to be valued at USD 246.8 Mn in 2021 and is expected to exhibit a CAGR of 9.0% over the forecast period (2021-2028), as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Cryotherapy is a non-invasive therapy that uses extreme cold temperatures to treat various medical conditions. It involves exposing the body or specific body parts to freezing temperatures for a short period of time. This therapy is gaining popularity due to its numerous benefits, such as pain relief, reducing inflammation, improving athletic performance, boosting metabolism, and promoting overall well-being. The growing demand for non-invasive therapies, particularly in the sports and healthcare sectors, is driving the market growth. Cryotherapy devices and chambers are widely used in clinics, spas, and wellness centers to provide cryogenic treatments to individuals.
- B) Market Key Trends:
One key trend in the cryotherapy market is the increasing adoption of whole-body cryotherapy treatments. Whole-body cryotherapy involves exposing the entire body to freezing temperatures ranging from -110°C to -140°C for a short duration, typically 2-3 minutes. This treatment is gaining popularity among athletes and fitness enthusiasts as it helps in reducing muscle soreness, improving recovery time, and enhancing performance. Additionally, the rising trend of cryotherapy among individuals seeking anti-aging and beauty treatments is also contributing to the market growth. Cryotherapy facials and localized cryotherapy are becoming popular in the beauty industry due to their skin rejuvenating and tightening effects.
- C) Porter’s Analysis:
Threat of new entrants: The threat of new entrants in the cryotherapy market is low to moderate. The market is highly competitive, with established players already dominating the industry. The high cost of setting up cryotherapy facilities and the need for advanced technologies act as barriers to entry for new players.
Bargaining power of buyers: The bargaining power of buyers in the Cryotherapy Market is moderate. Buyers have the option to choose from a variety of cryotherapy devices and services offered by different providers. However, the unique benefits of cryotherapy and its increasing popularity give some advantage to the suppliers.
Bargaining power of suppliers: The bargaining power of suppliers in the cryotherapy market is moderate. The market is characterized by the presence of several suppliers offering cryotherapy devices, equipment, and services. However, the demand for high-quality cryotherapy products and services gives suppliers some leverage.
Threat of new substitutes: The threat of new substitutes in the cryotherapy market is low. Cryotherapy offers unique benefits that are not easily replicated by alternative therapies. Its non-invasive nature and effectiveness in pain relief and improving overall well-being make it a preferred choice among individuals.
Competitive rivalry: The competitive rivalry in the cryotherapy market is high. Key players in the market are continuously focusing on product innovation, strategic partnerships, and geographical expansion to gain a competitive edge. The market is characterized by intense competition among global and regional players.
- D) Key Takeaways:
– The global cryotherapy market is expected to witness high growth, exhibiting a CAGR of 9.0% over the forecast period. The increasing demand for non-invasive therapies and the growing adoption of cryotherapy treatments among athletes and fitness enthusiasts are driving the market growth.
– North America is the fastest-growing and dominating region in the cryotherapy market. The region has a significant presence of key market players, advanced healthcare infrastructure, and a high prevalence of sports injuries.
– Key players operating in the global cryotherapy market include Zimmer MedizinSystems, Boston Scientific Corporation, Mectronic Medicale S.r.l., Impact Cryotherapy, CryoAction Limited, Cortex Technology, CooperSurgical Inc., Brymill Cryogenic Systems, Stryker, Cryoalfa, CryoConcepts LP, Medtronic PLC., Metrum Cryoflex, and CryoBuilt, Inc. These companies are focusing on product development, collaborations, and acquisitions to strengthen their market position.
In conclusion, the global cryotherapy market is witnessing high growth due to the rising demand for non-invasive therapies.
