Cryotherapy and Cryosurgery Market Overview:
Skin cancer is detected for approximately 9,500 people in US every day, and globally around 1.3 million people were diagnosed to have prostate cancer in 2018. A large percentage of population is affected with cancerous diseases and conventional medication of chemotherapy and radiation therapy prove to be effective along with diverse range of adverse effects on various body functioning. Cryotherapy offers a revolutionary cold treatment, which is highly effective in removing any kind of tissue or nerve lesion and also helpful in treating cancers such as retinoblastoma, prostate cancer, skin cancer, cervical cancer, and many more through cryosurgery. Unlike the traditional surgery, cryosurgery is a less painful and a minimal invasive method, which is why the recovery time span is shorter and poses lesser threat of spreading infection. Cryotherapy is a favorable option for people with lesser compatibility for conventional medication and surgical treatment thereby influencing the global cryotherapy market and cryosurgery market. According to the report analysis by IndustryARC’s expertise, the cryotherapy market and cryosurgery market collectively stood at $1.95 billion in the year 2018, and the overall demand will experience a noticeable compound annual growth rate (CAGR) of 6.90% through to 2025.
Cryotherapy and Cryosurgery Market Outlook:
Cryotherapy, also known as cold therapy or icepack therapy is appropriate for relieving and relaxing body parts due to muscle sprain, tissue damage, and extensive exercise by giving ice baths to the patient. Liquid nitrogen is directly applied to the targeted areas using cryoprobes for treating primary tumors and cancers; damage to the peripheral tissues is limited with close monitoring by MRI and ultrasounds during the cryogenic chamber therapy. A new statistic released by American Cancer Society probes an estimation of 1,762,450 new cancer cases to be diagnosed in the US for the year 2019. High rates of skin diseases such as skin tags, moles, solar keratoses and increasing cancer threat is boosting the demand for the cryotherapy and cryosurgery market. As per the aforementioned report North America is one of the largest market for cryosurgery and cryotherapy with a regional share of 34% in the year 2018. The ice pack therapy is maneuvering huge market demand with an evaluated CAGR of 5.80% during the period of 2019-2025.
Cryotherapy and Cryosurgery Market Growth Drivers:
One of the major growth factors of the cryotherapy and cryosurgery market is the minimal post-surgery risk to untargeted body parts as well as less wounds and pain as compared to open surgery and other medical treatments. Being suitable for treating patients having side effects from other medical treatment procedures, cryosurgery is widely accepted for its potential benefits in curing many ailments by immersing the body in liquid nitrogen in a cryo chambers or cryosaunas. The advent of vacuum flask for effectively storing liquid nitrogen has boosted the cryosurgery and cryotherapy applications. Moreover the technological advances and medical research conducted for examining the feasibility of cryotherapy and cryosurgery in treating other diseases will uplift the global market demand in the foreseeable futures.
Cryotherapy and Cryosurgery Market Challenges:
The usage of low temperatures during cryotherapy sessions might lead to numbness of adjacent tissue, bones, or muscle due to uncontrolled freezing. Scientific evidence is not yet available for the long-term advantage of cryosurgery in treating early-stage cancers. Moreover, longer exposure to the freezing liquid nitrogen can be lethal, which is why medical experts have refrained from using it on children, high blood pressure patients and, pregnant women. Albeit the market challenges owing to the above disadvantages, incessant medical researches and technological advances in this field holds a sustainable and unprecedented future market revenue and demand.
Cryotherapy and Cryosurgery Market Key Players:
The major key player in the cryotherapy and cryosurgery market includes Galil Medical Inc., HealthTronics, Inc., KryoLife Inc, Medtronic, GRAND Cryo LLC, Erbe USA, Incorporated, Wallach Surgical Devices, MedGyn Products, Inc., and others.
Galil Medical Inc. is an American biotechnology company which provides cryotherapy solutions using one of its latest Visual-ICE cryoablation system. This machine via a HD touch screen user interface controls the circulation of the gases and uses i-Thaw needles for effectively cooling the required tissue.
Cryotherapy and Cryosurgery Market Trends:
· Innovative Cryopen Treatment
Cryopen is an innovative and leading cryosurgical equipment owing to its handy design and reduced health risks. Preferred by physicians, dermatologists, gynecologist, and many other medical experts, cryopen is an alternative to cryogenic liquid gas for freezing temperatures. It significantly enhances the treatment procedure for skin lesions through minimally invasive technique resultantly leaving negligible scars on the body.
· XR Cryotherapy Chamber
The global market is disrupted by a dynamic biomedical innovation set forth by Cryo Innovations as a new age advanced cryotherapy chamber: the XR cryotherapy chamber. It incorporates thermal imaging, biometric, and cryotherapy in one single chamber. With a clearer picture of the exact temperature scale throughout the body, this machine also ensures safer optimization during cryotherapy sessions.
Cryotherapy and Cryosurgery Market Research Scopes:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the cryotherapy and cryosurgery market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of cryotherapy and cryosurgery in cryotherapy and cryosurgery market, and their specific applications in different areas.
Cryotherapy and Cryosurgery Market Industry Coverage:
The cryotherapy and cryosurgery market is segmented by type, technique, device, and application. On the basis of type this market is divided into cryosurgery, ice pack therapy, cryogenic chamber therapy, and many others. Categorization based on technique includes spray, forceps, cryo probe, and others. This market is bifurcated into cryogun, probes, cryogen, and others on the basis of device. By application, bifurcation includes cancer therapy, skin disease, and so on.
The cryotherapy and cryosurgery market also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia