Health & Safety Industry Today
Cryotherapy and Cryosurgery Market 2018 Estimated to Experience a Hike in Healthcare Sector with CAGR of 6.9% by 2023
Global Cryotherapy and Cryosurgery Market had valued at USD 2.65 billion in 2015, and it will grow up to USD 4.29 billion by 2023; posting a CAGR of 6.9% during the review period (2018 – 2023).
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 can be treated with Cryotherapy. Over the last decade, the prevalence of Cancer is growing at an alarming rate and so are increasing the cases of drug reaction, drug resistance or non-responsiveness. Therefore, the Cryotherapy and Cryosurgery market is pervasively rising on the global platform.
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Cryotherapy and Cryosurgery, also known as cryoablation or targeted cryoablation therapy, is a minimally invasive treatment that uses extreme cold/low temperatures 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.
Cryosurgery is used to destroy or remove diseased tissues such as to remove skin tags warts, moles, etc. Also, Cryotherapy is very useful in treating skin problems, heart diseases, injuries, improving immunity, managing the blood pressure, etc. It is also widely used for treating sport-related injuries. Hence, growing number of sports injuries along with the prevalent skin diseases are commutatively supporting the market growth.
Ever-increasing population, along with the growing urbanization is dictating the demand for the effective healthcare more than ever. Simultaneously, improving economic conditions are acting as a growth propellant, meeting the demand by proliferating the number of healthcare facilities. Substantial investments made in the field of development of medicines and supporting devices have brought up novelties in the therapy, widening its uptake which further leads to increasing the market size of Cryotherapy and Cryosurgery worldwide.
However, there are some technical incompetency challenges which are hindering the market growth. For instance; in the use of cryoablation, achieving the total cryoablation is critical when the target tissue occurs with an irregular shape. In the cases as such, the physician has to reposition the probes and repeat the freeze-thaw cycles. Another potential issue is skill-related.
The therapist should be well-experienced and sufficiently trained to ensure that the ice ball used in the procedure is large enough and has reached the target temperatures needed for thorough ablation of the diseased tissue. Also, various side effects, regulatory issues, and the high cost are acting as major restraints to the market growth.
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Nevertheless, increasing awareness towards the availability of this treatment along with the consciousness about skin and related diseases are expected to drive the growth of this market. Furthermore, the untapped opportunities in the developing economies, such as China and India, along with the increasing number of cancer treatments are projected to propel the market growth.
Some of the leaders driving the Global Cryotherapy & Cryosurgery Market include Galil Medical Inc. (US), Impact Cryotherapy (US), HealthTronics, Inc.(US), Medtronic (Republic of Ireland), KryoLife Inc. (US), Grand Cryo LLC (Russia), etc.
Cryotherapy & Cryosurgery Market – Geographical Analysis
Globally, North America region is expected to lead the Cryotherapy and Cryosurgery market accounting for a significant market share. Factors substantiating the market growth of this region include growing demand for the minimally invasive procedures, supported by the growing number of patients suffering from the chronic diseases such as Cancer.
Whereas, the world’s second-largest market for Cryotherapy and Cryosurgery - Europe is expected to demonstrate a healthy growth during the review period. Factors such as the well-proliferated healthcare sector, witnessing the growing number of advanced treatment facilities fuelled by the growing demand for better healthcare infrastructure and increasing healthcare expenditures are driving the growth in the Europe market.
The Asia-Pacific market is emerging as a lucrative market for Cryotherapy and Cryosurgery owing to the rising number of patients suffering from Cancer along with the other chronic diseases and the growing population that is increasingly adopting the sedentary lifestyle. Increasing funding support from the private and public bodies are paying off well, increasing R&D activities, and eventually are supporting the market growth in the region.
Cryotherapy & Cryosurgery Market – Segmentations
The report - The Cryotherapy and Cryosurgery market is segmented into four key dynamics, for the convenience of the report and enhanced understanding:-
By Types: Comprises Instant Ice Pack Therapy, Ice Pack Therapy, Whole Body Cryotherapy, Internal Cryotherapy and Partial Body Cryotherapy, among others.
By Device Types: Cryo Chambers, Cryogun, Gas Cylinders, Cryosaunas, Cryo Probes, and Thermocouple Devices, among others.
By Applications: Oncology, Dermatology, Pain Management, Cardiology and Trigeminal Neuralgia, among others.
By Regions: North America, Europe, APAC and Rest-of-the-World (RoW).
June 25, 2018 – The Interventional radiology center at the Emory University School of Medicine (US) announced that the Cryotherapy procedures that they are performing are working best to reduce weight by temporarily freezing the hunger nerve. The cryoablation probe has been done on 20 patients so far, and 99.5% of them have reported the decreased appetite.
Cryotherapy & Cryosurgery Market – Competitive Landscape
The Market appeared highly competitive and diversified with the presence of giant manufacturers of the device, playing on the global level. These players are heavily investing in R&D, global expansion, advanced technologies and product Launch to gain the competitive edge in the market. Manufacturers of supporting devices are striving to develop devices and procedures that are easy to use and can increase the effectiveness of cryoablation.
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