New York, July 19, 2019 – According to the statistics provided by the National Cancer Institute, nearly 1,735,350 cases of cancer was diagnosed in 2018. Apart from cancer, numerous other incidence of chronic diseases is growing that require better and advanced treatment and therapy. One such therapy is cryotherapy and its demand has grown significantly across the globe in the past recent years. Rising incidence of cardiac arrest and cancer has boosted demand for cryotherapy. Moreover, increasing demand for minimally invasive procedures has also given a push to the growth of cryotherapy.
Players offering cryotherapy focused on advanced product designing and development. Leading players are more into strengthening their position in the market and to establish themselves for long-term. Product development and enhancement, and adoption of organic and inorganic business development strategies are few other strategies used by the players at an extensive rate. For example, Galil Medical introduced its latest cryoablation products, IceFORCE 2.1 CX Cryoablation Needle and IcePearl 2.1 CX Cryoablation Needle. Currently, Erbe Elektromedizin GmbH, Zimmer MedizinSysteme GmbH, KrioSystem Sp. z.o.o ., Impact Cryotherapy Inc., Metrum Cryoflex Sp. z o.o., and The Cooper Companies Inc. are some of the leading players in the global cryotherapy market. Additionally, there are numerous small and large manufacturers, providing products for cryosurgery and other cold therapies. This factor will in turn increasing the competition among players.
With increasing incidence of chronic diseases and initiatives taken by players, the global cryotherapy market is expected to witness high growth in the forthcoming years. According to Persistence Market Research, the global cryotherapy market is expected to generate nearly US$ 4 Bn by the end of 2024.
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Rising Incidence of Cancer to Boost Growth in the Cryotherapy Market
The data reveled by the World Health Organization, cancer is considered the leading causes of mortality across the globe. In 2012, globally nearly 8.2 million death took place due to cancer and around 14 million new cases were reported. Other reports state that in the coming year, cancer cases are likely to increase by nearly 70% in the coming next two decades. Thus, with increasing incidence of cancer and increasing demand for oncology, the demand for cryotherapy is expected to significantly to treat cancer. Moreover, highest revenue is generated in the cryotherapy market due to its growing use in treating cancer. Cryogenic gases are used to treat various types of cancer such as cervical, prostate, lung, and skin.
North America to Hold Dominant Share in the Global Cryotherapy Market
With respect to regional growth, North America is expected to lead the global cryotherapy market due to advanced healthcare infrastructure. Presence of well-established and technological advanced healthcare infrastructure coupled with high healthcare expenditure has made North America a leading region in the global cryotherapy market. Moreover, high availability of advanced products such as cryoguns, cryo probes, and other devices are projected to drive the demand for cryotherapy in North America. On the other hand, Asia Pacific is also expected to contribute significantly in the expanding cryotherapy market in the coming years due to the rapidly developing healthcare infrastructure and high patient cognizance of cryosurgery in skin treatments and cancer are the key reasons behind the growth of Asia Pacific cryotherapy market.
The study presented here is based on a report by Persistence Market Research (PMR) titled “ Cryotherapy Market (Product – Cryochambers, Local Cryotherapy Devcies, and Cryosurgery Equipment; End User – Fitness Center and Beauty Spa, Cryotherapy Centers, Hospitals, and Specialty Clinics; Application – Oncology, Cardiology, Dermatology, and Pain management) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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The global cryotherapy market:
- North America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa