Global Cryotherapy and Cryosurgery Market - Overview
Cryotherapy, this medical practice has been used since ages. Cryotherapy and cryosurgery both these medical processes are carried on using low temperature. Cryotherapy treatment uses extreme cold temperature. Cryosurgery is a part of cryotherapy that used to destroy or remove disease tissues. It is used to cure some types of cancer and to remove skin tags warts, moles etc. Cryotherapy is very useful in treating skin problems, heart diseases, injuries, improving immunity, increasing blood pressure etc. Cryotherapy is also widely used for treating sport related injuries. Continuous innovation and technological advancement are leading the growth of cryotherapy and cryosurgery market. Increasing awareness and consciousness about skin and related diseases are also driving the growth of this market along with increasing number of cancer treatments. Cryotherapy and cryosurgery market is growing moderately.
According to a recent study report published by the Market Research Future, Cryotherapy and cryosurgery market reached USD 2.65 billion in 2015. The market will acquire USD 4.29 billion by 2023 and a CAGR of 6.9 % in the forecast period by 2027.
Growing numbers of cancer patients and increasing heart diseases are driving the growth for the cryotherapy and cryosurgery treatments. Cryotherapy is widely used in sports industry worldwide to cure injuries and pain management. Medical devices manufacturers are investing money in R&D to develop innovative products for the market. Increasing healthcare facilities and technological advancement are driving the growth for the market of cryotherapy and cryosurgery. However, some factors are prohibiting the growth for the market such as side effects of the treatment, impact cryotherapy cost is high of surgery, high price of medical devices etc.
Global Cryotherapy and cryosurgery Market - Competitive Analysis
In November 2017 Impact Cryotherapy, an industry leader in the US cryotherapy market, recently partnered with Air Liquide UK to further develop cryotherapy technology. The UK cryotherapy market is a significant growth trend and building partnership with Air Liquide UK will help Impact to increase its reach other than the local market.
The market for cryotherapy and cryosurgery is characterised by the presence of several well-established and small players, the global market of cryotherapy and cryosurgery device appears to be highly competitive and fragmented. Major players are increasingly expanding their footprint in the emerging nations, making it putting pressure on the regional players, especially in terms of features such as type, product portfolios, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The Cryotherapy & Cryosurgery market appears to be highly competitive owing to the presence of several large and small key players accounting for a substantial market share. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch to gain competitive advantage in this market and to maintain their market position.
Moreover, in June 2017, Impact Cryotherapy has met the requirements to certify and display the highly respected CE Mark on their entire line of Impact Cryosaunas. These products which designed, manufactured, and distributed from the U.S., will help the company to expand their territories and to delivering and supporting cyrosaunas in worldwide markets.
In August 2014, HealthTronics, Inc. has acquired three mobile lithotripsy service companies, Baltimore Lithotripsy Associates (BLA), American Mobile Advantage and American Mobile Advantage CA (collectively AMA), thereby expanding its fleet of mobilized technology for urological care. The acquisitions stress on the mission to provide exceptional and effective technologies that improve patient care.
Therefore, the growing acquisitions and partnerships to expand their presence in various parts of the globe for their competitive products has spurred the growth of the market.
Market Players
The cryotherapy and cryosurgery market report player are Impact Cryotherapy (US), Galil Medical Inc. (US), HealthTronics, Inc.(US), KryoLife Inc (US), Medtronic (Republic of Ireland), GRAND Cryo LLC (Russia), Erbe USA, Incorporated, Wallach Surgical Devices (US), MedGyn Products, Inc. (US).
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