The cryotherapy market is projected to reach USD 319 million by 2024 from USD 206 million in 2019, at a CAGR of 9.1%. The increasing demand for minimally invasive procedures; rising incidence of sports injuries, cardiac conditions, and cancers; technological advancements in cryotherapy equipment are important factors driving the growth of this market.
The major players in the cryotherapy analysis market include Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US), Impact Cryotherapy (US), Zimmer MedizinSysteme (Germany), Metrum Cryoflex (Poland), Brymill Cryogenic Systems (UK), Erbe Elektromedizin (Germany), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland). The analysis of market developments between 2016 and 2019 showed that market players adopted strategies such as product launches & deployments, product approvals, partnerships, collaborations, acquisitions, and other developments to strengthen their product portfolios and maintain a competitive position in the cryotherapy market.
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Medtronic (Ireland) held the dominant position in the cryotherapy market in 2018. This can be attributed to its extensive portfolio of cryosurgical equipment for cardiac applications. The firm strives to maintain its leading position by engaging in inorganic and organic growth strategies such as product launches, approvals, partnerships, and collaborations. Medtronic focuses on acquiring regulatory approvals for its products so as to provide safe equipment to its customers. The company also enters into collaborations and agreements to increase the application areas of its cryotherapy instruments. For example, in 2019, Medtronic collaborated with Phillips, Netherlands, to facilitate the provision of an innovative, integrated image guidance solution for cryoablation procedures for the advanced treatment of paroxysmal atrial fibrillation, a common heart rhythm disorder.
Galil Medical (US) held the second-largest share of the cryotherapy market in 2018. The company has a strong geographical footprint across North and South America, Europe, the Middle East, and the Asia Pacific. The company provides an elaborate portfolio of cryoablation systems and accessories for various types of surgeries. Its cryoablation systems mainly cater to the treatment of solid tumor cancers of the kidney, lung, bone, liver, and prostate. The firm focuses on organic growth strategies, such as launching new cryoablation instruments to gain a greater share of the market. For instance, in 2018, Galil medical launched a new ICEfx Cryoablation system.
CooperSurgical (US) held the third-largest share of the cryotherapy market in 2018. CooperSurgical operates as a subsidiary of Cooper Companies, US, and specializes in healthcare for women. The company provides an in-office cryoablation system for cervical treatments, which has been deployed in a large number of clinics tending to women’s health. The company has a strong presence in North America and Europe.
Cryotherapy Market by Product (Cryosurgery Devices, Localized Cryotherapy Devices, Cryosaunas), Application (Surgical Application, Pain Management, Health & Beauty), End User (Hospitals & Specialty Clinics, Spas) - Global Forecast to 2024
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