Cryotherapy Devices Market Expected To Reach US$ 7.1 Bn By 2026
The latest market report published by Brisk Insights “Cryotherapy Devices Market - Growth, Future Prospects, Competitive Analysis, 2018 - 2026,” the global cryotherapy devices market was valued at US$ 3,126.2 Mn in 2017 and expected to reach US$ 7,089.2 Mn by 2026, expanding at a CAGR of 9.4% from 2018 to 2026.
Market Insights
The global cryotherapy devices market is anticipated to progress at a healthy CAGR on account of key factors such as rising demand for minimally invasive surgical procedures for treatment of conditions like cancer and cardiovascular diseases, and increasing preference for asthetic and overall wellbeing solutions. Technological evolution of cryotherapy devices is also a key factor attributed as a driver of this market. Growing popularity of cosmetic procedures, wellness and fitness is also a major driver of the global cryotherapy devices market.
The prevalence of cervical cancer, skin cancer, prostate cancer, and complications associated with sun damage to the skin is rapidly increasing. Cryosurgery for treatment of these conditions comes with advantages such as fewer complications, reduced risk of infection, less blood loss and quicker recuperation period. This also avoids the need for repeat hospitalization, therefore reducing the overall treatment cost. This modality is further considered beneficial for patients who cannot be selected for open and highly invasive surgeries, therefore particularly for senescent patients. Hence, with rise in the number of cancer cases worldwide, the market for cryotherapy devices will correspondingly increase.
Based on product types, the global cryotherapy devices market is segmented into cryosurgery devices, whole body cryotherapy devices and partial body cryotherapy devices. Among these, the revenue share of cryosurgery devices is the highest. Early introduction of cryosurgery devices in the market and its proven better outcomes are the key attributes driving the dominance of this segment. Similarly, among the key considered applications of cryotherapy devices, the demand for these devices is the highest in surgical applications. Oncology is the prime surgical area where the cryosurgery devices are being increasingly used. Additionally, with the growing demand for asthetic and wellness solutions increasing globally, the demand for cryosurgery chambers will also correspondingly rise.
Geographically, North America is the largest market for cryosurgery devices. Greater purchasing power, better reimbursements and high awareness are the key factors supporting the dominance of North America market. On the other hand, Asia Pacific market will progress at the fastest growth rate during the forecast period. Rapidly proliferating medical tourism industry, increasing prevalence of cancer along with growing pool of geriatric patients drive the growth of Asia Pacific market. Some other prime factors driving Asia Pacific market are increasing awareness and skills in healthcare personnel, and growing disposable incomes paving way for increased demand for asthetic and wellbeing solutions. The global cryotherapy devices market is characterized by presence of several market players making this industry fragmented in nature. Multinational giants such as CooperSurgical and Medtronic specialize in manufacturing of cryosurgery devices while having strong foothold in the international markets. Whereas for products such as whole and partial body cryotherapy devices, the presence of local and niche players is highly prominent.
Browse the full report Cryotherapy Devices Market - Growth, Future Prospects, Competitive Analysis, 2018 – 2026 at https://www.briskinsights.com/report/cryotherapy-devices-market
Key Market Movements:
• Consistently increasing prevalence of chronic conditions associated with heart and cancer
• Increasing demand for minimally invasive cryosurgical intervention in geriatric patients
• Growing demand for cryosurgery in asthetic procedures, particularly treating skin lesions and complications associated with sun damage
• Increasing disposable incomes in emerging markets of Asia Pacific, paving way for adoption of novel cryotherapy solutions such as cryochambers