Growth in the cryotherapy market is primarily driven by factors such as the growing incidences of sports injuries, cardiac diseases, & cancers, and technological advancements in cryotherapy technology.
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Cryotherapy is mostly used to treat malignancies such as prostate cancer and chronic pain. Cryotherapy is also employed in the treatment of aberrant skin cells.
Market Segmentation
Basis on products, into cryosurgery devices, localized cryotherapy devices, and cryochambers & cryosaunas. The cryosurgery devices segment is further divided into tissue contact probes, tissue spray probes, and epidermal & subcutaneous cryoablation devices. The cryosurgery devices segment held the largest share of the cryotherapy market
Basis of end users. The hospitals & specialty clinics segment estimated to command the largest share of the market and this segment is also projected to register the highest CAGR owing to the increasing adoption of cryoablation for cancer and cardiac diseases. The affordability and safety offered by cryosurgery over traditional surgery and the rising prevalence of CVDs, cancer, & sports injuries are expected to increase the adoption of cryotherapy in hospitals & specialty clinics.
Regional Analysis
While North America is expected to dominate the global cryotherapy market, the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to the booming medical tourism in the region, the growing geriatric population in Japan, and the rising prevalence of cancer in India.
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Key Market Players
Medtronic (Ireland), Galil Medical (US), and CooperSurgical (US). These leading players offer an expansive product portfolio for cryoablation and have a wide geographic presence. The other players in this market include 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).
[120 Pages Report] The cryotherapy market is expected to grow from USD 206 million in 2019 to USD 319 million by 2024, at a CAGR of 9.1% during the forecast period.
Medtronic (Ireland) held the dominant position in the cryotherapy market. 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.
Available Customizations
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the present global cryotherapy market report:
Product Analysis
· Product matrix which gives a detailed comparison of the product portfolios of the top five companies
Company Information
· Detailed analysis and profiling of additional market players (up to 5)
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