, March 23, 2018 ) The global cryotherapy market is projected to reach USD 274.8 Million by 2022 from USD 180.0 Million in 2017, at a CAGR of 8.8% during the forecast period. The growth of this market is majorly driven by factors such as growing incidence of cancer and cardiac conditions; increasing demand for minimally invasive procedures; technological advancements in cryotherapy equipment
; and growing popularity in the beauty, wellness, and fitness industries.
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In the cryotherapy report, the market is segmented on the basis of product, application, end user, and region. On the basis of product, the global market is segmented 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 is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the increasing preference for minimally invasive procedures and technological advancement in cryosurgery devices.
Based on application, the market is segmented into surgical applications, pain management and recovery, and health & beauty. The surgical applications segment is further categorized into oncology, cardiology, dermatology, and other surgical applications (gynecology, rheumatology, podiatry, and urology). This segment is expected to account for the largest share and register the highest CAGR during the forecast period.
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On the basis of end user, the cryotherapy market is segmented into hospitals and specialty clinics, cryotherapy centers, and spas & fitness centers. The hospitals and specialty clinics segment is expected to grow at the highest CAGR during the forecast period as cryotherapy offers simpler procedures which are minimally invasive and can often be performed in outpatient department as well.
The geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this region can be attributed to the increasing popularity of cryosaunas and rising prevalence of CVDs and cancer in the US, along with the increasing number of cardiac arrest cases in Canada.
Hazardous effects of cryogenic gases and stringent regulatory approvals could be challenging factors for this market.
Medtronic (Ireland), Galil Medical (US), CooperSurgical (US), Impact Cryotherapy (US), and Zimmer MedizinSysteme (Germany) are the key players in the cryotherapy market. Other players involved in this market are Metrum CryoFlex (Poland), Erbe Elektromedizin (Germany), Brymill Cryogenic Systems (US), CryoConcepts (US), US Cryotherapy (US), Professional Products (US), and Kriosystem Life (Poland).
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