Global Cryotherapy and Cryosurgery Market - Overview
Cryotherapy, this medical practice have been used since ages. Cryotherapy and cryosurgery both these medical process 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.
Cryotherapy and cryosurgery market is expected to grow at the average CAGR of 6.9% which has started since 2015 and is expected to continue till 2023, thus growth period of this market can be stated as from 2015-2023. According to a recent study report published by the Market Research Future, The global Cryotherapy and cryosurgery market is booming and expected to gain prominence over the forecast period growing rapidly. The market is forecasted to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a prominent CAGR during the anticipated period (2017 – 2023).
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, high price of surgery, high price of medical devices etc.
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Global Cryotherapy and cryosurgery Market - Competitive Analysis
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 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 in order to gain competitive advantage in this market and to maintain their market position.
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.
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
· 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)
among others are some key companies in the global Cryotherapy and Cryosurgery that are listed by MRFR for market research.
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