The global cryotherapy market size was evaluated at USD 3.8 billion in 2020 and is anticipated to grow at a compound yearly growth rate (CAGR) of 10.3% between 2021 and 2028. When called cryogenic treatment, cryotherapy utilizes incredibly cool temperatures to eliminate sick tissue in a minimally invasive manner. In addition to treating diseases like arthritis, joint inflammation, and pain, cryotherapy is widely used to treat skin conditions like moles, old marks, and dull spots. Over traditional medical procedures, cryosurgery offers several advantages, including smaller entry points, shorter emergency clinic stays fast twisted healing, lower pain, and less complication risk. It is because of these benefits that cryosurgery has been gaining a lot of acclaim during the last few years, which prompted its market expansion.
A presentation of mechanically advanced and moderate cryotherapy devices and the expanding use of these devices are expected to substantially cryotherapy market growth. The maker of whole body cryotherapy frameworks, CryoBuilt, offered all-body cryotherapy chambers, called EVEREST, in May 2020. As of May 2019, Cryo Innovations has been endorsed for a Federal General Services Administration (GSA) agreement to provide whole body cryotherapy solutions to the United States. Any administration division or military division.
Moreover, the mounting prevalence of persistent conditions like disease, joint pain, fibromyalgia, and others have energized the search for successful cryotherapy solutions for their treatment. In 2018 an estimated 17.0 million new cases of cancer were noted around the world, resulting in 9.5 million deaths, according to the International Agency for Research on Cancer (IARC). A similar source additionally expressed that, by 2040, this number is projected to develop to 27.5 million new malignancy cases each year.
Additionally, key strategies like consolidations, joint ventures, and acquisitions by market-leading companies will help create an enabling climate for cryotherapy market growth during the forecast period. To extend its portfolio of incorporated disease care arrangements, Varian Medical Systems, Inc. acquired Endocare and Alicon in June 2019. Upon securing this contract, Varian added Endocare's Cryocare CS System, a comprehensive treatment framework that streamlines cryotherapy. Varian's oncology component was helped by this essential purchase.
