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Market Overview:
Cryotherapy uses extreme cold temperatures to treat muscle and joint pains. It involves exposing bare skin to temperatures well below zero degree Fahrenheit for short intervals. Used for pain relief, reducing inflammation and swelling.
The global cryotherapy market is estimated to be valued at US$ 294.8 million in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).
Market Dynamics:
The cryotherapy market is expected to witness significant growth over the forecast period owing to rising adoption of cryotherapy for sports recovery and increasing prevalence of sports injuries. According to a study published in the American Journal of Sports Medicine, over 3.5 million sports injuries occur each year in the United States alone. Further, growing awareness regarding the health benefits of cryotherapy such as reducing inflammation, easing muscle soreness and improving blood circulation is also expected to support market growth during the forecast period.
Increasing awareness about overall wellness and preventive healthcare is driving the cryotherapy market
Cryotherapy is increasingly being adopted as an alternative therapy for various health conditions like pain management, weight loss, skin rejuvenation, and recovery from sports injuries. More people are realizing the benefits of cryotherapy in improving overall wellness and preventing illnesses. Several celebrities have openly endorsed cryotherapy and its benefits, generating more awareness through social media. The growing health and wellness trends among consumers are encouraging them to opt for cryotheraphy treatments on a regular basis. Research studies have shown cryotherapy to be effective in reducing inflammation, relaxing muscles, and boosting immune function. Its non-invasive nature makes it a preferred treatment option for many patients. The awareness about these evidence-based benefits is driving increased demand in the cryotherapy market.
Rising prevalence of musculoskeletal conditions are boosting the growth of cryotherapy services
Musculoskeletal disorders like arthritis, tendonitis, muscle strains are highly common worldwide. Aging population and sedentary lifestyles have further increased the incidence of such conditions. Cryotherapy is extensively used for pain relief and rehabilitation in musculoskeletal disorders. The extreme cold temperatures applied during cryotherapy treatments help reduce pain and swelling. It strengthens joints and muscles by constricting blood vessels. Regular cryotherapy sessions can delay the progression of arthritis and speed up the healing process of injuries. With the growing burden of musculoskeletal disorders, the demand for cryotherapy from orthopedic and physiotherapy clinics is on the rise. Sports medicine specialists also rely on whole-body cryotherapy to aid recovery from sports injuries. As musculoskeletal conditions affect people of all age groups, the cryotherapy market experiences consistent growth.
High initial costs of equipment act as a market restrain
While cryotherapy offers several health benefits, setting up a whole-body cryotherapy chamber requires sizable capital investment. The cryotherapy devices used range from basic ice packs costing a few dollars to elaborate whole-body cryochambers priced upwards of $50,000. Their maintenance and operational costs are also high. This makes it difficult for small clinics and individual practitioners to adopt cryotherapy as a service. Even large hospitals and physiotherapy chains hesitate to invest in cryotherapy due to budget constraints. The high costs of devices restrict widespread application of the therapy. This acts as a major restraint for the cryotherapy equipment manufacturing market. Affordability issues deter many potential customers and limit the scope of treatment to luxury healthcare facilities only. Device makers need to focus on developing low-cost cryotherapy options to expand the consumer base.
Teletherapy presents a lucrative opportunity in the post-COVID era
The ongoing pandemic has accelerated the adoption of telehealth and telemedicine services globally. Non-essential medical visits stand deferred and patients prefer contactless virtual consultations. This presents a major opportunity for cryotherapy service providers to adopt telehealth models and offer remote guidance. They can guide patients to perform cryotherapy at home with inexpensive ice packs or roller applicators under medical supervision through video calls. Post-session checkups and therapy adjustments can also be done online. This teletherapy model improves accessibility while maintaining safety. It allows expansion of cryotherapy benefits to the masses by reducing direct costs. As social distancing becomes the new normal, teletherapy can emerge as an innovative revenue stream within the cryotherapy market. Equipment manufacturers may collaborate with digital health platforms to integrate remote patient monitoring capabilities in upcoming devices.
Increase in sports and athletic injuries is supporting market trends
As participation in sports and physical fitness activities grows worldwide, the risks of associated musculoskeletal injuries are also rising. They range from minor sprains to complex fractures. Cryotherapy effectively treats acute and chronic sports injuries by relieving pain and inflammation. Its anti-inflammatory effects help speed up recovery. Sportspersons and amateur athletes dependent on cryotherapy to enhance performance and return to play quickly. Sports medicine centers and physiotherapy clinics heavily rely on cryotherapy for injury management. Even non-athletic populations engaged in high-intensity exercises are resorting to preventive cryotherapy treatments. With growing health awareness and active lifestyles, the market for sports cryotherapy products and services have strong trends of consistent expansion in the future. Manufacturers are developing customized cryotherapy guns, sleeves and other accessories for effective on-field application.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
