What Are the Main Market Drivers for the Cryotherapy Market?
The cryotherapy market is a market on the rise.
In 2019 the cryotherapy market reached $210.6 million. Recent market analysis by Coherent Marketing Insights shows that the size of the cryo market is growing at a rate of 8.8% and will reach $413.2 million by 2027.¹ So what is causing this industrial boom?
The cryotherapy market is growing exponentially.
Top 4 Market Drivers for the Cryotherapy Market
Advancement In Cryotherapy Technology
The last few years have seen huge technological developments in the cryo industry. Equipment, including cryosurgery units, cryo saunas, and cryo chambers, are becoming easier to use, less bulky, and more cost-efficient. The use of cryogens such as supercooled liquid nitrogen for cooling, the introduction of thin and efficient probes, and the use of narrow and improved cryoablation needles are just some of the impactful advancements in the market. These improvements in cryo technology are increasing the availability of the cryo product while also making the product more useful to the public.
Increased Awareness
The successful marketing and use of cryotherapy in sports science was a significant step in marketing the service. NBA, NFL, and other popular sports stars in various North American leagues use cryotherapy. The use of cryo by these leagues adds significant marketing impact on the awareness of the technology's benefits and uses. The application of technology in medicine has also significantly affected its popularity. The FDA does not approve cryotherapy for treatment or medicine. Yet many people are using it as an alternative to other less effective traditional medicine options.
Health and Fitness Popularity
More people are becoming obsessed with their health, and consumers are visiting health and wellness facilities at an increased rate. Cryotherapy has some health and fitness benefits and has therefore been adopted in the health and fitness facilities. The technology helps in weight reduction, numbing nerve irritations, and treating mood disorders. Preliminary studies also show that cryotherapy may also be effective in pain relief, muscle healing, reducing inflammation, and many more health-related benefits.
Need for Alternative Solutions in Medicine
Cryotherapy is one of the emerging alternative ways to help strengthen the body to get rid of diseases whose traditional treatments are ineffective or intrusive; e.g., cancer. Cancer is the second leading cause of death globally and accounted for 9.6 million deaths in 2018.² Traditional cancer treatment involves surgery or chemotherapy, both of which have distinct side effects. Whole body cryotherapy has positive effects on mood and can reduce the feelings of inflammation, offering a non-invasive alternative to some therapy methods.
What Drives the Cryotherapy Market Forward?
Cryotherapy is one of the fastest and consistently growing health and recovery markets in the world. There is no surprise why its use in medicine, sports therapy, and health and fitness is becoming increasingly more popular.
The above four factors are some of the main drivers of this increased market growth.
Founded on facts: for peer-reviewed articles, scholarly journals, and articles cited above please see the below sources.
Cryotherapy Market Analysis - https://www.coherentmarketinsights.com/market-insight/cryotherapy-market-133
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