Cryotherapy Market

Cryotherapy Market Outlook (2024 to 2034)

The cryotherapy market size is estimated to be valued at US$ 4,003.7 million in 2024. Projections indicate a remarkable expansion, with a CAGR of 6.4% through 2034. Anticipated growth is set to propel the market to an impressive size of US$ 7,419.6 million by 2034.

Cryotherapy is gaining a lot of momentum, not just in the athletic community but in the general population as well. In the medical sector, cryotherapy is also used for pain management in conditions such as arthritis or chronic pain. The cold surrounding the therapy can numb the nerve endings, providing temporary relief.

Apart from this, the demand for cryotherapy is also touching the skies in the wellness industry. Many wellness centers, spas, and fitness facilities are incorporating cryotherapy services to attract individuals seeking innovative and holistic wellness experiences. Beauty enthusiasts also utilize cryotherapy for its potential skin benefits, such as improving skin tone and reducing signs of aging.

Social media is also one of the key promoters of cryotherapy in the general population all over the world. Social media influencers and wellness gurus on the internet have significantly contributed to its popularity. Brands involved in this market are actively collaborating with them to broaden their consumer base. These celebrities sharing their positive experiences with cryotherapy considerably influence public perception and generate interest.

The cryotherapy market generated an estimated revenue of US$ 2,869.3 million in 2019. In five years, the market grew at a pace of 6.89% and added a staggering revenue of US$ 1,134.4 million.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 4,003.7 million
Forecasted Market Value (2034F)	US$ 7,419.6 million
Global Market Growth Rate (2024 to 2034)	6.40% CAGR
Cryosurgery Equipment Segment Growth Rate (2024 to 2034)	6.40%
Hospital Segment Growth Rate (2024 to 2034)	6.30%
North America Market Share (2024)	45.5%
Latin America Market Share (2024)	10.9%
Key Companies Profiled	AstraZeneca Plc. Addgene Caribou Biosciences Boston Scientific Corporation Brymill Cryogenic Solutions Stryker Cryoalfa

Which Factors Have Driven the Global Surge in Cryotherapy Demand?

“Widespread Adoption in the Athletic Community and its Efficacy in Pain Management to Amplify Growth”

Athletes and sports enthusiasts are increasingly turning toward cryotherapy to accelerate their recovery after intense training sessions. This has generated massive revenue for the overall market for cryotherapy globally. This has not only led to increased demand but also facilitated the integration of cryotherapy facilities within sports training centers and rehabilitation clinics.

Apart from its rising prominence in the athletic community, cryotherapy is also gaining traction in the medical sector for pain management. It is sought after by individuals dealing with conditions like arthritis. This has led to a broader adoption of cryotherapy in the healthcare sector, with many individuals exploring non-invasive and alternative approaches to managing chronic pain.

“Celebrity Endorsements and Integration into Broader Wellness and Beauty Trends to Play an Important Part”

Celebrity endorsements are one of the crucial drivers for the growth of this market. Celebrities, influencers, fitness gurus, etc. have millions of followers virtually. Influential figures have shared their positive experiences with cryotherapy. Such endorsements validate the therapy and serve as powerful marketing tools, capturing the attention and interest of a wider audience.

Cryotherapy is also integrated into wellness and beauty trends. Individuals seeking holistic approaches to well-being are drawn to cryotherapy for its potential skin benefits, weight management implications, and contributions to overall health. Post-pandemic, there is a growing awareness of self-care, especially the way one looks. This is generating a substantial amount of revenue in the cryotherapy market across the globe.

Which Factor Present Challenges to the Expansion of the Cryotherapy Market?

“Limited Scientific Evidence, High Operating Costs and Competition with Alternative Therapies to Slow down Market Growth”

Despite the increasing popularity of cryotherapy, there are still concerns regarding its effectiveness in addressing various health issues. This skepticism among the general population is one of the market's key challenges. The high operating costs associated with establishing and maintaining cryotherapy facilities also present a significant barrier to market growth. Installing specialized equipment, ensuring proper training facilities, and adhering to safety protocols incur considerable expenses for the businesses involved in this industry. Besides this, cryotherapy faces rigorous competition from other wellness and recovery modalities, such as massage therapy, compression therapy, and more traditional ice-based treatments. All these factors have collectively slowed down the market growth for cryotherapy.

Country-wise Insights

The North American cryotherapy market is poised for exceptional growth, projecting a modest CAGR of 7.5% through 2034. The surge is primarily attributed to increasing demand for cryotherapy in key countries, notably the United States and Mexico. In 2024, the United States will dominate the cryotherapy industry with an estimated 89.0% market share. Meanwhile, Latin American cryotherapy market growth is anticipated to exhibit substantial progress, aiming for a 6.0% CAGR in 2024. In this region, Brazil emerges as the key player in the industry, commanding a significant share of 38.0% in 2024.

Why is the United States Leading the Cryotherapy Market in the North American Region?

“Sports and Fitness Culture, Wellness Tourism, and Entrepreneurial Environment to Augment Market Growth”

The North American market stood at US$ 1,820 million in 2024, acquiring a revenue share of 45.5%, and is further projected to expand at a CAGR of 7.5% through 2034. The United States cryotherapy industry is estimated to be worth US$ 1,620 million in 2024, and it is projected to rise at a CAGR of 7.4% through 2034.

The robust sports and fitness culture in the United States has significantly driven the adoption of cryotherapy. Athletes and fitness enthusiasts view cryotherapy as integral to their training and recovery regimens. Besides this, the United States is also renowned for its wellness tourism. Millions of travelers flock to the country every year to experience a diverse range of wellness services, and cryotherapy has become a notable attraction within this sector. The entrepreneurial spirit in the economy has also encouraged a substantial amount of start-ups to enter the market. All these factors have collectively surged the market growth for cryotherapy in the United States.

Why is Brazil Commanding the Latin American Cryotherapy Market?

“Large and Diverse Population and Economic Growth and Investment to Help Market Expansion”

The Brazil cryotherapy industry is estimated to be worth US$ 166 million in 2024, garnering a share of 38.0% in the Latin American region. The cryotherapy services are likely to record a CAGR of 5.8% through 2034.

Brazil is home to one of the leading populations in the world. Its sheer enormity is enough to make it the leading market for cryotherapy in the Latin American region. In the past few years, the country has been experiencing periods of economic growth, which has led to increased disposable income for some segments of the population. This economic growth has facilitated investments in wellness and healthcare infrastructure, contributing to the establishment and development of cryotherapy centers.

Category-wise Insights

Based on the product type, the cryosurgery equipment segment is estimated to hold a 91.80% market share in 2024. Simultaneously, the cryo chambers segment is anticipated to secure a 6.1% share, contributing significantly to the market's resource diversity and stability. Based on end users, the hospital segment marks its dominance in the cryotherapy industry, with a share of 61.9% in 2024.

Why are Hospitals Relying on Cryotherapy for Pain Management and Advanced Injury Recovery?

“Effectiveness in Reducing Inflammation and its Potential to Accelerate the Healing Process”

Hospitals all around the world are increasingly turning toward cryotherapy due to its applications in the pain management area. Their demand in hospitals is skyrocketing as it helps alleviate swelling and inflammation, providing relief for patients recovering from surgeries, injuries, or chronic pain conditions. It also contributes to a more comfortable recovery process and can enhance the overall effectiveness of pain management.

Besides this, cryotherapy also helps accelerate the healing process. Medical practitioners use these procedures to stimulate the release of endorphins, which allows the patient to recover faster. The non-invasive nature of cryotherapy is also a factor influencing its adoption in hospitals.

Competitive Landscape

The market for cryotherapy is filled with numerous players like AstraZeneca Plc., Addgene, Caribou Biosciences, Boston Scientific Corporation, etc. These players have established a good reputation in the international marketplace. Also, these companies are one of the pioneers of commercial cryotherapy in the world. Hospitals, fitness centers, cryotherapy centers, and specialty clinics rely on these companies for the supply of cryotherapy equipment. There is a considerable amount of small companies, too, in the market. These companies are either local or are tied to regional fitness chains and clubs. Their consumer range is very minimal as compared to those of industry giants.

Recent Development

• In August 2023, Canadian entrepreneur Philippe-Antoine Defoy signed a master franchise agreement with iCryo, expanding the recovery and wellness brand into Canada. Defoy aims to open 50 iCryo locations over the next seven years, marking iCryo's first venture outside the United States.
• Recently, Italian wellness supplier Starpool unveiled the Zerobody Cryo device, integrating dry floatation and cold therapy for spa and sports facilities. The treatment bed provided cryotherapy benefits in a gentle format.
• Artica Systems introduced a revolutionary 100% electric, whole-body cryotherapy fleet for both commercial and residential use, showcasing over 20 years of wellness industry expertise and providing customizable configurations for an optimal user experience.
• Azenta, Inc. successfully launched the Cryo Store Pico, an innovative automated cryogenic storage system tailored for high-value biological samples across various life science stages, expanding their revolutionary cryogenic solutions portfolio.

Global Cryotherapy Market Segmentation

• By Product Type:

  • Cryotherapy Chambers /Cryosauna
  • Local Cryotherapy Equipment
  • Cryofacial Equipment
  • Cryoanalgesia Equipment
  • Cryosurgery Equipment
  • Others (Cryoshaping devices, lipolysis devices, etc.)
  • Cryosurgery Equipment

• By Application:

  • Oncology
  • Cardiology
  • Dermatology
  • Pain management
  • Others (Sports medicine & physiotherapy)

• By Region:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East and Africa