The Exciting Future of the Cryotherapy Industry
If you aren’t familiar with cryotherapy yet, you’ll be familiar with it soon. As the CEO of Icebox for the last 10 years, and the first one to open up a brick-and-mortar location in the US, I’ve had the privilege of seeing cryotherapy progress to be one of the most sought-after treatments today.
If cryotherapy is a treatment that you are unfamiliar with, let’s chat a little bit about what it actually is.
A cryotherapy treatment alleviates pain, inflammation, and/or treats injuries, through various cold technology. Cryotherapy services a wide range of clients from those seeking treatment for athletic recovery, pain management, wellness, and skin health.
What is most exciting about cryotherapy though, is all that is yet to come. In 2021, the global cryotherapy market was valued at $292 million. While that already may seem high, as we approach 2027, IMARC Group expects this market will reach $421.9 million, which indicates that the expected compound annual growth rate (CAGR) will be 6.25% between 2022 and 2027. Key players in this cryotherapy market that are helping drive this growth beyond the United States are China, Germany, Japan, and South Korea.
Even just looking at Icebox’s lifespan over the last 10 years, you can see this steady growth. What has helped drive this growth across markets is the publicity coming from professional organizations like the NFL and NBA, in conjunction with medical practices, collegiate training rooms, and brick-and-mortar retail businesses that have all identified cryotherapy as a staple in the wellness industry. Given that the wellness industry is valued as a $4.2 trillion industry, and that it is growing twice as fast as the global economy, it makes sense that cryotherapy would mimic that same trend – especially since it makes up $3.8 billion of that valuation.
Beyond just the steady growth of the wellness industry, one of the biggest factors that are responsible for this expected cryotherapy growth is the increasing prevalence of chronic medical disorders. As I mentioned, cryotherapy is widely used to treat a variety of health conditions so with more chronic medical disorders, and with the rising preference for minimally invasive, or non-invasive, procedures, more and more patients are turning to cryotherapy as a treatment.
Another factor that is helping drive this growth is the significant improvements in the healthcare infrastructure and the crucial research and development activities being performed. More and more individuals are hearing about how Cryotherapy can treat inflammation so more and more individuals are seeking out cryotherapy as a treatment to try. And with more and more clients giving cryotherapy a test run, the market will grow.
What I’ve learned over the last 10 years at Icebox is that our clients want to take care of themselves quickly with non-invasive treatment, and that is even more prevalent now. Their first choice of treatment has shifted from invasive options like prescription medicine, surgery, and IV therapy to natural innovative technology like saunas, hyperbaric therapy, massage, and cryotherapy. Unlike other self-help practices that some clients can do from the comfort of their own homes, whole body cryotherapy is unable to be performed at home. This means that the guest experience continues to be the most important aspect for us to focus on. It also means that the brick-and-mortar business will continue to thrive!
So, as I look at what is yet to come with cryotherapy, I’m excited to continue serving our clients at Icebox with a quick, easy, and enjoyable experience that only takes 12 minutes. We’ll continue to value our guests just as we always have because they are the heart of our business.
When I started Icebox, I wanted each guest to feel like they were stepping into my own home and leave saying it was the best 3 minutes of their day. I love that we are growing nationally with the mission of serving our communities.
Want to schedule an appointment to try Icebox out for yourself? Find a location near you and see what all the buzz is about!
We look forward in share the Icebox experience with you!