Is It Worth Investing in Cryotherapy in 2023?
Cryotherapy has become a global trend in the wellness space. A report from Facts and Factors indicates that the cryotherapy machine market size was about $361.4 million in 2021 and is estimated to reach $487 million by 2027.¹
The above figures indicate that cryotherapy units or cryotherapy machines are in demand and people are seeking cryotherapy services now more than ever. However, with the current economical volatility, you may wonder if cryotherapy is a worthy investment. Read on to discover if cryotherapy is for you.
Reasons a Cryotherapy Investment Is Worth Venturing Into
Investing in a business is a great way to attain financial freedom. However, the current economical uncertainties may prove to be problematic for some people to make such investments. It makes sense to be skeptical about investing your hard-earned money. Below are reasons why investing in a cryo-chamber is worth it.
There Is High Demand for Cryotherapy Services
Cryotherapy is growing in popularity and it’s easy to understand why it is among the top wellness trends. Chronic pain is now more prevalent than ever before. The causes of such chronic pain are numerous with the most common being cancer, injuries, and arthritis.
As a matter of fact, chronic pain affects over 50 million adult Americans and treating it costs up $635 billion per year.² Worse still, the prevalence of chronic pain is expected to keep rising as diabetes and cancer rates keep soaring and more people get older.
The majority of the causes of chronic pain like cancer and arthritis have no permanent solution despite being costly. Subsequently, people are resorting to alternative medicine and non-intrusive pain management techniques like cryotherapy. Since cryotherapy sessions don’t involve drugs or medications and are noninvasive, they make for an even more preferable experience.
As you can see, cryotherapy is a ready market waiting to be exploited. And if you get in on it now and invest in 2023, your brand will grow as the market adjusts and expands. Ultimately, the high demand coupled with an unsaturated market allows for faster growth when you invest early.
It Is Easier to Acquire Return Customers Now
Although cryotherapy is trending, competition is still low in most areas because business capital can be seen as too risky or intensive for uneducated investors. The fact that the economy is performing poorly and inflation is still rising has made it difficult to raise enough capital to invest in cryotherapy or feel confident enough to go through with it.
However, if you invest this year it will be easier to attract customers since competition is low. Additionally, you can hook your customers up with great introductory offers to turn them into loyal fans. People love any offer that can save them some money and you will earn their loyalty in return.
Starting now means starting with less cash out of your pocket but not necessarily fewer clients. The best part is that it gives you a chance to offer quality services hence providing a quality customer experience. Over time, you will build meaningful relationships with your now loyal clients who will get you referrals.
Another perk of running a cryotherapy business is that your clients may get near-instant results. Moreover, a single treatment takes only three minutes and any client who has used ice packs on an injury can easily relate. Subsequently, it becomes easier to convince new prospects to try it and become return customers.
Cryotherapy Is Highly Versatile
There are numerous ways you can incorporate cryotherapy into your business. First, if you run a complementary business such as a spa or fitness center you can simply introduce cryotherapy as an add-on service. In such a scenario, you won't face any rental changes as long as you have adequate space.
This model will help you save on other costs associated with acquiring a storefront. At the same time, it gives you a head start in terms of customers. Since you already have your spa customers, all you need to do is convince them to try cryotherapy.
Another perk is that you can market to your existing customers upfront. It helps you determine what your clients may prefer. For instance, if the majority of your customers prefer whole-body cryotherapy, install a cryosauna or a cryotherapy machine.
On the other hand, if they fear the whole body, start them off with localized treatments. As they get used, they will transition to whole-body treatments. Similarly, if you have a mix of the two, invest in machines that support both the whole body and localized treatments.
At the end of the day, it all boils down to the resources at hand and your target market.
Although Niche, Cryotherapy Investment Is Lucrative
Running cryotherapy sessions can pose small risks if done improperly. One of the reasons it is risky is the extremely low temperature to which the body is exposed during a cryo session. Some people such as those with a history of heart issues may not react well to these temperatures so it is a good idea to know a person’s history before the session.
A while ago, a woman died in a cryo chamber. Post-mortem results indicate that she died of suffocation. The good news is modern machines such as the advanced XR Cryosauna are designed with safety in mind. This means that there is minimum to no risk of suffocation as long as you go for such machines with high safety specifications.
Overall, as long as you do your due diligence, you can mitigate any risks. Ensure you test drive all your equipment before purchasing, hire qualified professionals and service your machines regularly. You can also manage risks through insurance.
There Is a Lot of Stress and Anxiety
The recent pandemic has put a huge strain on people’s mental health. There’s been a surge in the rates at which mental health is monitored to reduce the effects of stress and anxiety. Several reports indicate an increase in the prevalence of anxiety during and after the pandemic.
Even if the pandemic has slowed down, it has left several stressors. For instance, several people are still jobless yet the cost of living keeps rising. Cryotherapy has been shown to improve moods by helping lower depression and anxiety levels.
So if you are passionate about helping people look and feel better about themselves, investing in cryotherapy is worth your time and effort. Moreover, many people are suffering but they don't know there is a solution. Educating them about the benefits of cryotherapy will help you gain their trust and eventually convert them into paying customers.
Venture Into a Cryotherapy Investment for the Above Reasons
By now you should be convinced that investing in a cryotherapy business could prove to be a good choice. As John Adams once said, “a problem is an opportunity in disguise.” So, starting a business during tough times can put your business in a position to thrive when the economy recovers.
Founded on facts: for peer-reviewed articles, scholarly journals, and articles cited above please see the below sources.
Cryotherapy units market size https://www.globenewswire.com/news-release/2022/08/18/2501176/0/en/Global-Cryotherapy-Units-Market-Size-To-Hit-487-08-Mn-by-2028-Comprehensive-Research-Report-by-Facts-Factors.html
Chronic pain statistics https://www.asbestos.com/cancer/chronic-pain-statistics/
NOTICE: Information contained within this website and in all materials, communications, or presentations by Cryo Innovations and Cryo Recovery Lounge is for informational purposes only. Whole Body Cryotherapy, infrared sauna, hyperbaric chamber, and any and all recovery methods described and/or offered by Cryo Recovery Lounge or Cryo Innovations are neither designed nor advised for treatment or cure of any illness or disease. No cryotherapy chambers (including the XR) have been tested or approved by the FDA. Please consult with your medical professional before beginning any cryotherapy or recovery method. All material contained within this site is copyrighted and may not be reproduced in any form without prior written permission. All rights reserved. For permissions contact Cryo Innovations.