Cold Pain Therapy Market Share to Grow USD 3.2 billion by 2030, Exhibiting a CAGR of 4.7%, Product, Application, Distribution Channel, Geography, Competitive Landscape, Opportunities, Drivers, Size, Demand Side Analysis
Vancouver, May 23, 2023 (GLOBE NEWSWIRE) -- Delvens published an exclusive market intelligence report, titled “Global Cold pain therapy Market Revenue, Share & Trends Analysis Report by Product (OTC (Gels, Creams, Patches, Wraps, Pads), Prescription (Motorized, Non-motorized)), Application (Musculoskeletal, Post-Op, Sports Injuries), Distribution Channel (Hospital, Retail, E-Pharmacy) Supply & Demand Side Analysis, and Segment Forecasts, 2023-2030”. The global market for cold pain therapy is expected to reach $3.2 billion by 2030 from $2.1 billion in 2022, registering impressive expansion at a CAGR of 4.7%.
An international Cold Pain Therapy Market report takes into account key market dynamics including the current market scenario and future prospects of the sector. It also gives the company profile, product specifications, production value, contact information of manufacturer and market shares for company. The statistics are signified in graphical and tabular format for a clear understanding on facts and figures. All the numerical data included in the report is backed up by excellent tools such as SWOT analysis, Porter's Five Forces Analysis and others. The report also analyses the emerging trends along with major drivers, challenges and opportunities in the Cold Pain Therapy Market.
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In the United States, 58.2 million people had arthritis. 90% of rheumatoid arthritis patients, according to the American Academy of Orthopaedic Surgeons, are thought to experience foot and ankle problems. Additionally, about one-third of all injuries suffered by kids are sports-related, according to Stanford Children's Health. The demand for cold pain therapy is increasing as a result of the aforementioned issues.
Another aspect propelling the industry is an increase in the elderly population. Due to their high risk of developing joint problems like arthritis, this population is likely to see an increase in the market for goods that use cold therapy. Moreover, another significant reason driving the growth of the market for cold pain therapy is the rise in the number of traumatic injuries brought on by slips, trips, and falls as well as accidents on the road.
Key Companies & Market Share Insights
Some of the key players operating in the global cold pain therapy market are Beiersdorf Ag, DJO Global, Inc., Hisamitsu Pharmaceutical Co., Inc., Össur, Johnson & Johnson, Pfizer, Sanofi, Rohto Pharmaceutical, 3M, Cardinal Health, Inc., Breg, Inc., Medline Industries, Inc., Performance Health, Romsons Group Of Industries, Unexo Life Sciences Pvt. Ltd., Bird & Cronin Llc, Polar Products Inc., Rapid Aid Corp., Mueller Sports Medicine, Inc., Pic Solution, Bruder Healthcare Company, Brownmed Inc., Medichill, Compass Health Brands, and Thermotek, Inc. among Others.
Cold Pain Therapy Market Overview
Cryotherapy in the form of cold therapy works by triggering the body's endorphins and natural anti-inflammatory response, which reduces pain and swelling as well as inflammation. Additionally, it helps to lessen nerve activity, which lessens pain. Patients with back discomfort, arthritis, and muscular sprains frequently utilise ice packs and wraps. It is especially beneficial for tendons and joints. For the knees, shoulders, feet, ankles, and other upper extremities, there are products available. For example, the Ossur product Cold Rush Compact, which delivers cold therapy conveniently at home and in healthcare settings, features a single-flow design. Static compression is used in another Breg product called Intelli-Flo to treat patients.
Cold Pain Therapy Market Segmentation Analysis
OTC goods made up the most percentage in 2022. This is primarily due to the convenience of these products being offered by both offline and online businesses. Additionally, the market is expanding as a result of gels, creams, and sprays becoming more reasonably priced. Another element supporting this segment's anticipated significant growth throughout the projected period is the accessibility of a wide variety of OTC products, including gels, creams, foams, sprays, roll-ons, patches, cold packs, wraps, and pads, among others. These products also serve as expedient therapies for a variety of pain-related ailments.
Due to the increasing prevalence of chronic musculoskeletal problems, the prescription product segment had a sizable share in 2022. Approximately 19.4 million persons in the UK had musculoskeletal illnesses in 2021. Devices, both motorised and non-motorized, assist in reducing swelling, controlling pain, and speeding up the recovery from surgery or injury.
Due to the increased frequency of numerous orthopaedic ailments like musculoskeletal disorders, arthritis, osteoarthritis, and joint disorders, among others, orthopaedic conditions held the biggest market share among all applications in 2022. Osteoarthritis is the most prevalent type of arthritis, and according to the Arthritis Foundation, 130 million people worldwide are likely to get it by 2050.
Due to the increasing number of sports-related injuries, the sports medicine segment is anticipated to expand at a high rate throughout the projected period. The Southwest Athletic Trainer's Association reports that 62% of injuries in organised sports happen during practices. Furthermore, major participants are progressively producing a range of goods that are intended for those who suffered sports-related injuries. Additionally, the market's highest share in 2022 belonged to post-trauma since severe injuries are occurring at a higher rate. The expansion of this market is being driven by an increase in traffic accidents.
Due to the simple accessibility of a wide range of items, retail pharmacies had the biggest market share of all distribution channels in 2022. Additionally, the expansion of retail pharmacies in both developed and emerging nations has contributed to the segment's rapid rise. In retail pharmacies, topical products are frequently available. This is anticipated to fuel the segment's expansion.
Over the projection year, it's expected that the e-commerce industry will expand significantly due to the convenience of choosing from websites that offer a choice of products along with thorough product information. Additionally, the lucrative discounts and deals that are provided on numerous websites are fuelling the growth of this industry. As a result, by enabling consumers to purchase whenever it's convenient for them, the growth of e-commerce drives market expansion.
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Cold Pain Therapy Market Regional Insights
Due to factors including an increase in the frequency of orthopaedic illnesses and the high adoption of cutting-edge devices in the region, North America dominated the global market in 2022. It is anticipated that as the elderly and obese population grows, osteoporosis will become more common in the United States. Additionally, it is anticipated that the existence of major firms with extensive distribution networks will fuel expansion in North America.
The Asia Pacific market is predicted to grow significantly during the estimate period. This can be attributed to the region's growing economies and expanding awareness of healthcare issues. Age-related illnesses including osteoarthritis and related orthopaedic problems primarily afflict people in their 60s and older. As a result of an ageing population and a surge in the need for pain management medicines, Asia Pacific is expanding.
Cold Pain Therapy Market Outlook
Driver: An increase in hip and knee operations
The likelihood of developing osteoarthritis (OA) has been shown to rise with ageing-related changes in the musculoskeletal system, and the severity of the condition is closely correlated with other OA risk factors like joint damage, obesity, genetics, and anatomical features that affect joint mechanics. While older age is the biggest risk factor for OA, it is not a necessary side effect of getting older. Due to the fast-growing global ageing population, the market demand for surgical treatments, particularly joint replacement surgery (hip and knee replacement), is anticipated to rise dramatically.
Opportunity: more people are using painkiller patches
Transdermal drug delivery, a non-invasive method of delivering medication through the skin, is a feature of analgesic patches. When applied to the skin, patches disperse analgesic medication across the dermis at a constant rate. Transdermal drug delivery systems for analgesic patches have several benefits over oral drugs.
Restraint: Increasing usage of inexpensive analgesic medications for quick pain relief
Ibuprofen, aspirin, and paracetamol or acetaminophen are the three most often used OTC analgesic medications. These medications are generally accessible and affordable. This is a major contributing reason to the widespread use of analgesic medications for quick pain relief, together with the lack of awareness about the negative consequences of painkillers. Additionally, the high usage of analgesic tablets leads to the high adoption of OTC pharmaceuticals by consumers in emerging nations due to a lack of knowledge about innovative therapies for pain management, the availability of inexpensive generic copies of medications, and rising health concerns.
Challenge: Alternative methods of pain management
Non-drug or device therapy approaches, such as physical therapy or exercise, meditation, relaxation exercises, yoga, cognitive-behavioural therapy (CBT), acupuncture, biofeedback, chiropractic manipulation, the application of heat, ultrasound, compression therapy, and massages are among the alternative treatment options available to patients for the management of acute and chronic pain.
Global Cold pain therapy Market Table of Contents
Distribution Channel Outlook
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