The rapid growth in emerging economies and technological advancement in development of more effective products is expected to create further growth opportunities for the manufacturers of cold pain therapy products. However, high cost of prescription based products, lack of reimbursement and health hazards associated with the usage of cold therapy products are the key factors hampering the growth of the global market.
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Geographically, North America has been the largest market for cold pain therapy, owing to increased awareness, and easy accessibility to advanced technologies including motorized and non-motorized devices. Moreover, increasing incidence of musculoskeletal conditions drives the market growth in the region. The U.S. contributed largest revenue to the North American as well as global cold pain therapy market. The presence of large pool of patients with back pain, muscular pain and arthritis is the key driving factor of the U.S. cold pain therapy market.
In 2015, Germany lead the European cold pain therapy market and it is also expected to grow at the fastest rate in Europe, during forecast period. Globally, the cold pain therapy market is expected to witness the fastest growth in Asia-Pacific during the forecast period. The highest growth in the region is attributed to the increasing awareness about the various marketed products available over the counter including creams, gels, sprays, and cold packs, which are comparatively cheaper and easy to use. In addition, increasing per capita income leading to enhanced standard of living, increasing disposable income, increase in sports injuries and road accidents cases and growing demand for better quality medical care boosts the market growth in the region. The high preference for topical analgesics over oral pills for pain treatment in Japan and China supports the growth of the market.
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The key players operating in the global cold pain therapy market are Johnson & Johnson, Sanofi, 3M Company, Hisamitsu Pharmaceutical Co., Inc., Rohto Pharmaceutical Co., Ltd., Medline Industries, Inc., Beiersdorf AG, Breg, Inc., Össur HF and DJO Finance LLC.