According to the new market research report “Cold Pain Therapy Market by Product (OTC (Gels, Creams, Patches, Wraps, Pads), Prescription Devices (Motorized, Non-Motorized), Applications (Musculoskeletal, Post Op, Sports Medicine), Distribution Channel(Hospital, Retail) – Global Forecasts to 2025″, published by MarketsandMarkets™, is projected to reach USD 2.0 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 4.4% during the forecast period.
Driver: Increase in the prevalence of incidence of sports injuries;
Musculoskeletal injuries are the most common forms of sports-related injuries. Some of the common injuries include ankle sprains, knee injuries, fractures, joint injuries, tennis elbow (epicondylitis), and dislocations. Cold pain therapy products, such as ice packs and sprays, are the most commonly used products for the management of pain associated with sports-related injuries as they provide instant pain relief. Furthermore, with rising disposable income levels, growing health awareness, growing obesity rate, and growing stress levels, the emphasis on gym activities and workouts among adults across the globe has increased augumenting the market growth.
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The Increasing prevalence of prevalence of arthritis & other musculoskletal disorders and growing awareness about the availability of cold therapy products are the key factors driving the growth of the market.
The cold pain therapy market includes major Tier I and II suppliers of cold therapy products are Sanofi (France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), ROHTO Pharmaceutical (Japan), Beiersdorf (Germany), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Breg (US).These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Due to the pandemic, the market experienced short-term negative growth, which can be attributed to a sharp reduction in access to hospital and retail pharmacies and the temporarily shutdown of orthopedic clinics and rehabilitation centers. However, post lockdown the improved access to cold therapy devices through online platforms and the growing number of patients opting for self-medication with over-the-counter cold therapy products including cold gel packs, ointments, and cold sprays, for pain management are some of the key factors likely to drive the long-term growth of the cold pain therapy market. Additionally, many players have been strongly focusing on implementing brand promotional activities to combat the decline in the sales of cold therapy products in the initial stages of the pandemic.
Demand for cold packs for musculoskeletal disorder pain management result in the segment occupying the high share of the cold pain therapy market
Cold pack owes a good market share in OTC pain therapy market. The large share of this segment is attributed to factors such as the growing commercial availability of cold packs, increase awareness about the benefits of cold packs providing instant relief from pain associated with arthritis and other musculoakletal disorders, and rise in number of cold packs manufacturers are anticipoated to boost the growth of the segment.
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Asia Pacific likely to emerge as the fastest growing cold pain therapy market.
Geographically, the emerging Asian countries, such as China, India, South Korea, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific market is projected to grow at the highest CAGR of 5.6% from 2020 to 2025. Growing preference for topical products, especially cold patches, expansion of healthcare infrastructure, growing awareness of cold therapy products the region. Moreover, emergence of key players with established product portfolio are driving the growth of the APAC market.
Prominent players in cold pain therapy market Sanofi (France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), ROHTO Pharmaceutical (Japan), Beiersdorf (Germany), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Breg (US), Romsons Group of Industries (India), Unexo Life Sciences (India), and Bird & Cronin (US)
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