According to a new report published by Variant Market Research, the global cold pain therapy market size is forecasted to reach $1,185 Million by 2024 from $824 Million in 2016, growing at a CAGR of 4.6% from 2016 to 2024. Geographically, Asia-Pacific and Europe are expected to grow at a CAGR of 6.3% and 4.4%, respectively, during the forecast period says the report.
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Cold Pain Therapy Market (By Product: OTC-Based Products (Pharmaceuticals and Medical Devices) and Prescription Based Products (Motorized Devices and Non-Motorized Devices); By Application: Musculoskeletal Disorder, Sport Medicine, Post-Operative, Post-Trauma, And Physical Therapy; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024
Ubiquitous increase in the incidences of arthritis and osteoporosis is the key factor fueling the cold pain therapy market.
Increased enthusiasm of people in sports, exercise, growing aging population and rising cases of arthritis and osteoporosis is significantly contributing to the growth of global cold pain therapy market trend. OTC drugs held a momentous market share due to their convenience, ease-of-use, and availability of wide range of pharmaceuticals for treating minor inflammation stimulate the market trend. Nevertheless, possibility of side-effects, and limited clinical evidences supporting the cold pain therapy would limit the preferable usage among consumers. Furthermore, rising healthcare spending and stringent regulatory approval for oral pain medicines would create growth opportunities for the market in the upcoming years.
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Market Segmentation
The cold pain therapy market is segmented on the basis of product type, application, and geography. Product type segment includes OTC based products and prescription based products, where, OTC based products are further categorized into pharmaceuticals and medical devices. By application, it is classified into musculoskeletal disorder, sport medicine, post-operative, post-trauma, and physical therapy. Geographically, the market has been bifurcated into North America, Europe, Asia-Pacific, and RoW. North America (U.S., Mexico, and Canada), Europe (Germany, Italy, UK, France, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia-Pacific) and RoW (Middle East, South America, and Africa) are the key geographical regions included in this market. Apart from these Australia, Argentina, Paraguay, Romania, Bolivia are the regions where cold therapy market is predicted to flourish.
OTC based products dominates the market in product type
Analgesics such as: gels, ointments, are rubbed over the skin to combat inflammation. They mostly possess counterirritants like menthol, methyl salicylate; camphor and capsaicin which produce a burning sensation and an early relief from pain and inflammatory conditions. Rising cases of arthritis, physical injuries due to obesity or less activity, increased interest in sports activities and stringent regulatory approval process for oral pain medicines are predicted to fuel the cold therapy market.
North America and Europe dominate the market with largest market share
North America and Europe dominated the market with largest market share in 2016, with 35.8% and 28.9%, respectively, due to advent of advanced sports medicine practices and initiatives. Asia-Pacific is predicted to become the most attractive market for introducing cold therapy and to attain the fastest CAGR during the forecast period, due to the rapid development of healthcare infrastructure, increasing awareness about the cold pain therapy and rising disposable income in the countries like Australia, China, India, and others
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Competitive Landscape
Prominent market players globally in the cold pain therapy market include Hisamitsu Pharmaceutical Co., Inc., 3M Company, Breg Inc., Johnson & Johnson, Ossur hf, ROHTO Pharmaceutical Co., Ltd., Sanofi, DJO Finance LLC, Beiersdorf AG, and Medline Industries Inc., among others.
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