Global Cold Pain Therapy Market Is Expected to Reach US 3.80 Million by 2028 : Fior Markets
Cold Pain Therapy Market Share, Size & Trends Analysis Report By Application (Sports Medicine, Musculoskeletal Disorders, Post-Trauma Therapy, Post-Operative Therapy), By Product (OTC Products (Patches, Gels Creams ,Others) Prescription Products (Medical Devices, Pharmaceuticals), By Distribution Channel (Retail Pharmacy, Hospital Pharmacy, E-commerce), By Region And Forecasts, 2021-2028
Newark, NJ, May 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the *global cold pain therapy market* is expected to grow from USD 2.65 million in 2020 to USD 3.80 million by 2028, at a CAGR of 4.6% during the forecast period 2021-2028
Certain factors are boosting the growth of the global cold pain therapy market. Some of them include a growing number of traumatic injuries resulting from mishaps, falls, road accidents, an increasing number of sports injuries, rising prevalence of orthopedic diseases and increasing awareness among the market consumer’s strategies. As per the World Health Organization (WHO), each year, 20 to 50 million people suffer injuries in road accidents or incur a disability due to injuries in the chest, head, arms, and legs. Increasing injuries related to sports also play a vital role in the rising demand for these products. The typical sports injuries are muscle sprains and strains, dislocated joints, tear of tendons and ligaments that hold the fractured bones and joints together, including the vertebrae.
Cold pain therapy can be applied in various ways, including coolant sprays, whirlpools, ice baths, ice packs, or ice massage. When used to treat injuries at the house, cold pain therapy refers to cold therapy with gel or ice packs usually kept in the freezer until needed. These remain one of the time-tested and most straightforward remedies for managing swelling and pain. The use of cold packs is most widely used on inflammations as a primary analgesic to relieving pain.
The increased geriatric population is a significant target population driving in the market. Countries such as China and Germany have a large geriatric population base. These factors are boosting the market's growth. This group of people is susceptible to joint disorders and arthritis, which is expected to increase the demand for cold pain therapy products. Moreover, a rising number of traumatic injuries resulting from road accidents, mishaps and falls are another major factor accelerating the market's cold pain therapy. The factors restraining the market growth are the clinical evidence for cold pain therapy medication and side effects due to cold pain therapies coupled with various discomforts also hampering the market's growth. Patches provide a wide range of advantages over traditional oral routes or parenteral as the drug delivery is convenient, simple, non-invasive, and painless. The increasing preference of patients for alternative therapies is likely to become a significant challenge for market growth.
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Key players operating in the cold pain therapy market include Johnson & Johnson, Beiersdorf AG, Breg, Inc., Medline Industries, Inc. Ã–ssur HF, Sanofi, DJO Finance LLC, Hisamitsu Pharmaceutical Co., Inc., and 3M Company. To gain a significant market share in the global cold pain therapy market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Breg, Inc. and DJO Finance LLC are vital manufacturers operating in the cold pain therapy market.
· For instance, in February 2021, Breg, Inc. has partnered with Club Warehouse, an Australian distributor, to expand the delivery of its premium, high-value orthopedic products in the Australian market, including cold pain therapy products.
· For instance, in April 2021, Battle Creek Equipment Co. has launched a line of cold therapy wraps into the market to treat chronic pain & acute pain of inflammation.
*The musculoskeletal disorders segment dominated the market and held the largest market share of 30.12% in the year 2020*Based on application, the global cold pain therapy market is segmented into sports medicine, musculoskeletal disorders, post-trauma therapy, and post-operative therapy. The musculoskeletal disorders segment dominated the market and held the largest market share of 30.12% in 2020. This growth is attributed to the rise in the geriatric patient population and the growing awareness about effective cold therapy products.
*The OTC product segment dominated the market and held the largest market share of 56.15% in the year 2020*
Based on product, the global cold pain therapy market is segmented into OTC products (patches, gels, creams and others) and prescription products (medical devices and pharmaceuticals). The OTC product segment dominated the market and held the largest market share of 56.15% in 2020. This growth is attributed to the significant increase in musculoskeletal disorders such as osteoarthritis, back and neck pain and the rise in awareness among patients about the growing availability of OTC cold pain therapy products.
*The retail pharmacy segment dominated the market and held the largest market share of 38.40% in the year 2020*
Based on the distribution channel, the global cold pain therapy market is segmented into retail pharmacy, hospital pharmacy and e-commerce. The retail pharmacy segment dominated the market and held the largest market share of 38.40% in 2020. This growth was attributed to increasing the number of retail pharmacies in both developing, and developed countries. In retail pharmacies, topical products are widely available, which is expected to drive the segment's growth.
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*Regional Segment Analysis of the* *Cold Pain Therapy Market*
· North America (U.S, Canada, Mexico)
· Europe (Germany, France, U.K, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, Rest of APAC)
· Latin America (Brazil, Argentina)
· The Middle East and Africa (UAE, South Africa, Saudi Arabia and Rest of MEA)
Based on geography, the cold pain therapy market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America held the largest market of 26.13% in the year 2020. This growth was ascertained by the U.S. in the North America region owing to the availability of advanced product technologies, including motorized and non-motorized cold pain therapy devices and increased awareness. Furthermore, increasing obese and geriatric population is expected to drive market growth. On the other hand, the Asia-Pacific region is expected to grow significantly due to increasing healthcare awareness and improving middle and low-income countries' infrastructure. Thus, the increasing aging population of OTC products is driving growth in the Asia Pacific.
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*About the report:*
The global cold pain therapy market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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