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(Health-NewsWire.Net, May 21, 2021 ) The 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” 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.
The COVID-19 pandemic has significantly affected the cold pain therapy market. Due to the pandemic, the pain therapy 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. The US witnessed a decline of 30–60% in hospital visits after the announcement of nationwide lockdown measures (Source: The Commonwealth Fund, 2020). The restricted or limited access to rehabilitation clinics, temporary closure of gyms and fitness centers, restrictions on outdoor sporting activities, and social distancing measures resulted in a reduction in the number of trauma and sports injuries. This further reduced the sales of cold pain therapy products. With the reopening of hospitals, clinics, and sports institutions and relaxations in lockdown measures, growth in this market is expected to pick up pace in the coming months.
Moreover, 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 (such as 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.
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Musculoskeletal Disorders accounted for the largest share of the cold pain therapy market.
The growing prevalence of musculoskeletal disorders gloablly and the demand for thecost effective pain relief ptroducts and the growing awareness about the avaolibility of effective cold therapy products for the musculoskeletal disorders pain management and rise in the geriatric patient population are likely to fuel the growth of this segment during the forecast period.
Geographical View in-detailed:
North America (comprising the US and Canada) dominates market. North America is a gaining traction with the increasing incidence and prevalence of orthopedic disoprders. Moreoer resence of major key platers in the region, facourable government scenarios, higher awarness of self tetsing and home care products and significant adoption of cold therapy products are likely to paly a major role in fueling the growth of the cold pain therapy market in the North America.
Global Key Leaders:
Prominent players in this 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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Sanofi is among the leading pharmaceutical companies in the world. It focuses on the research, development, manufacture, and commercialization of healthcare products (including medicines, vaccines, and therapeutic products). The company operates its business through three segments, namely, Pharmaceuticals, Vaccines, and Consumer Healthcare. Sanofi offers a wide range of cold pain therapy products, such as patches, creams, sprays, balms, and roll-ons,through its Consumer Healthcare segment and its subsidiary Chattem, Inc. (US),
ROHTO Pharmaceutical is engaged in the development, manufacturing, and marketing of the manufacturing, development, and marketing of pharmaceutical products, cosmetics, and functional foods. The company operates through four business units, namely, Eye Care, Skincare, Internal Medicines & Food, and Others. The company commercializes its cold pain therapy products and other OTC medicines (such as pain relievers) through its subsidiary Mentholatum Company, Inc.
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