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(Health-NewsWire.Net, January 07, 2022 ) The Factors such as increasing prevalence of arthritis and the rising number of sports injuries are the key factors boosting the demand for cold pain therapy products for the management of pain. Moreover, growing awareness about the availability of cost-effective cooling pain relief products and the ease of application of cold pain therapy products are anticipated to accelerate the adoption of these products in the coming years.
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.
Recent Developments;
- In 2019, Performance Health announced the launch of Cold Patches Biofreeze Pain Relief Patch
- In 2019, DJO Global introduced the cooling pads DonJoy IceMan CLASSIC3
- In 2018, Hisamitsu Pharmaceutical and Olympic and Paralympic Games, Tokyo 2020 entered into strategic partnership. Hisamitsu became an official partner to provide external pain relief products to the athelets, thus strenthing its brand presence.
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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, globally
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 cold pain therapy market.
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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MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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