Cold Pain Therapy Market Overview
The Cold Pain Therapy Market size is estimated to reach $2.4 Billion by 2027. Furthermore, it is poised to grow at a CAGR of 4.2% over the forecast period of 2022-2027. Cold therapy has been used for a long time for a variety of reasons and metabolism. To begin, cryosurgery has been used to treat cancer and tumours as a medical therapy. It works by freezing cancer cells with extremely cold liquid nitrogen, which is then absorbed by the body. Cryotherapy has been used for centuries to reduce blood flow to a specific area by lowering the temperature of the tissues and cells below the required level. Cryoablation is also used to remove aberrant tissues from the body. Cold pain therapy in the form of goods is available from a variety of pharmacies. Lately, E-Commerce stores have started selling cold therapy drugs and patches at competitive costs. Furthermore, owing to the superior advantages offered by topical analgesics over oral medications, such as decreased systemic absorption, less side effects, and lower risk of toxicity, the Cold Pain Therapy industry is anticipated to develop. Furthermore, the market's growth is being aided by the availability of a variety of pain relief products. The high cost of prescription-based goods, the lack of reimbursement, and the health risks associated with the use of cold therapy products are the main factors limiting the global Cold Pain Therapy market growth.
Cold Pain Therapy Market Report Coverage
The report: “Cold Pain Therapy Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Cold Pain Therapy Industry.
By Therapy Type – Icepack Therapy, Chamber Therapy and Cryosurgery.
By Product Type - OTC Products and Prescription Drugs.
By Device Type – Spray cryogun, Dipstick applicator, Cryoprobe and Other devices.
By Application – Dermatology, Oncology, Musculoskeletal disorder, Pain management, Sport medicine, Physical therapy, Ophthalmology, Post-operative, Post-trauma and Others.
By Distribution Channel – Conventional Retail Pharmacies and E-Commerce Pharmacies.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa).
- Geographically, the North America segment will dominate the market pertaining to the rising prevalence of cancer cases, and the increase in the incidents of obesity.
- During the forecast period 2022-2027, factors such as the rising prevalence of arthritis and the increased number of sports injuries are driving up demand for cold pain treatment solutions for pain management.
- A detailed analysis of strengths, weaknesses, opportunities,
and threats will be provided in the Cold Pain Therapy Market Report.
Cold Pain Therapy Market - Geography (%) for 2021
Cold Pain Therapy Market Segment Analysis- By Product Type
The Cold Pain Therapy market based on product type can be further segmented into OTC Products and Pharmaceutical Products. In 2021, for its widespread availability and the emergence of e-commerce, the OTC product segment holds the majority of the market share. Furthermore, the significant frequency of musculoskeletal problems, as well as advances in product innovations that provide immediate pain relief, are driving the industry forward. Furthermore, demand in the market is driven by a simple purchase experience and the increased awareness established by various companies. Gels, patches, and creams are the most often utilised cold pain treatment techniques.
However in the global market, the pharmaceutical products market is anticipated to increase at the quickest CAGR of 4.8% between 2022 and 2027, indicating a paradigm shift in demand within the product segment. Medical device technical advancements will significantly raise demand in this market. Medical devices for cold pain are used in a variety of settings, including post-surgery to reduce inflammation, give relief in the event of nerve damage, and minimise the severity of tissue damage. This segment will be fuelled by the reasons listed.
Cold Pain Therapy Market Segment Analysis- By Distribution Channel
The Cold Pain Therapy market based on distribution channel industry can be further segmented into Conventional Retail Pharmacies and E-Commerce Pharmacies. The E-Commerce Pharmacies will have the most market share in 2021. The segment accounted for the largest share due to rising awareness of the availability of effective cold pain therapy products in retail pharmacies, increased expansion of retail pharmacies through collaboration with e-pharmacies, and a major focus on strengthening the brand connection among customers by expanding their personal consultation services, which are all anticipated to propel the segment's growth. During the projection period 2022-2027, the segment is forecast to account for the fastest growth with a CAGR of 5.5% growth. The assertion is based on massive efforts made by pharmaceutical companies to build an internet presence. Another reason for the rising demand is that E-commerce sellers provide customers with attractive discounts, making the identical goods less expensive than what is available in a traditional store.
Cold Pain Therapy Market Segment Analysis - By Geography
The Cold Pain Therapy market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, the Cold Pain Therapy market was dominated by the North America area with 36% of the market share. Owing reasons such as greater awareness and availability of advanced product technologies, such as non-motorized and motorised cold pain therapeutic devices, North America maintains a substantial market. Furthermore, the market is expected to develop due to the ageing population and the availability of a huge pool of patients with back pain and other ailments over the projected period. According to a recent fact sheet published by the Population Reference Bureau, the number of Americans aged 65 and up is expected to nearly double by 2060. The proportion of people aged 65 and up in the total population may climb from 16 percent to 23 percent. It is used to relieve the pain associated with arthritis in addition to cure cancer. Pertaining the rise in the obesity index in the U.S., the number of arthritis sufferers has increased. Chronic pain management remains a difficult task in the face of COVID-19, especially given mounting evidence that the virus is linked to myalgias, referred pain, and widespread hyperalgesia. Healthcare practitioners in the fields of anaesthesia and pain medicine who execute spinal interventions and regional anaesthetic blockades are at a higher risk of infection than those in other medical specialities.
Cold Pain Therapy Market Drivers
The Incidences of sports injuries are becoming more common is propelling the market growth
The most prevalent types of sports-related injuries are musculoskeletal ailments. Ankle sprains, knee injuries, fractures, joint injuries, tennis elbow (epicondylitis), and dislocations are all common injuries. Because they provide immediate pain relief, cold pain therapy products such as ice packs and sprays are the most often utilised products for the management of pain associated with sports-related injuries. Furthermore, as disposable income levels rise, health awareness rises, the obesity rate rises, and stress levels rise, the importance of gym activities and workouts among adults around the world rises, indicating market growth.
Rising Geriatric Life expectancy rate along with leading orthopaedic treatments is fuelling market expansion
With the majority of the population classified as "obese," the average number of orthopaedic illnesses has climbed by a factor of ten, boosting demand for cold pain therapy. Obesity affected 42.4 percent of the population in the U.S. Under the head of obesity index, Europe had a prevalence of 53%. According to a WHO report in 2020, human life expectancy has increased as a result of improved medical infrastructure; yet, as life expectancy has climbed, so have the number of geriatric illnesses. According to WHO, by the year 2036, the geriatric population would have surpassed the younger population. In the year 2020, the population composition is calculated to be around 54 million. The reasons listed are to propel the cold pain therapy market ahead.
Cold Pain Therapy Market Challenges
Presence of alternative treatments as well as side-effects through prolonged usage are to hamper the market growth
Alternative remedies are frequently used by patients to relieve pain problems. Alternative therapeutic methods for acute and chronic pain management in patients include physical therapy/exercise, meditation, relaxation techniques, yoga, ultrasonography, compression therapy, and massages. These non-traditional remedies are less expensive and more readily available. As a result, the adoption of these therapies will stifle market growth. Furthermore, according to US FDA data, the uncontrolled use of cold treatment has resulted in a considerable increase in tissue damage over the previous decade. The following factors may stifle market expansion. According to the US Centers for Disease Control and Prevention, people with Type II diabetes should exercise caution when using cold pain therapy. Diabetes causes a lower level of sensitivity in the joints, which causes this. The following factors can prohibit the market from filling a specific niche and stifle overall market growth.
Cold Pain Therapy Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in this market. Cold Pain Therapy top 10 companies include:
- Breg Inc.
- DJO Global.
- Hisamitsu Pharmaceutical Co Inc.
- Johnson & Johnson.
- Össur Corporate.
- Performance Health.
- Pfizer Inc.
- De Royal Industries Inc.
- Romsons Group of Industries.
- In April 2021, Battle Creek Equipment Co has launched line of cold therapy wraps into the market, to help to treat chronic pain, acute pain and management of inflammation.
- In February 2021, Breg has announced their partnership with Club Warehouse for expanding the delivery of their high-value orthopaedic products in Australia. The company aims to offer its products across the continent including Australian Football League, National Rugby League and Rugby Union Clubs.
- In August 2020, Johnson and Johnson acquired Momenta Pharmaceutical to expand its brand in immune mediated diseases and expand its leadership in the pharma market. The acquisition helps Janssen, a pharma company of J&J to reach more patients by pursuing indications among many autoimmune diseases.