Cold Pain Therapy Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1955
Cold Pain Therapy Market size is projected to experience significant growth from 2017 to 2024.
Cold Pain Therapy market size should witness significant growth due to rising incidences of sports injuries across the globe. As per CDC, an average of around 8.6 million individuals aged 5 years and above are affected with sports and recreational injuries annually in the U.S. between 2011 and 2014 which further results in pain and fuels the demand for products such as ice packs, patches, wraps, gels and ointments over the coming few years.
Increasing awareness pertaining to prevention of sports injuries in children will assist in overall business growth. Based on CDC, sports and recreational activities are the major cause of traumatic brain injuries in children. Therefore, CDC has developed the HEADS UP initiative to provide information to parents, coaches, and athletes involved in youth sports to prevent, recognize, and respond to a concussion.
Accelerating elderly population base prone to chronic ailments such as musculoskeletal disorders, arthritis, spinal injuries, and bone disorders leading to pain and swelling will further augment demand for cold pain therapy products. As per UN statistics, population aged 60 years and above is anticipated to increase by approximately 56 percent, from 900 million to 1.4 billion in 2050. Rising demand from the aging women to reduce post-operative pain will stimulate the cold pain therapy market growth over the forecast timeline.
Growing need and adoption of topical analgesics over oral drugs due to the paramount advantages offered by the former such as less systemic absorption, reduced side effects and minimized risk of toxicity proves to be a convincing alternative for the healthy management of severe and chronic pain situations boosting the cold pain therapy market growth. Lack of reimbursement and complications and discomfort associated with this therapy can hamper business growth over the forecast period.
Over-the-counter (OTC) drugs or non-prescribed drugs held a momentous share as of 2016, due to their convenience, ease-of-use, availability of pharmaceuticals such as cooling sprays, creams and patches along with rising preference for self-care for treating minor ailments and associated pain stimulating the overall industry growth in the future. Prescription-based drugs will grow at a rapid pace owing to the mounting usage of motorized cold therapy modalities to decrease post-operative pain and swelling in eldering patients.
Based on applicability, musculoskeletal disorders market will witness a significant growth in 2016 owing to increasing geriatric patient pool suffering from chronic ailments such as osteoporosis and arthritis along with soaring demand to alleviate pain, swelling and speed up recovery post-surgical procedures.
U.S. will drive the North America cold pain therapy market owing to the presence of well-established players along with growing number of emergency visits due to sports and recreational injuries among children in the country propelling demand for cold patches, gels, wraps, and ointments in the future. Japan shall witness significant growth rate in the coming years owing to increasing number of baby boomers who are more prone to suffer from chronic diseases and face problems such as inability to swallow tablets and pills give an opportunity for topical analgesics over the forecast period.
Some of the key industry players include Rohto Pharmaceutical, 3M Company, Breg, Hisamitsu Pharmaceutical, BuWSchmidt, Biofreeze, Game Ready, Sanofi, Össur and DJO Finance. The industry players focus on merger, agreements and innovative product launches to expand their product portfolio and gain a competitive edge in the market. In December 2015, Breg, a leading sports medicine provider entered a group purchasing agreement with Premier, Inc. This contractual agreement allows the company to offer a comprehensive range of its cold therapy and bracing products to all the Premier members for providing high-quality products and advanced care to its patients.
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