Cold Pain Therapy Market by Product (OTC (Gels, Sprays, Patches, Cold Packs, Wraps, Pads, and Roll-Ons), Prescription-Based (Motorized, Non-Motorized Devices), Applications (Musculoskeletal Disorders, Post-Operative Therapy, Sports Medicine, and Post-Trauma Therapy) - Global Forecast to 2023
“The cold pain therapy market is projected to grow at a CAGR of 4.6%.”
The global cold pain therapy market is projected to reach USD 2.12 billion by 2023 from USD 1.69 billion in 2018, at a CAGR of 4.6%. The increasing incidence of sports injuries and rising emphasis on exercise and gym activities, growing number of hip and knee surgeries across the globe, and growing need for safer pain management modalities as opposed to oral drug therapy are expected to drive the demand for cold pain therapy products during the study period. On the other hand, lack of reimbursement and high usage of low-priced analgesic pills for immediate pain relief across the globe may limit market growth during the forecast period.
“The OTC products was the largest segment on the basis of products in 2017 ”
The OTC products segment accounted for the larger share of the global cold pain therapy market in 2017. This can be attributed to factors such as high patient preference for topical pharmaceuticals compared to oral medications owing to its lower side effects, fast pain relief, and convenience in use.
“The musculoskeletal disorders is the fastest growing segment of the cold pain therapy market during the forecast period.”
The market is segmented into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy on the basis of application. In 2017, the musculoskeletal disorders segment is growing at the highest CAGR during the forecast period. The increasing incidence of arthritis, osteoarthritis, back pain, and joint pain; rising geriatric population; increasing trend of self care; and the growing preference for topical analgesics to manage musculoskeletal pain are some of the major factors driving the growth of this market segment.
“Asia Pacific is expected to register the highest growth rate in the cold pain therapy market”
Geographically, the cold pain therapy market is segmented into North America, Europe, Asia Pacific, and the RoW. APAC is projected to be the fastest-growing regional segment in the cold pain therapy market. The rising geriatric population, increasing incidence of arthritis, strong presence of major players in the cold pain therapy market with established product portfolios, increasing healthcare expenditure, and growing preference for topical analgesics, especially patches to manage pain are the factors expected to drive the growth of the market in the APAC region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the market.
By Company Type: Tier I: 45%, Tier II: 34%, and Tier III: 21%
By Designation: C-Level: 14%, Director-Level: 10%, and Others: 76%
By Region: North America: 40%, Europe: 32%, APAC: 20%, and RoW: 8%
Some of the major players operating in the cold pain therapy market are Sanofi (France), DJO Finance (US), Pfizer (US), 3M (US), Hisamitsu Pharmaceutical (Japan), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Beiersdorf (Germany), Rohto Pharmaceutical (US), Breg (US), Romsons Group of Industries (India), Custom Ice (US), and Unexo Life Sciences (India).
This report studies the cold pain therapy market based on product, application, and region. The report also studies factors affecting market growth, it analyzes opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends. The report forecasts the revenue of market segments with respect to the four key regions and respective countries.
Reasons to Buy the Report:
From an insights perspective, this research report has focused on various levels of analysis— market ranking and share analysis of top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging segments of the cold pain therapy market; and high-growth regions and their drivers, restraints, challenges, and opportunities. The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares.