How big is Cold Pain Therapy Market ?
Market Research Future (MRFR) asserts that the global Cold Pain Therapy Market is predicted to garner USD 1742.95 Million, demonstrating a CAGR of 4.50 % during the forecast period (2022-2030). Increased incidences of injuries occurred during sports activities are favoring the market growth to a large extent. Also termed as cryotherapy, cold pain therapy is used to minimize inflammation and swelling that causes pain. With the use of cold pain therapy, the nerve activity is reduced for a certain period which further helps to reduce the pain. They are generally used to reduce the inflammation or pain caused by physical activities like injury caused while playing or sprain in ligament or muscle during gym.
Cold pain therapy is also used to treat plantar fasciitis, tennis elbow, carpal tunnel syndrome, iliotibial band syndrome, and patellofemoral pain syndrome. With the augmenting demand for products that helps to reduce pain without medication, the market for cold pain therapy is considered to flourish. The accelerating incidences of injuries caused while gym activities, sports activities coupled with the growing healthcare expenditure on injuries are some of the top factors considered to fuel the market growth throughout the assessment period. The aging population is another driving factor as they are prone to swelling. The growing acceptance of analgesic patches across the world and self-care preferences are further estimated to influence the market growth. Moreover, the rising prevalence of prostate, skin, cervical cancer and retinoblastoma are fueling the market growth. The increasing incidences of musculoskeletal disorders and other muscle and bone-related disorders are estimated to contribute to the market growth in the coming years.
On the contrary, lack of compensation, distress related to the treatment, and clinical indication for the medicine are some of the top barriers considered to vitiate the market growth throughout the estimated period. Moreover, lack of reimbursement policies and financial assistance coupled with the discomfort associated with the treatment are considered to deter the market growth across the globe.
The major players operating the global cold pain therapy market Players are Pfizer (US), Beiersdorf (Germany), Rohto Pharmaceutical (US), Medline Industries (US), Breg (US), Johnson & Johnson (US), DJO Global (US), Sanofi (France), Hisamitsu Pharmaceutical (Japan), Össur (Iceland), Performance Health (US), Romsons Group of Industries (India), and others.
Cold Pain Therapy Market Segmentation
The global cold pain therapy market has been segmented on the basis of product, therapy, application, and end-users.
By mode of product, the global cold pain therapy market has been segmented into prescription products and over the counter (OTC). Among these, the OTC products are estimated to expand at the highest rate throughout the appraisal period. The rising preferences of the patients for topical pharmaceuticals compared to oral medications due to their fast pain relief, lower side effects, and convenience are predicted to fuel the segment growth in the coming years.
By mode of therapy, the global cold pain therapy market has been segmented into chamber therapy, cryosurgery, and icepack therapy.
By mode of application, the global cold pain therapy market has been segmented into post-operative therapy, musculoskeletal disorders, post-trauma therapy, and sports medicine. Among these, the musculoskeletal disorders segment is considered to occupy the largest market share due to the rising prevalence of arthritis, back pain, osteoarthritis, and joint pain. Moreover, with the rising trend of self-care coupled with the rising preferences for topical analgesics in order to manage musculoskeletal pain are some of the factors likely to foster the segment growth across the globe.
By mode of end-users, the market has been segmented into hospitals & clinics and sports person, adults, and others.
Cold Pain Therapy Market Regional Analysis
Geographically, the cold pain therapy market span across regions namely, Europe, America, Asia-Pacific, and the Middle East and Africa.
Considering the global scenario, the American region is anticipated to lead the global market due to the extensive R&D activities in cold pain therapy. The increasing demand for products to reduce arthritis pain and swelling are contributing to the market growth in this region. As per the Arthritis Foundation, approximately 78 million people are predicted to be diagnosed with arthritis in 2040.
The European region is considered to be the second-largest region in cold pain therapy owing to the rising incidences of non-traumatic joint disorders like chronic infectious arthritis, knee pain, and crystalline synovitis. With the growing number of surgeries, the market is considered to fuel in this region. Moreover, the growing geriatric population coupled with the rising cases of arthritis is highly supporting the market growth.
The Asia Pacific region is considered to be the fastest growing region owing to the rising geriatric population suffering from arthritis. Moreover, the rising injuries occurring during sports activities coupled with the presence of major market players in this region are some of the other major factors likely to influence the market growth. Also, with the augmenting prevalence of rheumatologic disease impacting a large number of population, the market is estimated to flourish.
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