Dublin, March 15, 2021 (GLOBE NEWSWIRE) -- The "Global 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), and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global cold pain therapy market is projected to reach USD 2 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 4.4% during the forecast period.
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. However, presence of alternate pain relief products/therapies in the market are likely to hamper the growth of this market.
The recent COVID-19 global pandemic has also impacted the cold pain therapy market. Amid the COVID pandemic, the reduced access to hospital and retail pharmacies, orthopedic clinics and rehabilitation centers effected the sales growth of the cold therapy products.
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.
The OTC products segment to witness the highest growth rate in cold pain therapy market, by product, during the forecast period
The OTC products segment is expected to witness the highest growth rate during the forecast period. The high growth in this owes to the high prevalence of arthritis and other skeletal disorders and growing patient awareness about the availability OTC products easily to be used at home.
The musculoskeletal disorders segment accounted for the largest share of the cold pain therapy market, by application, in 2020
The lateral flow assays segment accounted for the largest share of the cold pain therapy market in 2020. The rise in the global prevalence of musculoskeletal disorders such as osteoarthritis, back and neck pain , growing geriatric patient population and influx of wide range of cold therapy products for musculoskeletal disorders are some of the factors anticipated to boost the segment growth in the coming years.
The retail pharmacies segment accounted for the largest share of the cold pain therapy, by distribution channel, in 2020
The presence of different types of cold therapy products in the retail pharmacies has played a critical role in expanding the reach to different customers. Moreover, ongoing collaborations of retail pharmacies with e-commerce market players and the empathizing on offering consulting services to the patients are expected to some of the key factors anticipated to fuel the growth of the segment in the coming years.
The Asia-Pacific market to grow at the highest CAGR during the forecast period
The cold pain therapy market is segmented into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Increase in the adoption of cold therapy products, increasing healthcare expenditures, increasing number of retail and hospital pharmacies in India and China, and growing collaborations among players in the region are also expected to drive point of care diagnostics market growth in Asia-Pacific.
The major players operating in the cold pain therapy market are Sanofi (France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), ROHTO Pharmaceutical (Japan), Beiersdorf (Germany), Johnson & Johnson (US), Medline Industries (US), Ossur (Iceland), Performance Health (US), Breg (US), Romsons Group of Industries (India), Unexo Life Sciences (India), and Bird & Cronin (US).
Key Market Drivers
Increasing Incidence of Sports Injuries and Rising Emphasis on Exercise and Gym Activities
Growing Number of Hip and Knee Surgeries Across the Globe
Growing Need for Safer Pain Management Modalities as Opposed to Oral Drug Therapy
Clinical Evidence in Favor of Menthol-Based Topical Analgesics
Key Market Restraints
High Usage of Low-Priced Analgesic Pills for Immediate Pain Relief
Lack of Reimbursement
Lack of Substantial Clinical Evidence in Favor of Cold Pain Therapy
Health Hazards and Discomfort Associated with Cold Pain Therapy Products
Key Market Opportunities
Growing Adoption of Analgesic Patches Because of the Advantages Associated with the Use of Them
Aging Population Sensitive to Traumatic Injuries
Growing Awareness Among Consumers Owing to Promotional Marketing Strategies
Growing Use of Cold Pain Therapy Among Middle-Aged Women
Increasing Regulatory Barriers for Oral Pain Medications
Key Market Challenges
Availability of Alternative Non-Drug/Device Pain Management Therapies
Stringent Regulations on Ammonium Nitrate Usage
Johnson & Johnson
Romsons Group of Industries
Unexo Life Sciences
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