The global cold pain therapy market is expected to grow at a CAGR of around 3-5% in the forecast period 2020-2030. The increasing number of sports injuries and orthopedic diseases has resulted in significant growth in the market.
Cold therapy or cryotherapy is a home treatment used as pain relief for knee pain, sprains, arthritis pain, lower back pain, and also soothes the swelling. Cold therapy reduces sensitivity to pain. Cold therapy is used by placing ice covered with a cloth or towel on the injured area for about 10 to 20 minutes. The skin must be checked frequently for sensations to make sure the tissues are not damaged.
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Proper pain management includes RICE rest, ice, compression, and elevation. It can be used in a variety of ways such as ice packs, cooling sprays, ice massages, and hot tubs, etc. This is one of the easiest remedies to use for pain management while playing sports games, or for relieving arthritis or sprains, etc.
Increase in the geriatric population and increase in sports injuries
With obesity, knee pain and arthritis problems increasing in the geriatric population, cold pain therapy is gaining traction. Sports injuries carry a high risk of musculoskeletal disorders. Other common injuries such as sprains, joint injuries, dislocations, etc. are easily treated with Col pain therapies. So it is widespread and is what drives growth.
Growing OTC products are driving growth
The easy availability of products for cold pain therapy such as gels, plasters, cold packs, roll-ons and sprays is intended to stimulate growth. Such products, available in small stores, encourage manufacturers to increase production.
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High use of pain medication
For quick relief, many people and even athletes sometimes use inexpensive pain relievers that cause long-term side effects. Aspirin, acetaminophen, ibuprofen, etc. are available at a lower cost, so their high level of acceptance can hinder the growth of cold pain therapy. A low level of awareness of the side effects of such pain relievers also inhibits growth.
- Sanofi (France)
- Pfizer (USA)
- Ossur (Iceland)
- Breg (USA)
- Hisamitsu Pharmaceutical (Japan)
- Johnson & Johnson (USA)
- Romsons Group of Industries (India)
- Unexo Life Sciences (India)
- Vogel & Cronin (USA)
- Beiersdorf (Germany)
Recent developments in the industry by the companies mentioned are:
- Sanofi renewed its partnership with WHO in December 2020 to tackle some of the neglected diseases and eradicate sleeping sickness before 2030. Sanofi shares a fixed amount as financial support for disease management, campaigns, drug donations, etc. The partnership has been around for 20 years and supports the early detection, control and treatment of sleeping sickness, one of the most neglected tropical diseases.
- On February 21, 2021, Breg announced its partnership with Club Warehouse to expand the supply of its high quality orthopedic products in Australia. The company intends to sell its products across the continent, including the Australian Football League, National Rugby League and Rugby Union Clubs.
- Johnson and Johnson acquired Momenta Pharmaceutical in August 2020 to expand their brand in immune-mediated diseases and build leadership in the pharmaceutical market. The acquisition helps Janssen, a J&J pharmaceutical company, reach more patients by tracking indications among many autoimmune diseases.
North America continues to dominate the cold therapy market due to the widespread orthopedic diseases and obese population in the region. The adaptation of advanced devices is also the reason for the significant growth. In addition, the North American region benefits from the presence of prominent actors and government regulations regarding orthopedic diseases.
- OTC products
- Prescription Products
- Medical equipment
Based on the application
- sports medicine
- Post-operative therapies
- Trauma and orthopedics
Based on region
- North America
- Asia Pacific
- Middle East and Africa
- South America
- What can be the largest investment product in the forecast period?
OTC products such as gels, plasters, creams, etc. are expected to be in high demand in the forecast period 2021-2031.
- What is the most lucrative cold pain therapy market?
North America is currently the largest growth market for cold pain therapy and is expected to lead the way in the near future.
- What are the barriers to growth?
The use of painkillers and complaints during cold pain therapy continue to have a deterrent effect
- Which are the leading cold pain management companies?
Hisamitsu Pharmaceutical (Japan), Johnson & Johnson (USA), Romsons Group of Industries (India), Unexo Life Sciences (India), Bird & Cronin (USA) are the leading market players.
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