Cold Pain Relief Market Share, Size and Trend Analysis Application Report (Sports Medicine, Musculoskeletal Disorders, PTSD, Postoperative Therapy), By Product (OTC Products (Patches, Gel Creams, etc.) Prescription Products (Medical Devices, Pharmaceutical drugs), by distribution channels (retail pharmacies, hospital pharmacies, e-commerce), by regions and forecasts, 2021-2028
Newark, NJ, May 3, 2021 (GLOBE NEWS) – According to a report released by Fior Markets, world cold therapy market is expected to grow from US $ 2.65 million in 2020 to US $ 3.80 million by 2028 at a CAGR of 4.6% over the forecast period 2021-2028.
Certain factors are driving the growth of the global cold therapy market. Some of these include an increase in injuries from accidents, falls, road traffic accidents, an increase in sports injuries, an increase in the prevalence of orthopedic diseases, and an increased awareness of strategies among market consumers. According to the World Health Organization (WHO), 20 to 50 million people are injured in road traffic accidents or disabled each year from injuries to the chest, head, arms and legs. The rise in sports-related injuries also plays a vital role in increasing demand for these products. Typical sports injuries are muscle sprains and strains, joint dislocations, and rupture of the tendons and ligaments that hold broken bones and joints together, including the vertebrae.
Cold therapy can be applied in a variety of ways, including coolant sprays, hot tubs, ice baths, ice packs, or ice massage. When used to treat injuries at home, cold pain therapy is cold treatment using gel or ice packs that are usually kept in the freezer until needed. They remain one of the time-tested and simplest remedies for swelling and pain. Cold compresses are most commonly used for inflammation as the main analgesic for pain relief.
The increased geriatric population is an important target group promoting the market. Countries such as China and Germany have a large geriatric population base. These factors contribute to the growth of the market. This group of people is susceptible to joint disease and arthritis, which is expected to increase the demand for cold pain medications. Moreover, the rise in the number of road traffic injuries, accidents and falls is another important factor accelerating the market for cold therapy. Market growth constraints are clinical data on cold pain medications and the side effects of cold pain relievers, combined with various inconveniences that also impede market growth. Patches provide a wide range of benefits over traditional oral or parenteral routes because drug delivery is convenient, simple, non-invasive, and painless. The growing patient preference for alternative therapies is likely to pose a major challenge to market growth.
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Key players in the cold therapy market include Johnson & Johnson, Beiersdorf AG, Breg, Inc., Medline Industries, Inc. Ã – ssur HF, Sanofi, DJO Finance LLC, Hisamitsu Pharmaceutical Co., Inc. and 3M Company. To gain a significant share of the global cold pain treatment market, key players are now focusing on product innovation, mergers and acquisitions, latest developments, joint ventures, collaborations and partnerships. Breg, Inc. and DJO Finance LLC are vital manufacturers operating in the cold treatment market.
For example, in February 2021 Breg, Inc. partnered with Club Warehouse, an Australian distributor, to expand the supply of its premium, expensive orthopedic products to the Australian market, including cold pain relief products.
For example, in April 2021, Battle Creek Equipment Co. launched a line of cold wraps for the treatment of chronic pain and acute inflammation pain.
The musculoskeletal segment dominated the market with the largest market share at 30.12% in 2020.
Depending on the area of application, the global market for cold therapy is divided into sports medicine, musculoskeletal diseases, post-traumatic therapy and post-operative therapy. The musculoskeletal segment dominated the market with the largest market share at 30.12% in 2020. This growth is attributed to an increase in the population of geriatric patients and a growing awareness of effective cold treatment products.
The OTC segment dominated the market with the largest market share at 56.15% in 2020.
Depending on the product, the global cold therapy market is divided into over-the-counter products (patches, gels, creams, and others) and prescription products (medical devices and pharmaceuticals). The OTC segment dominated the market with the largest market share at 56.15% in 2020. This increase is attributed to a significant increase in musculoskeletal diseases such as osteoarthritis, back and neck pain, and increased patient awareness of the growing availability of drugs. OTC remedies for cold pain relief.
The retail pharmacy segment dominated the market with the largest market share at 38.40% in 2020.
The global cold therapy market is divided into retail pharmacy, hospital pharmacy and e-commerce depending on the distribution channel. The retail pharmacy segment dominated the market with the largest market share – 38.40% in 2020. This growth was driven by an increase in the number of retail pharmacies in both developing and developed countries. Topical products are widely available in retail pharmacies, which is expected to drive growth in the segment.
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Regional segment analysis Cold Pain Therapy Market
North America (USA, Canada, Mexico)
Europe (Germany, France, Great Britain, Italy, Spain, the rest of Europe)
Asia-Pacific (China, Japan, India, rest of the Asia-Pacific)
Latin America (Brazil, Argentina)
Middle East and Africa (UAE, South Africa, Saudi Arabia and the rest of the IEA)
Based on geography, the cold therapy market has been divided into North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa. North America had the largest market at 26.13% in 2020. This growth has been confirmed by the United States in the North American region through the availability of advanced manufacturing technologies, including motorized and non-motorized cold pain relief devices, and awareness raising. In addition, the growth of the obese and elderly population is expected to drive market growth. On the other hand, the Asia-Pacific region is expected to grow significantly by raising health awareness and improving infrastructure in middle- and low-income countries. Thus, a growing and aging supply of over-the-counter products is driving growth in the Asia-Pacific region.
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About the report:
The global cold therapy market is analyzed on a cost basis (in millions of US dollars). All segments were analyzed at global, regional and country levels. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, constraints and challenges to gain key insights into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, and competitor grid analysis.
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