Cold Pain Therapy Market Segmentation | Product, Application, Therapy, End User | COVID-19 Analysis
The Global Cold Pain Therapy Market is growing due to rising healthcare expenditure on injuries. Also, the market is expected to reach Valuation of USD 2.12 Billion by 2023. The latest Industry Research on with impact analysis of COVID-19, published by MRFR.
Market Insights
Market Research Future published a report forecast on global cold pain therapy market that offers updates and information on the market by identifying all the opportunities for growth in the market. the report starts with the valuation that the market gained was USD 1.62 Billion in 2017, which is now expected to reach USD 2.12 Billion by 2023 at a CAGR of 4.6 %.
Cold pain therapy is a therapeutic application of cold that includes the usage of cold materials in the treatment of acute soft tissue injuries to reduce pain. Cold pain therapy is also termed as cryotherapy that is used to reduce swelling and inflammation that causes pain. The use of this therapy also reduces the nerve activity for some time which decreases the pain. The global cold pain therapy market is surging with the increasing prevalence of increasing rate of accidental and sports injuries.
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Drivers & Trends
The foremost factors that are contributing for the growth of cold pain therapy market include increasing injuries caused while sports activities and gym activates. The rising healthcare expenditure on injuries during physical activities is causing the global cold pain therapy market. with this, the mounting incidence of musculoskeletal disorders and other bone- and muscle-related disorders are likely to fuel the growth of the global cold pain therapy market during the forecast period.
On the other hand, cold pain therapy is mostly applied for the fresh injuries such as ligament sprains, muscle sprains, and severe bruises. Moreover, it is also helpful for chronic overuse or tissue fatigue injuries like carpel tunnel syndrome, tennis elbow, supraspinatus tendinitis, iliotibial band syndrome, patellofemoral pain syndrome and plantar fasciitis. Due to such immense benefits of the therapy, the global cold pain therapy market is anticipated to witness an utmost growth in the years to come.
On the flip side, some factors such as lack of compensation, clinical indication for the medicine for cold pain therapy, and distress associated with the treatment are accounted to somehow hamper the global cold pain therapy market growth down the future timeline.
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Market Segmentation
The global cold pain therapy market is segmented according to product, application, therapy, and end-user.
By the mode of product, this market segmented is done under over the counter (OTC) and prescription products. where, the OTC products are sub segmented into gels, sprays, patches, cold packs, wraps, pads, and roll-ons and the prescription products is sub segmented into motorized and non-motorized devices.
By the mode of application, this market is segmented into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy.
By the mode of therapy, this market is segmented into icepack therapy, chamber therapy and cryosurgery.
By the mode of end-user, the market is segmented into hospitals and clinics, sports person, adults, and others.
Regional Outlook
Geographically, the global cold pain therapy market research study segments the global cold pain therapy market into the regions such as Americas, Europe, Asia-Pacific, and the Middle East and Africa. The Americas is sub-segmented into North America and South America.
The reports mentioned that North America lead the global cold pain therapy market owing to the surge in the healthcare expenditure along with surging cases of injuries during sports activities, mounting importance and emphasis on gym activities to maintain health. In this context, The National Safety Council (NSC) reported, that in 2015 maximum injuries were caused by sports activities, basketball with 493,011 people, followed by biking with 488,123 injuries and 399,873 were injured while playing football. This report suggested for the proliferation of cold pain therapy market in this region.
On the second hand, Europe stood at second largest position in the cold pain therapy market owing to the swelling government regulation process for pain medicines, increasing accident by drinking & driving, and increasing backpain. As known, most of the pain killers contain opioids which have adverse effects on body, thus, to avoid the side effects and reactions cause by the medicines, now patients prefer to opt for cold pain therapy treatment to reduce the pain. This is expected to lead the increase in demand for cold pain therapy products in Europe region.
Whereas, Asia-Pacific was anticipated to be the rapidly growing region for the cold pain therapy market as it is likely to witness high growth owing to the swelling demand of pain relief ointments by increase in geriatric population, physical injuries due to sports activities and rising use of products with less side effects.
And, the Middle East and Africa is likely to have low share in the global cold pain therapy market owing to the lack of awareness and less expenditure on healthcare. However, the market is expected to witness growth in future with the increasing hospitals and rising demand for the products in the Middle East.
Key Players
Some of the prominent players in the global cold pain therapy market are listed as Sanofi (France), DJO Global (US), Pfizer (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) and Others.
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