Cold Pain Therapy Market to Grow at a CAGR of 4.6% During the Forecast Period 2020-2025

Cold Pain Therapy Market size in 2019 is estimated to be $ 1,690 million, growing at a CAGR of 4.6% during the forecast period 2020-2025. The cold pain therapy includes the usage of cold materials to relieve pain. Cryotherapy is used for injury management and it reduces the blood circulation, thereby reducing inflammation, muscle spasm and pain. Increasing incidence of injury caused during sports activities and rising geriatric population are the major factors driving the growth of the market.

Cold Pain Therapy Market Segment Analysis - By Product

Based on the Product, Cold Pain Therapy Market is segmented into OTC and Prescription-Based. The OTC segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.2% during the forecast period 2020-2025. This is mainly owing to high patient preference for topical medication compared to oral medications as it has lower side effects, fast pain relief, and convenience in use are contributing to the growth of this segment. Topical medicines are easily available and do not require prescriptions.

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Cold Pain Therapy Market Segment Analysis - By Application

Based on the Application, Cold Pain Therapy Market is segmented into Musculoskeletal Disorders, Post-Operative Therapy, Sports Medicine, Post-Trauma Therapy. In 2019, musculoskeletal disorders held the largest share in the Cold Pain Therapy Market. The increasing incidence of arthritis, osteoarthritis, back pain, and joint pain and the growing preference for topical analgesics to manage musculoskeletal pain are contributing to the growth of this segment.

Cold Pain Therapy Market Segment Analysis - By Geography

North America dominated the Market share accounting for 40% of the market in 2019. This is mainly owing to growing geriatric population, increasing incidence of arthritis and sport injuries and increasing adoption of pain relief patches. According to Centers for Disease Control and Prevention in 2019, about 54.4 million people in the U.S. are suffering from arthritis and The American Academy of Orthopedic Surgeons estimated that 90% of patients suffering from rheumatoid arthritis which are contributing the dominance of this segment.

However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. The increasing disposable income and healthcare expenditure in the is poised to contribute to the market growth of this region over the forecast period 2020-2025.

Cold Pain Therapy Market Drivers

Increasing Incidence of Injury caused During Sports Activities

Increasing incidence of injuries during sports activity, increase on the emphasis on exercise and gym activities in order to maintain health are some factors driving the market growth of this segment. Moreover, increase in the healthcare expenditure with rising cases of physical injuries owing to obesity or less activity and stringent regulatory approval process for oral pain medicines which are increasing the market growth of cold pain therapy.

Rising Geriatric Population

Rising geriatric population is major factor driving the growth of the market. This group of people is highly susceptible to arthritis and joint disorders. Moreover, increasing number of traumatic injuries resulting from falls, mishaps, and road accidents are contributing to the growth of Cold Pain Therapy Market.

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Cold Pain Therapy Market Challenges

Increasing side effects owing to use of cold pain therapies coupled with various discomforts are challenging the growth of the market. Moreover, lack of adequate clinical evidence for the medication for cold pain therapy are also restraining its market growth during the forecast period 2020-2025.

Cold Pain Therapy Market Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Cold Pain Therapy Market. Cold Pain Therapy top 10 companies are Beiersdorf; Breg, Inc., Pacira Biosciences Inc., DJO Global; Hisamitsu Pharmaceutical Co., Inc., Johnson & Johnson, ÖssurCorporate; Performance Health, Pfizer, Inc., DeRoyal Industries, Inc., and Romsons Group of Industries.

Acquisitions/Product Launches:

On April 2016, Breg launches VPULSE therapy, a device that aids in DVT prevention, along with a combination of wound compression and cold therapy.

On April 2019, Pacira BioSciences, Inc. has acquisition with MyoScience, Inc. that helps patients and healthcare providers to fight the opioid crisis by offering innovative therapies to decrease or eliminate the need for opioids.

Key Takeaways

In 2019, North America dominates the Cold Pain Therapy Market owing to growing geriatric population, increasing incidence of arthritis and sport injuries and increasing adoption of pain relief patches.

Increasing incidence of injury caused during sports activities and rising geriatric population is driving the market growth of cold pain therapy.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Cold Pain Therapy Market report.

Increasing side effects and lack of reimbursement are challenging the growth of the market.

Related Reports :

A. Ambulatory Blood Pressure Monitoring Market

https://www.industryarc.com/Report/15391/ambulatory-blood-pressure-monitoring-market.html

B. Cryotherapy Market

https://www.industryarc.com/Report/18878/cryotherapy-market

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