According to the new market research report "Cold Pain Therapy Market by Product (OTC (Gels, Creams, Patches, Wraps, Pads), Prescription (Motorized, Non-motorized)), Application (Musculoskeletal, Post-Op, Sports Injuries), Distribution Channel (Hospital, Retail, E-Pharmacy) - Global Forecast to 2027", is projected to reach USD 2.4 billion by 2027 from USD 1.8 billion in 2022, at a CAGR of 5.1%.
Browse in-depth TOC on "Cold Pain Therapy Market"
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The rising awareness about the cost-effective cold pain relief products, and rising prevalence of arthritis. Emerging economies such as China, Japan, and India are providing profitable opportunities for the players operating in the cold pain therapy market.
The OTC products segment accounted for the largest share of the cold pain therapy industry, by product segment, in 2021
The cold pain therapy market is segmented into OTC products and prescription products. The OTC products holds the largest share of the cold pain therapy market in 2021, mainly due to the presence of substantial clinical evidence in favor of cooling gels as sports medicine.
Musculoskeletal disorders segment to register the highest growth rate during the forecast period
The cold pain therapy market has been segmented into musculoskeletal disorders, sports medicine, post-operative therapy, and post-trauma therapy. In 2021, the musculoskeletal disorders segment accounted for the largest share of the cold pain therapy market. Factors such as rising geriatric population due to ehich there is higher prevalence of musculoskeletal disorders, and increasing self-care awareness will drive the growth of this segment.
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The retail pharmacies segment accounted for the largest share of the cold pain therapy, by distribution channel segment, in 2021
Based on the distribution channel, the cold pain therapy market has been segmented into hospital pharmacies, retail pharmacies, and e-pharmacies. In 2021, the retail pharmacies segment accounted for the largest share of the cold pain therapy market. The implementation of government regulations for proper functioning of retail pharmacies is driving the growth of this segment.
North America is the largest regional market for cold pain therapy market
The global cold pain therapy market is segmented into five major regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East Africa. In 2021, North America accounted for the largest share of the cold pain therapy market. The North American cold pain therapy market growth can be attributed to the growing incidence of arthritis.
The major players operating in this market are Beiersdorf AG (Germany), DJO Global, Inc. (US), Hisamitsu Pharmaceutical Co., Inc. (Japan), Össur (Iceland), Johnson Johnson (US), Pfizer (US), Sanofi (France), Rohto Pharmaceutical (Japan), 3M (US), Cardinal Health Inc. (US), Bird Cronin (US), Compass Health Brands (US), Breg, Inc. (US), Medline Industries (US), Performance Health (US), Romsons Group of Industries (India), Unexo Life Sciences (India), Polar Products (US), Rapid Aid (Canada), Mueller Sports Medicine (US), Pic Solution (US), Bruder Healthcare Company (US), Brownmed Inc. (US), Medichill (Australia), and ThermoTek, Inc. (US).
Market Growth Drivers
- Increasing incidence of sports injuries and rising emphasis on exercise and gym activities
- Growing number of hip and knee surgeries across the globe
- Rising geriatric population and subsequent growth in the prevalence of bone diseases and trauma injuries
- Growing need for safer pain management modalities as opposed to oral drug therapy
- Clinical evidence in favor of menthol-based topical analgesics
Market Restraints
- Wide use of low-priced analgesic pills for immediate pain relief
- Lack of substantial clinical evidence and reimbursement in favor of cold pain therapy
- Health hazards and discomfort associated with cold pain therapy products
Market Opportunities
- Growing adoption of analgesic patches
- Growing use of cold pain therapy among middle-aged women
- Increasing regulatory barriers for oral pain medications
Market Challenges
- Availability of alternative non-drug/device pain management therapies
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