Cold Pain Therapy Market Overview, Share, Growth Drivers and Forecast by 2024
The global cold pain therapy market is witnessing considerable growth due to increasing geriatric population, increasing healthcare expenditure and growing awareness about cold pain therapy products. Moreover, increase in innovative product launches, increase in road accidents and sport related injuries across the globe is supporting the growth of the market.
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Based on product, the OTC based product segment lead the global cold pain therapy market owing to its easy availability over the counter, without any doctor prescription and ease of use. The popularity of cold pain therapy products is due to presence of several pain relief products in market. These products include creams, gels, ointments, sprays, cold packs, rolls, cooling towels, motorized and non-motorized devices. Based on application, the musculoskeletal disorders segment lead the global market due to increasing cases of arthritis, osteoarthritis, joint pain and back pain across the globe.
The rapid growth in emerging economies and technological advancement in development of more effective products is expected to create further growth opportunities for the manufacturers of cold pain therapy products. However, high cost of prescription based products, lack of reimbursement and health hazards associated with the usage of cold therapy products are the key factors hampering the growth of the global market.
Geographically, North America has been the largest market for cold pain therapy, owing to increased awareness, and easy accessibility to advanced technologies including motorized and non-motorized devices. Moreover, increasing incidence of musculoskeletal conditions drives the market growth in the region. The U.S. contributed largest revenue to the North American as well as global cold pain therapy market. The presence of large pool of patients with back pain, muscular pain and arthritis is the key driving factor of the U.S. cold pain therapy market.
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The key players operating in the global cold pain therapy market are Johnson & Johnson, Sanofi, 3M Company, Hisamitsu Pharmaceutical Co., Inc., Rohto Pharmaceutical Co., Ltd., Medline Industries, Inc., Beiersdorf AG, Breg, Inc., Össur HF and DJO Finance LLC.
Source: P&S Intelligence
