Cold Pain Therapy Market worth $2.0 billion – Growing Number of Hip and Sports Injuries across the Globe
The Factors such as increasing prevalence of arthritis and the rising number of sports injuries are the key factors boosting the demand for cold pain therapy products for the management of pain. Moreover, growing awareness about the availability of cost-effective cooling pain relief products and the ease of application of cold pain therapy products are anticipated to accelerate the adoption of these products in the coming years.
How the Market Growth Will Impact In-terms of Revenue?
The Global Cold Pain Therapy Market size is projected to reach USD 2.0 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 4.4% during the forecast period.
Musculoskeletal Disorders accounted for the largest share of the market.
The growing prevalence of musculoskeletal disorders globally and the demand for the cost effective pain relief products and the growing awareness about the availability of effective cold therapy products for the musculoskeletal disorders pain management and rise in the geriatric patient population are likely to fuel the growth of this segment during the forecast period.
Growth Driver: Increase in the prevalence of incidence of sports injuries;
Musculoskeletal injuries are the most common forms of sports-related injuries. Some of the common injuries include ankle sprains, knee injuries, fractures, joint injuries, tennis elbow (epicondylitis), and dislocations. Cold pain therapy products, such as ice packs and sprays, are the most commonly used products for the management of pain associated with sports-related injuries as they provide instant pain relief. Furthermore, with rising disposable income levels, growing health awareness, growing obesity rate, and growing stress levels, the emphasis on gym activities and workouts among adults across the globe has increased augumenting the market growth.
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Recent Developments in Cold Pain Therapy Market:
- In 2019, Performance Health announced the launch of Cold Patches Biofreeze Pain Relief Patch
- In 2019, DJO Global introduced the cooling pads DonJoy IceMan CLASSIC3
- In 2018, Hisamitsu Pharmaceutical and Olympic and Paralympic Games, Tokyo 2020 entered into strategic partnership. Hisamitsu became an official partner to provide external pain relief products to the athelets, thus strenthing its brand presence.
Geographical growth scenario of Cold Pain Therapy Market:
The emerging Asian countries, such as China, India, South Korea, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific pain therapy market is projected to grow at the highest CAGR of 5.6% from 2020 to 2025. Growing preference for topical products, especially cold patches, expansion of healthcare infrastructure, growing awareness of cold therapy products the region. Moreover, emergence of key players with established prpduct portfolio is driving the growth of the APAC market.
Key Companies and Strategies Adopted-
Prominent players in Cold Pain Therapy Market Sanofi (France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), ROHTO Pharmaceutical (Japan), Beiersdorf (Germany), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Breg (US), Romsons Group of Industries (India), Unexo Life Sciences (India), and Bird & Cronin (US)
Sanofi is among the leading pharmaceutical companies in the world. It focuses on the research, development, manufacture, and commercialization of healthcare products (including medicines, vaccines, and therapeutic products). The company operates its business through three segments, namely, Pharmaceuticals, Vaccines, and Consumer Healthcare. Sanofi offers a wide range of cold pain therapy products, such as patches, creams, sprays, balms, and roll-ons,through its Consumer Healthcare segment and its subsidiary Chattem, Inc. (US),
Sanofi has a strong geographic presence in over 100 countries, with distribution networks across more than 170 countries across the globe
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