Localized Temperature Therapy Products Market to rise at 6% CAGR between 2020 and 2030 : FMI
Localized temperature therapy products display high efficacy in non-invasive pain management and hypothermia prevention applications. According to a new Future Market Insights study, the industry will display substantial scope in applications for localized neonatal therapy, and for sport injury treatments in the near future.
Growing applications in healthcare, coupled with growth of the global manufacturing sector and favorable policies by governments, are generating lucrative growth opportunities, especially in developing economies across Asia and Latin America. Also, therapeutic applications aimed towards geriatric users will support long term growth prospects.
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Future Market Insights, in its study has estimated the market to rise at 6% CAGR between 2020 and 2030. Market players operating in the industry are aiming for the development of product improvements through novel technologies in addition to industry collaborations and capacity expansions to keep pace with changing industry needs.
The market has witnessed substantial expansion in recent years, with better access to healthcare services for injury and pain relief therapeutics. Higher popularity of non-surgical, pharmaceutical-free treatments for physical injuries and chronic ailments such as arthritis and osteoporosis, has been driven by reduced risk of side effects, and ease of application.
Localized temperature therapy aids help to improve blood and oxygen flow. Innovations such as microwave and electric products provide higher efficacy and are gaining from wider scope of application. Rising incidences of road accidents, and sport injuries result in bone and tendon ruptures, strains, and sprains, which boost overall market demand. On the other hand, alternatives such as reusable packs and herbal medication could restrict growth.
FMI’s report on the market offers a detailed overview, covering essential market dynamics. Some of the major takeaways from the report are as follows:
- The value of the localized temperature therapy products market for in 2019 was over US$ 1.4 Bn, which higher than previous years
- Hospitalization for hypothermia and chronic pain for adult populations are driving growth through the forecast period
- Back and knee pain management applications are picking up pace with higher demand arising from geriatric users
- North America is projected to remain dominant, with the United States displaying highly lucrative market growth opportunities
“Apart from the high demand for injury and pain management healthcare operations, the rise in the number of premature births globally and the resultant preterm birth complications, particularly in emerging economies will be a major factor boosting the application of localized temperature therapy products for neonatal treatments,” said an analyst at FMI.
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COVID-19 Impact on Localized Temperature Therapy Products Market
The covid-19 virus, which causes acute respiratory distress has been found to be sensitive to heat. Consequently, the use of higher temperatures tolerable to the human body has been found to be effective in destroying and deactivate the lipid covering of the virus. This factor is expected to have a positive impact on the localized temperature therapy product market in providing patient short-term relief.
On the other hand, the restrictions imposed by governments on elective medical procedures during the crisis is likely to impact short term sales. Also, the pandemic has affected neonatal infant care, with pediatric patients and newborns being at higher risk of infection, leading to the establishment of standards of testing and care, which could support market growth throughout the duration of the pandemic.
Who is winning?
In its report, Future Market Insights has studied the numerous strategies taken up by some of the dominant companies operating in the localized temperature therapy products market. Apart from strategic mergers and acquisitions, companies are increasingly focusing on development of new products and capacity expansions, with the integration of novel technologies for a wider portfolio range.
Some of the participants operating in the localized temperature therapy products market are Medtronic Plc, Kobayashi Pharmaceutical Co. Inc., Cardinal Health, Carex Health Breg Inc., Medline Industries Inc., Core Products International Inc., Cincinnati Sub Zero, The Mentholatum Company, B.u.W. Schmidt, Life Wear Technologies, Pic Solution, Advanced Home Care, Rapid Aid, Adroit Medical Systems and Macon & Company Inc.
Learn More About Localized Temperature Therapy Products Market:
A new market research report published by Future Market Insights (FMI) on the global localized temperature therapy products market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the localized temperature therapy products market through four unique segments – product type, area of application, distribution channel and region. The market report also provides detailed assessment of pricing on the basis of various key market dynamics, life cycle analysis, and technologies that are being deployed in the supply of localized temperature therapy products and adoption for different health issues.
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About the Healthcare Division at Future Market Insights
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