The cold pain therapy market is projected to witness a CAGR of 4.5% over the forecast period. Due to increasing cases of injuries related to sports and the adoption of quick pain relieving technologies, the market is expected to grow at significant rates.
Due to the impact of the COVID-19 pandemic, the cold pain therapy market is projected to have a short-term decline due to the lockdown situations and scarcity of the stock due to the supply chain disruptions, coupled with the decreased trauma and pain-related hospital admissions. Additionally, the growing prevalence of bone disorders, such as arthritis and an aging population, is anticipated to boost the market growth.
Furthermore, an increasing number of road accidents and related injuries are responsible for market growth. According to the World Health Organization (WHO), each year, 20 to 50 million people suffer from non-fatal injuries, worldwide. However, the lack of awareness regarding cold therapy is expected to hinder the market growth over the forecast period. There are several factors that drive patient treatment in hospitals across developed and emerging markets and [primarily related to accidental cases across different industries, which is primarily controlled in the healthcare facilities. Thus, the major focus of the biopharmaceutical and medical device companies is to enhance their distribution network and supplies across healthcare facilities, which boosts the growth of the market.
Key Market Trends
OTC Products Holds Majority of the Share in Product Segment Followed by Prescription Based
The OTC product segment holds the majority of the market share owing to easy availability and the advent of e-commerce, worldwide. Moreover, the high prevalence of musculoskeletal disorders and advancements in product technologies in providing rapid pain relief is fuelling the segment growth. Furthermore, the availability of a wide range of products, such as gels, patches, cold packs, roll-ons, and sprays, is expected to boost the OTC product segment growth rate over the forecast period. For instance, in March 2019, Performance Health expanded its product portfolio with the launch of the Biofreeze pain relief patch.
Moreover, the sports medicine segment is expected to have a significant growth rate over the forecast period owing to the increasing incidence of sports injuries and the advent of instant pain-relieving products. An increasing incidence of post-traumatic pain and growing affordability of medicine are anticipated, thus, bolstering the market growth. The aging population, worldwide, having a high risk of musculoskeletal disorders and pain, complementing the growth of the cold pain therapy market.
However, with the impact of the COVID-19 pandemic, application segments, such as sports medicine and post-operative therapies, are expected to witness a slight decline in revenue due to the low activity in the segment. However, the post-pandemic situation is expected to provide a lucrative opportunity for growth over the forecast period.
North America Dominates the Cold Pain Therapy Market
North America holds a significant share owing to factors, such as increased awareness and availability of advanced product technologies, including non-motorized and motorized cold pain therapy devices. Furthermore, the aging population and availability of a large pool of patients with back pain and other injuries are anticipated to drive the market growth over the forecast period. As per the Population Reference Bureau's fact sheet, the number of Americans aged above 65 is projected to nearly double from 52 million in 2018 to 95 million by 2060. The 65-and-older age group's share in the total population may rise from 16% to 23%. Additionally, according to the Morbidity and Mortality Weekly Report, Centre for Disease Control and Prevention, 2018, chronic pain affects about 50 million adults in the United States. High-impact chronic pain has affected around 20 million adult populations in the United States.
Amid COVID-19, chronic pain management is still quite a challenging process, especially with growing evidence that the virus infection is associated with myalgias, referred pain, and widespread hyperalgesia. Anesthesia and pain medicine healthcare professionals responsible for performing spinal interventions and regional anesthetic blockades are at a higher risk of infection than other medical specialties.
Europe, followed by the Asia Pacific, is expected to grow at significant rates owing to growing awareness and improving healthcare infrastructure in middle and low-income countries. According to the World Health Organization (WHO), 93% of the world fatalities due to road accidents happen in low and middle-income countries, even though these countries have approximately 60% of the world's vehicles. Hence, an increase in the incidence of road accidents and the increasing popularity of OTC products in the Asia Pacific are fueling the market growth in the region.
The cold pain therapy market is moderately fragmented, having more market players. There are well-established market players that are gaining momentum utilizing e-commerce and expanding into new regions. The key market players include Breg Inc., Cardinal Health Inc., DJO Global Inc., and Össur hf, among others. Additionally, the market is witnessing the entry of new market players and product launches, which is likely to boost the overall market growth. For instance, in March 2020, Tammy Lee founded Xena Cool, a manufacturing company offering wearable cool therapy knee, shoulder, and back/hip devices designed for active use and mobility.
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1.2 Study Assumptions
1.3 Scope of the Study
4.2 Market Drivers
4.2.1 Increasing Number of Road Accidents and Sports-related Injuries
4.2.2 Increasing Geriatric Population and Adaptation of Cold Therapy Products
4.3 Market Restraints
4.3.1 Lack of Awareness Regarding Cold Therapy
4.3.2 Lack of Reimbursement Policies For Cold Pain Therapy
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5.1.1 OTC Products
5.1.2 Prescription Products
188.8.131.52 Medical Devices
5.2 By Application
5.2.1 Sports Medicine
5.2.2 Post Operative Therapies
5.2.3 Trauma and Orthopaedic
5.2.4 Other Applications
5.3 By Geography
5.3.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
5.3.3 Asia Pacific
22.214.171.124 South Korea
126.96.36.199 Rest of Asia Pacific
5.3.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.3.5 South America
220.127.116.11 Rest of South America
6.1.1 Breg Inc.
6.1.2 Brownmed Inc.
6.1.3 Cardinal Health Inc.
6.1.4 DJO Global Inc.
6.1.5 Össur hf
6.1.6 Performance Health
6.1.7 Medline Industries Inc.
6.1.9 Compass Health
6.1.10 Hisamitsu Pharmaceutical Co. Inc.
6.1.12 Unexo Life Sciences Pvt. Ltd
A selection of companies mentioned in this report includes:
- Breg Inc.
- Brownmed Inc.
- Cardinal Health Inc.
- DJO Global Inc.
- Össur hf
- Performance Health
- Medline Industries Inc.
- Compass Health
- Hisamitsu Pharmaceutical Co. Inc.
- Unexo Life Sciences Pvt. Ltd