According to the new market research report “Cold Pain Therapy Market by Product (OTC (Gels, Creams, Patches, Wraps, Pads), Prescription Devices (Motorized, Non-Motorized), Applications (Musculoskeletal, Post Op, Sports Medicine), Distribution Channel(Hospital, Retail) – Global Forecasts to 2025“, published by MarketsandMarkets™, 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.
COVID-19 Impact on the global cold pain therapy market;
The COVID-19 pandemic has significantly affected the pain therapy market. Due to the pandemic, the market experienced short-term negative growth, which can be attributed to a sharp reduction in access to hospital and retail pharmacies and the temporarily shutdown of orthopedic clinics and rehabilitation centers. The US witnessed a decline of 30–60% in hospital visits after the announcement of nationwide lockdown measures (Source: The Commonwealth Fund, 2020). The restricted or limited access to rehabilitation clinics, temporary closure of gyms and fitness centers, restrictions on outdoor sporting activities, and social distancing measures resulted in a reduction in the number of trauma and sports injuries. This further reduced the sales of cold pain therapy products. With the reopening of hospitals, clinics, and sports institutions and relaxations in lockdown measures, growth in this market is expected to pick up pace in the coming months.
Moreover, the improved access to cold therapy devices through online platforms and the growing number of patients opting for self-medication with over-the-counter cold therapy products (such as cold gel packs, ointments, and cold sprays) for pain management are some of the key factors likely to drive the long-term growth of the cold pain therapy market.
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The Increasing prevalence of prevalence of arthritis & other musculoskletal disorders and growing awareness about the availability of cold therapy products are the key factors driving the growth of the market.
Musculoskeletal Disorders accounted for the largest share of the cold pain therapy market
by application; 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.
Retail Pharmacies accounted for the largest share of the cold pain therapy market,
by Distribution channel; the segment accounted for the highest share owing to the increasing growing awareness about the availability of effective cold pain therapy products in retail pharmacies, increase in the expansion of retail pharmacies through collaboration with e-pharacies and the major focus on strengthening the brand connection among customer by widening their personal consultation services are some of the factors anticipated to preopel the growth of this segment.
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Asia Pacific likely to emerge as the fastest growing cold pain therapy market.
Geographically, the emerging Asian countries, such as China, India, South Korea, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific 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 product portfolio are driving the growth of the APAC cold pain therapy market.
Prominent players in this 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)