The 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″ 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.
What is the Impact of Covid-19 on the cold pain therapy market?
The COVID-19 pandemic has significantly affected the pain therapy market. Due to the pandemic, the hot and pain therapy 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.
What Drives the Market Growth?
- Increasing Incidence of Sports Injuries and Rising Emphasis on Exercise and Gym Activities
- Growing Number of Hip and Knee Surgeries Across the Globe
- Growing Need for Safer Pain Management Modalities as Opposed to Oral Drug Therapy
- Clinical Evidence in Favorof Menthol-Based Topical Analgesics
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Emerging Opportunities for Cold Pain Therapy Market Growth?
- Growing Adoption of Analgesic Patches Because of the Advantages Associated With the Use of Them
- Growing Awareness Among Consumers Owing to Promotional Marketing Strategies
- Aging Population Sensitive to Traumatic Injuries
- Growing Use of Cold Pain Therapy Among Middle-Aged Women
Opportunity: Growing adoption of analgesic patches;
Patches are easy to use and provide a wide range of advantages over traditional parenteral or oral routes as the drug delivery is simple, painless, non-invasive, and convenient. Moreover, they increase patient compliance and satisfaction and provide site-specific dosing. While placed on the skin, patches deliver an analgesic drug at a fixed rate across the dermis. The use of analgesic patches through transdermal drug delivery systems offers various advantages over oral medications.
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Geographical View in-detailed:
The emerging Asian countries, such as China, India, South Korea, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific cold 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 helathacre infrastructure, growing awareness of cold therapy products the region. Moreover, emergence of key players with established prpduct portfolio are driving the growth of the APAC pain therapy market.
Global Key Leaders:
Prominent players in Cold Pain Therapy Market are 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)