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The increasing incidence of sports injuries and rising emphasis on exercise and gym activities, growing number of hip and knee surgeries across the globe, and growing need for safer pain management modalities as opposed to oral drug therapy are expected to drive the demand for cold therapy products during the study period.
The global Cold Pain Therapy Market is projected to reach USD 2.12 billion by 2023 from USD 1.69 billion in 2018, at a CAGR of 4.6% during the forecast period.
On the basis of product, the market is categorized into OTC products and prescription products. OTC products segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to factors such as high patient preference for topical pharmaceuticals compared to oral medications owing to its lower side effects, fast pain relief, and convenience in use.
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Based on application, the market is segmented into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy. The musculoskeletal disorders segment is expected to be the fastest-growing segment of the market during the forecast period. OTC pharmaceuticals such as patches, creams, gels, and sprays are among the most commonly used cold therapy products for the treatment and management of musculoskeletal disorders. The increasing incidence of arthritis, osteoarthritis, back pain, and joint pain; rising geriatric population; increasing trend of self-care; and the growing preference for topical analgesics to manage musculoskeletal pain are some of the major factors driving the growth of this market segment.
Geographical Region Covered
The report covers the cold therapy market across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to command the largest share of the market in 2018. The strong market position of North America in the cold therapy market is mainly due to the growing geriatric population, increasing incidence of arthritis and sport injuries, product launches, stringent government regulations related to medical use of opioid analgesics, increasing adoption of pain relief patches, and growing brand promotion activities are expected to drive the growth of the North American market.
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Major players of the market are Sanofi(France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), Johnson & Johnson (US), Medline Industries (US), Ossur (Iceland), Performance Health (US), Beiersdorf (Germany), Rohto Pharmaceutical (US), Breg (US), Romsons Group of Industries (India), Custom Ice (US), and Unexo Life Sciences (India) among others.