Chicago, March 13, 2023 (GLOBE NEWSWIRE) -- The global cold pain therapy market refers to the market for devices and products that provide relief from pain and inflammation through the application of cold temperatures. This market includes various products such as ice packs, cooling gels, sprays, and wraps, as well as more advanced technologies such as cryotherapy chambers and devices that use low-level laser therapy. The demand for cold pain therapy products is driven by various factors, including the increasing prevalence of musculoskeletal disorders, sports injuries, and arthritis, as well as a growing awareness of the benefits of non-invasive and drug-free pain management solutions. Additionally, the rise in the aging population, who are more susceptible to chronic pain, is also contributing to the growth of this market.
Cold Pain Therapy Market in terms of revenue was estimated to be worth $1.8 billion in 2022 and is poised to reach $2.4 billion by 2027, growing at a CAGR of 5.1% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. Market growth is driven by the rising geriatric population coupled with increasing prevalence of musculoskeletal disorders, and easy availability of cold pain therapy products.
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Cold Pain Therapy Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $1.8 billion |
| Estimated Value by 2027 | $2.4 billion |
| Growth Rate | Poised to grow at a CAGR of 5.1% |
| Market Size Available for | 2020–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, Distribution Channel and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Increasing adoption of analgesic patches |
| Key Market Drivers | Increasing number of hip and knee surgeries |
Notable Cold Pain Therapy mergers and acquisitions for 2021 – 2022 include:
- Medline Industries, Inc. acquired Strategent LLC in January 2021. Strategent is a healthcare solutions provider that specializes in product development and commercialization.
- DJO Global, Inc. acquired Trilliant Surgical in February 2021. Trilliant Surgical is a manufacturer of orthopedic implants and instrumentation.
- Sanofi acquired Kadmon Holdings, Inc. in September 2021. Kadmon is a biopharmaceutical company that develops therapies for immune and inflammatory diseases, including pain management.
- Rohto Pharmaceutical Co., Ltd. acquired Mentholatum Company in October 2021. Mentholatum is a manufacturer of topical analgesic products, including pain relief creams and ointments.
Growth Drivers of Cold Pain Therapy Market from Macro to Micro:
Macro Level:
- Increasing prevalence of chronic pain: The growing incidence of musculoskeletal disorders, arthritis, and sports injuries is driving demand for non-invasive and drug-free pain management solutions such as cold pain therapy.
- Growing awareness of the benefits of cold pain therapy: There is an increasing awareness among patients and healthcare professionals about the benefits of cold pain therapy in reducing inflammation and pain, without the risk of addiction or side effects associated with some pain medications.
- Technological advancements in cold pain therapy devices: There have been significant advances in the development of cold pain therapy devices, such as cryotherapy chambers and low-level laser therapy devices, which offer more targeted and effective pain relief.
- Increase in healthcare expenditure: As global healthcare expenditure continues to rise, the demand for pain management solutions is also increasing, driving growth in the cold pain therapy market.
Micro Level:
- Growing demand for over-the-counter (OTC) products: The growing trend towards self-medication and the availability of OTC cold pain therapy products is driving demand for these products among consumers.
- Aging population: As the global population ages, there is an increasing incidence of chronic pain, which is driving demand for pain management solutions such as cold pain therapy.
- Sports and fitness industry growth: The growing popularity of sports and fitness activities is driving demand for cold pain therapy products, particularly among athletes and fitness enthusiasts.
- Online availability of cold pain therapy products: The increasing availability of cold pain therapy products through online channels is making these products more accessible to consumers, driving market growth.
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Hypothetic Challenges of Cold Pain Therapy Market in Near Future:
- Competition from alternative pain management solutions: While cold pain therapy has many benefits, there are many other pain management solutions available, such as heat therapy, acupuncture, and physical therapy. Increased competition from these alternatives could impact the demand for cold pain therapy products.
- Stringent regulations: As cold pain therapy devices become more advanced, regulatory bodies may introduce more stringent regulations that could increase the time and cost of bringing new products to market.
- Adverse effects of cold therapy: While cold pain therapy is generally considered safe, in rare cases, it can lead to adverse effects such as frostbite, nerve damage, or skin irritation. If there are reports of adverse effects, it could impact consumer confidence and demand for cold pain therapy products.
- Availability of substitutes: As more alternative pain management solutions become available, some consumers may choose to use these substitutes rather than cold pain therapy products, leading to a decline in demand for these products.
- Economic instability: In times of economic instability, consumers may cut back on discretionary spending, including spending on pain management products, which could impact market growth.
Top 3 Use Cases of Cold Pain Therapy Market:
- Sports medicine: Cold pain therapy is commonly used in sports medicine to treat acute injuries such as sprains, strains, and bruises. Athletes and sports professionals use cold therapy devices such as ice packs, cold compression therapy units, and cryotherapy chambers to reduce inflammation and pain, and to accelerate the healing process.
- Arthritis and chronic pain management: Cold pain therapy is also widely used for chronic pain management, particularly for conditions such as osteoarthritis, rheumatoid arthritis, and fibromyalgia. Cold therapy devices such as cold therapy wraps, ice baths, and cold lasers are commonly used to alleviate pain and stiffness, and to improve joint mobility.
- Post-operative recovery: Cold pain therapy is also used in post-operative recovery to reduce swelling, inflammation, and pain. Cold therapy devices such as cold therapy machines and ice packs are used to promote healing and improve patient comfort after surgeries such as joint replacements, orthopedic surgeries, and cosmetic surgeries.
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