Wilmington, New Castle, Delaware, March 01, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cold Pain Therapy Market by Product (OTC Products and Prescription Products), Application (Musculoskeletal Disorders, Post-Operative Therapy, Sports Injuries and Post-Trauma Therapy), and Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Online Pharmacies): Global Opportunity Analysis and Industry Forecast, 2023–2032.". According to the report, the global cold pain therapy market was valued at $1.9 billion in 2022, and is projected to reach $3 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.
Prime Determinants of Growth
The cold pain therapy market has experienced significant growth owing to increase in the number of sports related injuries, increase in the number of surgical procedures, and rise in the number of traumatic injury cases.
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Report Coverage & Details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $1.9 Billion |
| Market Size In 2032 | $3 Billion |
| CAGR | 5.10% |
| No. Of Pages In Report | 240 |
| Segments Covered | Product, Application, Distribution Channel and Region. |
| Drivers | Increase In the Number of Sports Related Injuries, |
| Increase In the Number of Surgical Procedures | |
| Rise In the Number of Traumatic Injury Cases | |
| Opportunities | Availability of Low-Priced Analgesic Pills for Pain Relief. |
| Restraints | Rise in the Prevalence of Musculoskeletal Disorders. |
2023 Recession Impact Analysis
- The global recession has significant impact on cold pain therapy market.
- The high inflation rate and the economic uncertainty has created financial distress for the manufactures of the cold pain therapy products.
- The fluctuating oil prices due to dispute between major oil producing countries has caused in rise in supply chain cost.
- However, market for cold pain therapy is expected to recover owing to rise in geriatric population.
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The OTC product segment to maintain its leadership status throughout the forecast period
By product, the OTC product segment held the highest market share in 2022, accounting for more than half of cold pain therapy market revenue, owing to high adoption of OTC product such as creams and gels.
The musculoskeletal disorders segment to maintain its leadership status throughout the forecast period
By application, the musculoskeletal disorders segment held the highest market share in 2022, accounting for almost two fifth of cold pain therapy market revenue. This is attributed to high prevalence of the musculoskeletal disorders and rise in geriatric population.
The retail pharmacies segment to maintain its leadership status throughout the forecast period
By distribution channel, the retail pharmacies segment held the highest market share in 2022, accounting for almost half of cold pain therapy market revenue, owing to the immediate availability of the cold pain therapy products and high sales of OTC cold pain therapy product through retail pharmacies.
The North America segment to maintain its leadership status throughout the forecast period
Based on region, the North America segment held the highest market share in 2022, accounting for almost half of cold pain therapy market revenue. This is attributed to rise in the prevalence of orthopedic disorders coupled with favorable reimbursement scenario, increase in participation in sports related activities, well-defined regulatory framework and observation guidelines, sophisticated healthcare infrastructure, and strong presence of key players providing cold pain therapy products. However, Asia Pacific segment is expected to register highest CAGR during the forecast period, this is attributed to increase in geriatric population, increases in the incidence of road-accidents and musculoskeletal disease in the region.
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Leading Market Players
- Romsons Group of Industries
- Cardinal Health Inc
- Sanofi
- Breg Inc.
- Medline Industries LP
- Ossur
- Hisamitsu Pharmaceutical Inc
- Beiersdorf AG
- 3M
- ThermoTek Inc
The report provides a detailed analysis of these key players in the cold pain therapy market. These players have adopted different strategies such as collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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