New York, Nov. 10, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners latest study on "Cold Pain Therapy Market Size, Share, Growth, Trends and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Offering, and End User," the market was valued at USD 2.1 billion in 2021 and is projected to reach USD 3.1 billion by 2028; it is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
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Global Cold Pain Therapy Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2.1 billion in 2021 |
| Market Size Value by | USD 3.1 billion by 2028 |
| Growth rate | CAGR of 5.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 251 |
| Historical data available | Yes |
| Segments covered | Application, Offering, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
North America accounts for the major market share of the global cold pain therapy market. The healthcare systems in the US and Canada promotes the use of advanced technology. Further, the region houses some of the major market players. Moreover, increasing incidence of sports injuries, trauma cases, and accidents; rising prevalence of orthopaedic condition among large geriatric and obese population, increase in the per capita healthcare expenditure, and new product launches in the region are a few factors contributing to the growth of the market in this region. Moreover, increase in strategic collaborations among market players are also expected to create ample opportunities for the market growth in the region during the forecast period.
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In North America, the US holds a significant share of the cold pain therapy market. The growth of the market in the country is primarily driven by the increasing aging population in the US, the growing prevalence of arthritis, and the increasing number of sports injuries. As per the Fact Sheet, in the US, population aged 65 and above is estimated to double from 52 million in 2018 to around 95 million by 2060, and the 65 and above age group’s share of the total population will increase from 16% to 23%. Enovis announced a strategic partnership with Kelvi, an innovator of digital hot and cold therapy products, to deliver industry-leading heating and cooling therapies for rehabilitation, recovery and performance enhancement to patients and athletes of all abilities. As a part of Enovis, DJO, LLC has agreed with Kelvi and will become the exclusive distributor in the orthopedic market of Kelvi’s heating and cooling therapy products. Thus, the presence of major market players in the region such as DJO Global, Cardinal Health, and ThermoTek, Inc and various strategic collaboration taking place among market players are further expected to fuel the overall market growth in North America during the forecast period.
Global Cold Pain Therapy Market: Competitive Landscape and Key Developments
Brownmed Inc., Bruder Healthcare Co LLC., DJO Global Inc, Ossur HF, Cardinal Health Inc, Vive Health LLC, Battle Creek Equipment Co, Thermotek Inc., Advanced Therapeutics of LI LLC, and Sichuan Jiuyuan Medical Technology Co Ltd. are among the leading companies operating in the global aesthetic medical devices market. These players are focusing on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
- In April 2021, Battle Creek Equipment Co, Fremont, Indiana, launched the new line of Stay-Put cold therapy wraps to help treat chronic or acute pain, manage inflammation, and accelerate recovery from injury. They are equipped with proprietary gel technology, which remains flexible even below 0°F, providing effective cold pain therapy.
- In February 2021, Breg, Inc. partnered with Club Warehouse—an Australian-based distributor—to expand the delivery of its premium, high-value orthopedic products, including cold pain therapy products, in the Australian market.
- In March 2019, Performance Health expanded its product portfolio with the launch of the Biofreeze Pain Relief Patch. Biofreeze is the first-ever adhesive patch. It provides a targeted, mess-free application of the unique, clinically-recommended formula that penetrates quickly to offer approximately eight hours of pain relief cold therapy for sore muscles, backaches, joint pain, and arthritis. Biofreeze patches are individually wrapped (in a box of five) for convenient grab-and-go and are made of flexible fabric for superior performance and comfort.
- In September 2019, DJO, LLC announced the launch of the new DonJoy IceMan CLASSIC3 cold therapy unit that helps reduce pain and swelling through controlled delivery of extended cold pain therapy.
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High Adoption of Cold Pain Therapy in Emerging Economies Bolsters Overall Market Growth
Cold pain therapy includes the use of cold material, such as cold packs, for pain management, which helps reduce swelling, muscle spasms, and inflammation. The emerging economies have a large patient pool of geriatric and obese people, who are prone to orthopedic conditions. According to the Technical Group on Population Projections for India report, there were ~138 million people in the country aged 60 years and above in 2021, which is expected to increase to ~56 million people by 2031.
Moreover, an increase in healthcare expenditure leading to the healthcare services and infrastructure development is expected to create significant opportunities for the cold pain therapy market. In addition, road accidents and trauma cases are growing in developing economies, creating demand for cold pain therapy. According to the Indian Society for Trauma and Acute Care, road accidents are increasing at an annual rate of 3%. Furthermore, 22.8% of all traumas was related to transport-related injuries in India in 2020.
Thus, the high adoption of cold pain therapy in emerging economies, such as India, owing to the rising geriatric and obese population, surging healthcare expenditure and medical tourism, and growing road accident and trauma cases are expected to create lucrative opportunities for the cold pain therapy market players during the forecast period.
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Cold Pain Therapy Market: Segmental Overview
Based on application, the cold pain therapy market is segmented into runner's knee, tendonitis, sprains/sports sprain, arthritis pain, pain and swelling after a hip or knee replacement, pain or swelling under a cast or a splint, surgery recovery, lower back pain, and others. The surgery recovery segment held the largest share of the market in 2021, and the market in the same segment is expected to grow rapidly during the forecast period. Based on offering, the cold pain therapy market is segmented into over-the-counter, prescription products, rehabilitation exercises, ice wrap and cold packs, pads, compression therapy, ice buckets without compression, and others. The over-the-counter segment held the largest share of the market in 2021, whereas the market in the prescription product segment is expected to grow rapidly during 2022–2028. Based on end user, the market is segmented into hospitals, clinics, rehabilitation centers, ambulatory surgical centers, individuals, and others. The hospitals segment held the largest share of the market in 2021. However, the market in the individuals segment is expected to grow rapidly during 2022–2028.
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Cold Pain Therapy Market
