Portland, OR, April 06, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global heat therapy market garnered $1.4 billion in 2021, and is estimated to generate $2.4 billion by 2031, manifesting a CAGR of 5.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.4 billion |
| Market Size in 2031 | $2.4 billion |
| CAGR | 5.7% |
| No. of Pages in Report | 390 |
| Segments covered | type, application, end user, and region |
| Drivers | Rise in geriatric population Surge in incidence of chronic pain Rise in sports injuries and fractures Increase in the prevalence of musculoskeletal disorders such as arthritis, rheumatoid arthritis, and osteoarthritis |
| Opportunities | Rise in number of surgeries performed globally |
| Restraints | High cost |
Impact of Covid-19 on Heat Therapy Market:
- The outbreak of the COVID-19 pandemic had hampered the growth of the global heat therapy market, owing to implementation of the global lockdown which resulted to cancellation of appointments with doctors, thereby affecting the overall sales of heat therapy products.
- Moreover, a huge number of medical colleges and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19.
- Various companies witnessed a considerable decline in sales of heat therapy products due to the pandemic. For instance, according to the annual report of 2020 of Kobayashi Pharmaceutical Co., Ltd., Kobayashi Pharmaceutical registered a decline in revenue by 12.32% in body warmers segment (contain heat therapy product), from 2019 to 2020. Therefore, the COVID-19 outbreak had a negative impact on the global heat therapy market.
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The research provides detailed segmentation of the global heat therapy market based on type, application, end user, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on type, the over the counter (OTC) devices segment held the highest share in 2021, accounting for more than three-fourths of the global heat therapy market, and is expected to continue its leadership status during the forecast period. This segment is expected to register the highest CAGR of 6.0% from 2022 to 2031.
Based on application, the chronic and post-operative pain management segment accounted for the highest share in 2021, contributing to around half of the global heat therapy market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the musculoskeletal disorder segment is expected to manifest the highest CAGR of 7.2% from 2022 to 2031.
Based on end user, the hospitals segment accounted for the highest share in 2031, holding more than one-third of the global heat therapy market. However, the physiotherapy centers segment is estimated to grow at the highest CAGR of 7.2% during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to more than two-fifths of the global heat therapy market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 7.4% during the forecast period.
Leading market players of the global heat therapy market analyzed in the research include Compass Health Brands, Enovis Corporation, ROHTO Pharmaceutical Co., Ltd., Dhama Innovations Pvt. Ltd., ThermoTek Inc, TrekProof, Owens and Minor, Kobayashi Pharmaceutical co., Ltd., Medline Industries, LP, Cardinal Health Inc.
The report provides a detailed analysis of these key players of the global heat therapy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others 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.
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