The Worldwide Cold Pain Therapy Industry is Expected to Reach $2.4 Billion by 2027 at a 5.1% CAGR - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--Nov 7, 2022--

The "Cold Pain Therapy Market by Product (OTC (Gels, Creams, Patches, Wraps, Pads), Prescription (Motorized, Non-motorized)), Application (Musculoskeletal, Post-Op, Sports Injuries), Distribution Channel (Hospital, Retail, E-Pharmacy) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global cold pain therapy market is projected to reach USD 2.4 billion by 2027 from USD 1.8 billion in 2022, at a CAGR of 5.1% during the forecast period. Growth in this market is mainly driven by growing incidence of arthritis and availability of cold pain products at affordable cost.

The OTC products segment accounted for the highest growth rate in the cold pain therapy market, by product, during the forecast period.

The cold pain therapy market is segmented into OTC products and prescription products based on product. In 2021, the OTC products segment accounted for the highest growth rate in the cold pain therapy market. Market growth can largely be attributed to the easy accessibility of OTC products in retail and online pharmacies.

E-pharmacies segment accounted for the highest CAGR.

Based on the distribution channel, the cold pain therapy market has been segmented into hospital pharmacies, retail pharmacies, and e-pharmacies. In 2021, the e-pharmacies segment accounted for the highest growth rate. This can be attributed to the easy accessibility of medications coupled with added discounts.

Asia Pacific: The fastest-growing region cold pain therapy market.

The global cold pain therapy market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific region is projected to register the highest CAGR during the forecast period. Factors such as increasing geriatric population coupled with rising prevalence of arthritis and other musculoskeletal disorders.

Market Dynamics

Drivers

• Increasing Incidence of Sports Injuries and Rising Emphasis on Exercise and Gym Activities
• Growing Number of Hip and Knee Surgeries Across the Globe
• Rising Geriatric Population and Subsequent Growth in the Prevalence of Bone Diseases and Trauma Injuries
• Growing Need for Safer Pain Management Modalities as Opposed to Oral Drug Therapy
• Clinical Evidence in Favor of Menthol-Based Topical Analgesics

Restraints

• Wide Use of Low-Priced Analgesic Pills for Immediate Pain Relief
• Lack of Substantial Clinical Evidence and Reimbursement in Favor of Cold Pain Therapy
• Health Hazards and Discomfort Associated with Cold Pain Therapy Products

Opportunities

• Growing Adoption of Analgesic Patches
• Growing Use of Cold Pain Therapy Among Middle-Aged Women
• Increasing Regulatory Barriers for Oral Pain Medications

Challenges

• Availability of Alternative Non-Drug/Device Pain Management Therapies
• Impact of COVID-19 on the Cold Pain Therapy Market

Companies Mentioned

• 3M
• Beiersdorf Ag
• Bird & Cronin LLC
• Breg, Inc.
• Brownmed Inc.
• Bruder Healthcare Company
• Cardinal Health, Inc.
• Compass Health Brands
• Djo Global, Inc.
• Hisamitsu Pharmaceutical Co. Inc.
• Johnson & Johnson
• Medichill
• Medline Industries, Inc.
• Mueller Sports Medicine, Inc.
• Performance Health
• Pfizer
• Pic Solution
• Polar Products Inc.
• Rapid Aid Corp.
• Rohto Pharmaceutical
• Romsons Group of Industries
• Sanofi
• Thermotek, Inc.
• Unexo Life Sciences Pvt. Ltd.
• Ossur

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KEYWORD:

INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL

SOURCE: Research and Markets

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