Cold therapy is also known as cryotheraphy. The therapy majorly works by reducing the blood flow to particular area further reducing the inflammation, swelling which can occur due to any kind of injuries, accidents. These therapy is ideal for reducing the nerve activity and can also help to relieve pain. The growing population, increasing accidents, diseases, lifestyle changes, rapid urbanization has led the demand for the global cold pain therapy market. In addition, the market is expected to witness the growth at significant pace during the forecast period (2021-2027).
MARKET DYNAMIC - GLOBAL COLD PAIN THERAPY MARKET
The global cold pain therapy market is driven by increasing demand for cold pain therapy in the sports injury like larger areas of pains, swelling, spasm , swollen knee, deep thigh bruise, muscle strain, should tendonitis or neck , back spasms has increased the demand for the market. Besides, growing awareness among consumers about the effectiveness about the cold pain therapy has boosted the demand for the market. Also, rise in geriatric population and their associated muscle disorder has augmented the market growth. In addition, supporting initiative of the government has positively contributed for the market. Besides, increasing prevalence of arthritis and awareness about the availability of cost-effective is the key factor for the growth of the global cold pain therapy market.
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COVID 19 IMPACT ON GLOBAL COLD PAIN THERAPY MARKET REPORT
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the cold pain therapy market. In addition, complete analysis of changes on the cold pain therapy market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Due to COVID-19 the market was affected moderately due to slow production and disruption of the supply chain for months. However, post COVID-19 the market is expected to rise in significant pace.
COLD PAIN THERAPY MARKET SEGMENTAL OVERVIEW
The cold pain therapy market is segmented based on by product, therapy, application, distribution channel and geography.
COLD PAIN THERAPY MARKET BY PRODUCT TYPE
The cold pain therapy market is available in different product type like otc products, prescription products. OTC Products is segmented into pharmaceuticals and medical devices whereas prescription products includes motorized devices and non-motorized devices .Besides, pharmaceuticals is bifurcated to gels, ointments and creams, patches, roll-ons, sprays and foams and Medical devices including cooling towels, compresses, cold packs, pads and wraps. OTC products is expected to lead in the global cold pain therapy market owing to availability of the products in different retail and online stores. Also, presence of different products in OTC and pharmacist guidance for the products has further boosted the growth of the segment.
COLD PAIN THERAPY MARKET BY THERAPY
The cold pain therapy market comprises of therapy like icepack therapy, chamber therapy and cryosurgery. Icepack therapy is widely used in cold pain therapy market due to its potential to reduce the inflammation surrounding the injuries. Also, reducing pain and providing comfort to decrease the muscle spasms. The potential features of segment is expected to fuel the growth of the global cold pain therapy market.
COLD PAIN THERAPY MARKET BY APPLICATION
The cold pain therapy market finds application in musculoskeletal disorders, sports medicine, post-operative therapy, and post-trauma therapy. Musculoskeletal disorders held the largest market for the cold pain therapy. According to WHO, in February 2021, it was estimated that approximately 1.71 billion people have musculoskeletal conditions worldwide. Besides, among the musculoskeletal disorders, low back pain has highest burden with a prevalence of 568 million people. Also, rise in geriatric population globally has further provided ample of the growth opportunity for the cold pain therapy market. In addition, sports medicine is anticipated to witness emerging growth during forecast period as majority to manufacturer are launching their cold pain therapy products in the market.
COLD PAIN THERAPY MARKET BY DISTRIBUTION CHANNEL
The cold pain therapy market has its distribution channel like hospitals pharmacies, online pharmacies, and retail pharmacies. Retail pharmacies is expected to gain market for the global cold pain therapy market attributing to its availability of products , better access, lower cost, is expected to drive the growth of the segment. Besides, increasing number of retail pharmacies and easy accessibility for consumer to get the products globally has augmented the growth of the market segment thereby fueling the growth of the global cold pain therapy market However, online pharmacies is expected to witness the growth at the fastest pace during the projection period.
COLD PAIN THERAPY MARKET BY GEOGRAPHY
The global cold pain therapy market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is projected gain major market for the global cold pain therapy market as the sports is one of the huge part of the region. The growing incidence of sports injuries has led the demand for the market. Besides, prevalence of orthopedic disorders has fuelled the growth of the market as there is increasing requirement for cold pain therapy market products. Also, presence of key players in the region has accelerated the demand for the market. In, addition existence of advanced healthcare facilities, pharmacies has provided lucrative growth for the market. However, Asia Pacific is expected to witness growth at highest pace during the forecast period (2021-2027). The growing population with different injuries in sports, accidents, geriatric population has fuel the demand for the market in the region. Moreover, Asia Pacific is estimated to gain increasing demand in upcoming years for the global cold pain therapy market.
COLD PAIN THERAPY MARKET KEY PLAYER
The key players in cold pain therapy market are Sanofi, 3M, Medtronic, Pfizer, Hisamitsu Pharmaceutical, ROHTO Pharmaceutical, Beiersdorf, Johnson & Johnson, Medline Industries, Ossur, Performance Health, Breg, Romsons Group of Industries, Unexo Life Sciences, Bird & Cronin, DJO Global, DeRoyal Industries, Inc., Performance Health, Bruder Healthcare, Hot and Cold Company and Polar Products Inc among others.
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