Cold Pain Therapy Market to Grow with a CAGR of 5.12% through 2029
Increasing sports and fitness injuries are expected to
drive the Global Cold Pain Therapy Market during the forecast period, 2024-2029
According to TechSci Research report, “Cold Pain
Therapy Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2019-2029F”, Global Cold Pain Therapy Market was valued at USD
1.28 billion in 2023 and is anticipated to project robust growth in the
forecast period with a CAGR of 5.12% through 2029. The increasing
emphasis on research and development in cold pain therapies, along with
advanced technology in cold pain therapy devices and a rise in exercise and gym
activities to maintain health, are driving factors in the cold pain therapy
market. Additionally, growth in healthcare expenditure due to physical injuries
caused by obesity or lack of activity further propels market growth. However,
challenges such as lack of awareness about new cold pain therapies among
patients and healthcare providers, availability of low-priced generic versions
of drugs, and increasing health concerns contribute to high usage of analgesic
pills, leading to a preference for over-the-counter drugs. Lack of
reimbursement procedures, clinical evidence for cold pain therapy medications,
and associated side effects and discomfort also hinder market growth.
Overcoming these challenges is crucial for sustained growth in the cold pain
therapy market. The Cold Pain Therapy
Market is experiencing significant growth driven by various factors. Research
and development efforts in cold pain therapies are intensifying, supported by
advancements in technology and the growing adoption of cold pain therapy devices.
Additionally, the rising prevalence of exercise and gym activities to maintain
health contributes to the demand for effective pain management solutions. The
escalating healthcare expenditure attributed to physical injuries resulting
from obesity or lack of activity further fuels market growth. These injuries
necessitate efficient pain relief methods, driving the demand for cold pain
therapy products. The market faces several challenges. One significant
challenge is the lack of awareness among both patients and healthcare providers
about new cold pain therapies. This limited awareness hampers adoption rates
and impedes market expansion.
Furthermore, the availability of low-priced generic
versions of drugs and the high usage of analgesic pills poses challenges to the
cold pain therapy market. Patients often opt for over-the-counter drugs due to
their affordability and accessibility, diverting demand away from cold pain
therapy products. The lack of reimbursement procedures, insufficient clinical
evidence for cold pain therapy medications, and concerns regarding associated
side effects and discomfort hinder market growth. Overcoming these challenges
requires concerted efforts from stakeholders to educate patients and healthcare
providers about the benefits of cold pain therapy, invest in clinical research
to generate robust evidence, and develop innovative products that address
patient needs while minimizing side effects and discomfort.
Cold Pain Therapy Market presents significant growth
opportunities, addressing the challenges is crucial for sustained market
expansion and advancement in pain management solutions. Collaborative efforts
across the healthcare ecosystem are essential to overcome these obstacles and
drive continued growth in the market.
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The rising prevalence of physical injuries resulting from
sedentary lifestyles, obesity-related issues, and an increased emphasis on
exercise and fitness activities contribute significantly to the demand for cold
pain therapy solutions. As individuals seek to maintain their health and
recover from injuries sustained during physical activities, the demand for
effective pain management options continues to grow. The market faces several
challenges that impede its growth trajectory. Chief among these is the lack of
awareness about emerging cold pain therapies among both patients and healthcare
providers. This limited awareness hampers adoption rates and inhibits market
expansion. The availability of low-cost generic versions of pain medications
and the high usage of analgesic pills poses challenges to the cold pain therapy
market, particularly in emerging nations. Moreover, the absence of robust
reimbursement procedures, insufficient clinical evidence for cold pain therapy
medications, and concerns regarding potential side effects and discomfort
associated with treatment further hinder market growth. In addressing these
challenges and leveraging the opportunities presented by technological
advancements and increasing healthcare expenditure, stakeholders in the cold
pain therapy market can foster sustained growth and innovation in the field.
The global cold pain
therapy market
is segmented on product, application, distribution channel, and region.
Based on distribution channel, hospital pharmacies
dominated the market. This is due to several factors. Firstly, hospitals serve
as primary healthcare facilities where patients seek treatment for various
acute and chronic conditions, including pain management. As a result, hospital
pharmacies have a wide range of cold pain therapy products readily available
for patients. Additionally, healthcare professionals in hospitals often
recommend and administer cold pain therapy treatments, further driving the demand
for these products. Furthermore, hospital pharmacies typically offer a diverse
selection of cold pain therapy options, catering to the specific needs of
patients with different pain conditions, thus solidifying their dominance in
the market.
Based on region, the global cold pain therapy market is
further divided into North America, Asia Pacific, Europe, South America, Middle
East & Africa. This is because the region boasts a robust healthcare
infrastructure and high healthcare spending, facilitating greater accessibility
to cold pain therapy products. Additionally, a large population affected by
musculoskeletal disorders, sports injuries, and chronic pain conditions drives
substantial demand for these therapies. Moreover, North America is home to
several key market players and is at the forefront of technological
advancements in cold pain therapy devices. Furthermore, favorable reimbursement
policies and a proactive approach to pain management contribute to the region's
dominance. Lastly, the growing emphasis on physical fitness and sports
activities in North America fuels the demand for cold pain therapy solutions,
further solidifying the region's position as a leader in the global market.
Major companies operating in global cold pain therapy
market are:
·
Hisamitsu Pharmaceutical CO., Inc
·
3M Company
·
Johnson & Johnson Services, Inc.
·
Pfizer Inc.
·
DeRoyal Industries, Inc.
·
Sanofi SA
·
Beiersdorf AG
·
Össur hf.
·
Cardinal Health Inc.
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“North America is expected to register the highest growth
in the global cold pain therapy market owing to increasing awareness and
availability of advanced product technologies including non-motorized and
motorized cold pain therapy devices, growing aging
population and availability of a large pool of patients with back pain and
other injuries.
Similarly, increasing number of road accidents, growing presence of key players
to develop the new cold pain therapy devices and development of
well-established hospitals and clinics in the urban region and availability of
skilled medical professionals who specialize in these treatments is further
expected to support the market growth. Moreover, favorable government
policies and easy approval of drugs and medications is expected to drive
the global cold pain therapy market during the forecast period”, said Mr. Karan
Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Cold Pain Therapy Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By Product (OTC Products v/s Prescription Products), By
Application (Musculoskeletal Disorders, Post-Operative Therapy, Sport Injuries,
Others), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies,
Online Pharmacies), and By Region, 2019-2029F”, has evaluated the future growth
potential of global cold pain therapy market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in global cold pain therapy market.
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