Cold Pain Therapy Market Analysis and Forecast to 2031: By Product (OTC Product, Prescription Products), Application (Musculoskeletal Disorders, Post-Operative Therapy, Sports Injuries, Post-Trauma Therapy), Distribution Channel (Retail Pharmacies, Hospit

Cold Pain Therapy Market Analysis and Forecast to 2031: By Product (OTC Product, Prescription Products), Application (Musculoskeletal Disorders, Post-Operative Therapy, Sports Injuries, Post-Trauma Therapy), Distribution Channel (Retail Pharmacies, Hospital Pharmacies, E-Pharmacies), and Region

The global cold pain therapy market was valued at USD 1.8 billion in 2021 and it is anticipated to grow at 5.9% CAGR during the projection period to reach up to USD 3.2 billion by 2031.

Cold pain therapy includes the usage of cold materials to relieve pain. Cryotherapy is generally used as an essential injury management skill. Ice packs are applied to inflammations and injuries to help reduce pain and swelling. Studies suggest that cold compression slows blood flow to the injury, thereby reducing pain, inflammation, and muscle spasm. Ice packs are effective, inexpensive, and drugless methods to relieve pain from sprains, strains, bruises, tendinitis, and swelling caused due to trauma to superficial tissues. Cold packs, used on inflammations act as a primary analgesic to relieve pain. Cold pain therapy is primarily used on fresh injuries such as ligament sprains, muscle sprains, and severe bruises. This therapy is used for chronic overuse or tissue fatigue injuries such as carpal tunnel syndrome, tennis elbow, supraspinatus tendinitis, iliotibial band syndrome, patellofemoral pain syndrome, and plantar fasciitis.

Global Cold Pain Therapy Market Scope and Report Structure

Market Trends and Drivers

The key factor boosting the market growth is increasing the number of hip and knee surgeries. There has been observed that aging-related changes in the musculoskeletal system increase the propensity to osteoarthritis (OA), and the severity of the disease is closely related to other OA risk factors such as joint injury, obesity, genetics, and anatomical factors that affect joint mechanics. OA is not an inevitable consequence of growing old, although older age is the greatest risk factor for OA. The market demand for surgical treatment, including joint replacement surgery (hip and knee replacement), is expected to increase significantly, owing to the rapidly increasing aging population across the globe.

Similarly, the increasing adoption of analgesic patches is also refueling the market growth. Analgesic patches feature a transdermal drug delivery system, which is a non-invasive mode of medication delivery through the skin. Patches deliver an analgesic drug at a fixed rate across the dermis, while placed on the skin. The use of analgesic patches through transdermal drug delivery systems offers certain advantages over oral medications.

Market Restraints and Challenges

The key factor hindering the market growth is the growing use of low-priced analgesic pills for immediate pain relief. The most widely used OTC analgesic drugs are paracetamol or acetaminophen, ibuprofen, and aspirin. These drugs are widely available at lower costs. This, combined with the lack of awareness of the adverse effects of painkillers, is a key factor contributing to the high adoption of analgesic pills for immediate pain relief. Additionally, owing to the lack of awareness about new therapies for pain management, the availability of low-priced generic versions of drugs, and increasing health concerns are contributing to the high usage of analgesic pills which cause a high adoption of OTC drugs by customers in emerging nations.

Global Cold Pain Therapy Market Segmentation

The report analyses the global cold pain therapy market based on product, application, distribution channel, and region.

Global Cold Pain Therapy Market by Product

Based on product, it is segmented into OTC products, and prescription products. The OTC product segment is likely to dominate the market during the forecast period. The easy accessibility of OTC products in retail and online pharmacies is boosting the growth of the OTC segment in the global cold pain therapy market.

Global Cold Pain Therapy Market by Application

Based on application, it is segmented into musculoskeletal disorders, sports medicine, post-operative therapy, and post-trauma therapy. The musculoskeletal disorders segment is anticipated to dominate the market during the forecast period. Factors such as immediate pain relief provided by cold pain therapy products are boosting the market growth during the forecast period.

Global Cold Pain Therapy Market by Distribution Channel

Based on the distribution channel, it is segmented into hospital pharmacies, retail pharmacies, and e-pharmacies. The retail pharmacies segment is likely to dominate the market during the forecast period. The easy availability of all the essential cold pain therapy products in retail pharmacies is boosting the growth of this market during the forecast period.

Geographical Analysis of Global Cold Pain Therapy Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is likely to dominate the market during the forecast period. The growing use of sports medicine is likely to dominate the market during the forecast period.

Major Players in Cold Pain Therapy Market

COVID-19 Impact

The emergence of the COVID-19 pandemic has changed the delivery of medical care across the globe. The supply chains have faced major disruptions worldwide and adjusted to the ongoing needs and demands for cold therapy products among people living with musculoskeletal and arthritis pain. Several rehabilitation centers and pain treatment centers were shut down abruptly owing to the pandemic, which has lowered the access to cold pain therapy products across and within populations with a higher burden of musculoskeletal pain. The pain management product manufacturers have faced challenges in terms of delivering cold therapy devices through different modes due to the length of lockdowns.

Recent Developments

• June 2021, Hisamitsu Pharmaceutical Co., Inc. launched Air Salonpas Z, an analgesic and anti-inflammatory spray for muscle pain, bruises, and sprains, among other conditions.
• November 2020, Beiersdorf AG invested USD 72.9 million (EUR 60 Million) in Hamburg to develop technological centers for strengthening its R&D unit.
• September 2019, Rohto Pharmaceutical announced the launch of an advanced technology research laboratory at the Hong Kong Science Park in New Territory, Hong Kong.

Frequently Asked QuestionsQ. How big is the cold pain therapy market?Ans. The global cold pain therapy market size was USD 1.8 Billion in 2021 and is anticipated to reach USD 3.2 Billion in 2031, growing at a rate of 5.9% from 2022 to 2031.Q. What is the cold pain therapy market growth rate?Ans. The growth rate of the cold pain therapy market is 5.9% from 2022 to 2031.Q. Which region holds a major market share for the cold pain therapy market?Ans. North America holds a major market share of the cold pain therapy market in 2021.Q. Which segment accounted for the largest cold pain therapy market share?Ans. By application, the musculoskeletal disorders segment accounted for the largest cold pain therapy market share.Q. Who are the key players in the cold pain therapy market?Q. What are the factors driving the cold pain therapy market growth?Ans. The major factors driving the growth of the market are the increasing R&D.Q. What are the key growth strategies of cold pain therapy market players?Ans. The key growth strategies of cold pain therapy market players are product launch and product approval.Q. Which region will provide more business opportunities for the cold pain therapy market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the cold pain therapy market during the forecast period.

Please Note: This report will be delivered by publisher within 3-4 business days of order confirmation.