Cold Pain Therapy Market Assessment, By Product [OTC-based Products, Prescription-based Products], By Therapy Type [Icepack Therapy, Chamber Therapy, Cryosurgery], By Application [Musculoskeletal Disorder, Sports Medicine, Post-Operative, Post-trauma, Phy

Cold Pain Therapy Market Assessment, By Product [OTC-based Products, Prescription-based Products], By Therapy Type [Icepack Therapy, Chamber Therapy, Cryosurgery], By Application [Musculoskeletal Disorder, Sports Medicine, Post-Operative, Post-trauma, Physical Therapy], By Distribution Channel [Hospital Pharmacies, Retail Pharmacies, Online Pharmacies, E-commerce, Others], By Region, Opportunities and Forecast, 2017-2031F

Global cold pain therapy market is projected to witness a CAGR of 4.98% during the forecast period 2024-2031, growing from USD 1.91 billion in 2023 to USD 2.82 billion in 2031. The global cold pain therapy market growth is driven by various factors, such as the increasing prevalence of musculoskeletal disorders among the global population and the rising geriatric population. Technological advancements, increasing cases of sports injuries and surgeries, along with increasing demand for non-invasive treatment options, are some other factors responsible for the global cold pain therapy market expansion. Moreover, favorable regulatory systems, the presence of several top players, collaborative ventures, new entrances, and frequent new product launches are accelerating the global cold pain therapy market share.

Another global cold pain therapy market trend includes the increasing prevalence of musculoskeletal disorders among the global population. As this prevalence is increasing, there is a growing number of people suffering from joint and muscle pain every year. Cold pain therapy is proven to be highly effective in reducing pain and inflammation for a longer duration of time, without the use of drugs. Due to this, nowadays, there is a huge interest of people in using these therapeutic measures. Technological advancements in this industry, such as the development of compact and portable cold pain therapy products, are also leading to the increased demand for this market at a global level.

Increased participation of people in sports has further led to an increased prevalence of sports-related injuries, due to which the demand for over-the-counter pain relief products, such as gels and creams, is increasing in the market. Frequent product launches by key market players, along with a favorable regulatory framework play a pivotal role in expanding the global cold pain therapy market. There have been increased FDA approvals for innovative products that are leading to improved medical condition of the patients and surgical outcomes. Moreover, consistent collaboration activities, such as mergers and acquisitions, partnerships, and distribution agreements between organizations further propels the global cold pain therapy market.

Increase in Prevalence of Musculoskeletal Conditions

There has been a surge in the global cold pain therapy market, and it is expected that it will continue to rise in the forecasted period as well, due to the increasing prevalence of musculoskeletal conditions worldwide. For instance, the World Health Organization states that, in the year 2022, around 1.71 billion people had musculoskeletal conditions worldwide. Musculoskeletal conditions, such as osteoarthritis, rheumatoid arthritis, and traumatic fractures, are the leading contributors to disability worldwide, as these conditions cause excessive pain and limit joint mobility and stability. To provide pain relief, reduce inflammation, and support tissue repair, the demand for pain management therapeutics, such as cold pain therapy products, is increasing significantly. Moreover, key market players are investing in developing innovative and advanced cold pain therapy solutions to cater to the needs of this growing population suffering from excessive pain due to conditions like musculoskeletal conditions. This is further accelerating the growth of the global cold pain therapy market.

Technological Advancements

With the growing demand for cold pain therapy treatment options, there have been increased research and development activities, which leads to innovations and technological advancements in the market. One such advancement includes the development of compact and portable cold pain therapy products that can be used anywhere for urgent medical use. Due to this, several leading players are consistently involved in developing innovative product launches in the market. For instance, in February 2024, Zynex Inc., which is an innovative medical technology company that specializes in manufacturing non-invasive medical devices for pain management and rehabilitation, announced the launch of Zynex DynaComp Cold Compression. This innovative device is compact and portable and integrates cold therapy and compression to enhance recovery significantly, providing relief for muscle soreness, swelling, and inflammation. It enables individuals to recover faster and resume their daily activities effortlessly. Due to these innovations and beneficial technological advancements by the market players, the global cold pain therapy market is expected to flourish.

Increased Demand for OTC

Among the product segment, OTC-based products hold a significant share and are expected to maintain their leadership position in the overall global cold pain therapy market. Frequent product launches by the leading players, along with the availability of a diverse range of products, lead to faster growth of OTC-based products segment. These products are cost-effective, easily accessible to consumers, and can be used immediately without consulting any healthcare provider. Due to this, several market players are consistently developing OTC-based cold pain therapy products in their product portfolio. For instance, in August 2023, Kenvue Inc., which is a leading player in consumer health, announced the launch of “Tylenol Precise Pain-Relieving Cream”. It is a new topical cream having rollerball for hands-free application, has a pleasant fragrance, and works on a rapid-absorbing formula that provides instant pain relief. These innovative product launches by leading players assist in propelling the growth of the global cold pain therapy market.

High Demand in Sports Medicine

Among the application segment, cold pain therapy products are showing tremendous growth in the sports medicine sector, and it is expected to be the fastest-growing segment in this market. With the growing interest of people in participating in sports activities, such as cricket, football, and baseball, there has been a rise in sports-related injuries as well. As a result, the application of cold pain therapy products, such as icepacks, pain relief spray, cream, and ointment, is also increasing for providing instant relief from inflammation, and faster recovery from acute sport injuries. Several market players are including these products in their product portfolio to expand their market presence. For instance, Rapid-Aid Corporation, which is a leading global manufacturer of temperature-related solutions for the healthcare sector, states that cold therapy is a well-established and widely used approach for treating sports-related injuries. These are cost-effective and natural means to alleviate post-injury pain and allow for quick healing. Due to these benefits, cold pain therapy products are highly preferred by athletes during acute sports injuries. This has led to the faster growth of this segment and is also contributing to the overall growth of the global cold pain therapy market.

North America Holds Significant Market Share

North America holds the maximum share in the global cold pain therapy market due to its robust healthcare infrastructure and facilities, availability of technologically advanced products, such as compact, portable cold pain therapy products, frequent over-the-counter product launches, favorable regulatory frameworks, and the presence of key market players like DJO Global, Inc. and American Health Holding, Inc. Moreover, increased prevalence of disorders like arthritis, that requires application of pain relief products, including cold pain therapy products, is also enhancing the growth of this market.

For instance, in 2023, National Center for Chronic Disease Prevention and Health Promotion states that around 21.2% of all adults in the United States were suffering from arthritis and it has become the leading cause of work disability in the country. Osteoarthritis, gout, and rheumatoid arthritis are the most common forms of arthritis that cause pain, swelling, and stiffness in the joints of lower extremities, which has led to increased demand for cold pain therapy products, as these products play a crucial role in relieving pain and inflammation and restoring the functions of the affected area with time. Moreover, favorable regulatory frameworks and increased research and development in the industry further drives the cold pain therapy market growth in the region.

Future Market Scenario (2024 – 2031F)

The global cold pain therapy market is expected to grow in the future, primarily due to the increasing prevalence of musculoskeletal conditions and sports injuries that leads to excessive joint and muscle pain. Cold pain therapy reduces the pain and inflammation caused by injuries and medical conditions and improves quality of life. Technological advancements and increased use of cold pain therapy products, especially in post-surgical procedures, to allow quick healing and tissue repair are other main factors leading to the growth of the cold pain therapy market. Frequent product launches, collaboration activities, and new entrances in the market are expected to flourish in the global cold pain therapy market during the forecast period.

Key Players Landscape and Outlook

In the cold pain therapy market, several pharmaceuticals and medical device manufacturers are consistently establishing strategic partnerships, and undergoing distribution agreements, which plays an essential role in propelling the global cold pain therapy market's expansion. These partnerships enable companies to gain informative insights regarding market trends, access each other’s knowledge, resources, markets, and technologies, and invest in research and development activities to bring highly efficient and cost-effective cold pain therapy solutions to the market, such as creams, sprays, and icepacks. Distribution agreements enable companies to broaden their market presence at a global level. These collaborative ventures promote innovation, expedite product development, and contribute to the enduring and robust growth of the global market.

For instance, in March 2023, Breg, Inc., which is an orthopedic bracing company, partnered with HealthMe to bring innovation and improvement in eCommerce and digital health payment solutions. This innovation is expected to increase patient access to cold therapy modalities, such as Breg’s Polar Care Wave and cold and compression system, and improve patients’ access to rehabilitation, further assisting in expanding the global cold pain therapy market.