Cold Pain Therapy Market

Global Cold Pain Therapy Market Size (2023 to 2028)

The global market size for cold pain therapy is estimated to grow to USD 2.73 billion by 2028 from USD 2.08 bn in 2023, growing at a CAGR of 5.55% from 2023 to 2028.

Cold pain therapy is a therapeutic procedure where various disorders, such as tendinitis, arthritis pain, and sprains, even for pain on a runner's knee, are treated with the application of cold since these compressions slow down the blood flow to the injury, thereby reducing pain and inflammation. This also reduces postoperative pains and helps treat benign and malignant lesions, muscle spasms, and other acute soft tissues.

Impact of COVID-19 on the global cold pain therapy market:

The outbreak began in March 2020. Lockdowns and quarantines have resulted from the outbreak; because of this, many businesses have suffered losses. The unemployment rate was on the rise. Due to the unexpected increase in the number of patients and the severe shortage of hospital resources, the financial situation deteriorated.

The COVID-19 pandemic had a negative impact on the growth of the cold pain therapy market and suffered a decline.

This is mainly responsible because of the closure of transportation, leading to disruptions in the supply chain and inventory shortages. As a result, sports medicine and postoperative therapies are anticipated to see a minor loss in revenue due to weak segment activity, which will also be accompanied by a decline in linked hospital admissions for trauma and pain. In addition, numerous rehabilitation facilities and pain management facilities have been abruptly closing, reducing access to goods that alleviate cold discomfort and increasing the number of persons with musculoskeletal illnesses.

MARKET DRIVERS:

The growing prevalence of musculoskeletal injuries augments the cold pain therapy market growth.

YOY growth in the geriatric population, rising prevalence of musculoskeletal injuries such as skin cancer, retinoblastoma, prostate cancer, and cervical cancer, growing prevalence of orthopedic diseases, growth in the knee and hip surgeries frequency, and the need for safe pain management modals over oral drug therapy are expected to drive the growth of the market. Osteoarthritis comes with the growing age of people, but it is not an inevitable factor. It can be treated more efficiently using the latest technological devices in cryotherapy, raising the demand for cold pain therapy. In addition, increased healthcare costs due to physical injuries caused by lack of activity and obesity, high susceptibility to arthritis and joint disorders, and an increasing number of traumatic injuries due to accidents, falls, and traffic accidents are further anticipated to boost the growth rate of the cold pain therapy market.

The biopharmaceutical and medical device companies' primary objective is to supply improved healthcare facilities and distribution networks due to the growing demand for pain relief patches. Rapid growth in emerging economies and technological advancements for more effective products further drive the cold pain therapy market growth.

Moreover, the growing popularity of sports and fitness activities, causing various injuries such as muscle sprains and bruises, is directly proportional to the growth of the cold pain therapy market. The players are also engaged in collaborations and acquisitions between giant venture companies, which contribute to strengthening cold pain therapy services.

MARKET RESTRAINTS:

Factors such as lack of substantial clinical evidence in favor of cold pain therapy, non-reimbursement, the high cost of prescription products, and the availability of alternative therapies to manage pain are inhibiting the market's growth rate. Moreover, the side effects caused by cryotherapy, discomfort caused by the treatment, and other associated health risks with the use of cold therapy products are other factors hindering the growth of the global market.

REPORT COVERAGE:

This market research report on the global cold pain therapy market has been segmented and sub-segmented based on the product, application, distribution channel & region.

Cold Pain Therapy Market – By Product:

• OTC Products
  • Gels, Ointments, & Creams
  • Sprays & Foams
  • Patches
  • Roll-Ons
  • Cold Packs
  • Others
• Prescription Products
  • Motorized Devices
  • Non-motorized Devices

Based on the product, the OTC products segment is expected to show a high rise in the market mainly due to the easy availability of a wide range of OTC, their quick cure solutions, and their availability both in retail stores and online.

The prescription products segment is also anticipated to grow due to the increasing prevalence of chronic musculoskeletal disorders. These include motorized and non-motorized devices, which help control pain, swelling, and postoperative healing pain. The motorized machines send electrical impulses to the brain and spinal cord to relieve pain.

Cold Pain Therapy Market – By Application:

• Sports Medicine
• Musculoskeletal Disorders
• Postoperative Therapy
• Post-Trauma Therapy

The sports medicine segment is expected to grow significantly due to several factors, such as the rising number of sports-related injuries and several major key market players who are increasingly manufacturing various products for people who suffer from sports-related injuries.

The musculoskeletal segment is also expected to rise in the market owing to the rising prevalence of various musculoskeletal disorders, the aging of the population, and increasing accessibility of medications since about 130 million people worldwide are expected to develop Osteoarthritis by 2050, according to WHO.

Cold Pain Therapy Market – By Distribution Channel:

• ePharmacy
• Retail Pharmacy
• Hospital Pharmacy

The ePharmacy segment is expected to show high growth over the forecast period due to lucrative deals and discounts available, growing convenience of choosing from websites, detailed information provided with a variety of products, reduced drug costs, increased patient safety with less contact, making it easier for consumers to purchase products at their convenience.

The retail pharmacy segment is estimated to hold a significant market share owing to improved pharmacy workflow and easy availability of a wide range of products, including Topical products. In addition, personalized advice, less spending on expensive drugs, and increased access to patient prescription records are some of the conveniences offered by retail pharmacies.

Cold Pain Therapy Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American cold pain therapy market accounted for the largest share of the global market in 2022. North America has been prophesied to dominate the global cold pain therapy market due to key players with extensive distribution networks, an increase in the geriatric and obese population, an increasing prevalence of orthopedic diseases, and increasing healthcare expenditure. Additionally, the higher prevalence of osteoporosis, the high adoption of advanced medical devices, and the availability of skilled professionals to handle these advanced devices further fuel the market growth.

Europe stands to be the next primary market for cold pain therapy owing to the growing popularity of over-the-counter products, rise in arthritis and Osteoarthritis, increased emphasis on maintaining good physical health, rising healthcare spending, increasing healthcare services, and the launch of new products.

The region of Asia-Pacific is anticipated to show the highest because of various factors such as the growing awareness of healthcare, rising cases of sports injuries, rising demand for better quality medical care, increase in traffic accidents, and the growing demand for pain management treatments due to increasing aging of the population, which leads to Osteoarthritis and other orthopedic problems, mainly occurring in people aged 60 and over.

Moreover, the rise in sports injuries in Japan and China, increased adoption of patches painkillers, rise in popularity of cold sore therapy among older women, and more preference for topical analgesics over oral pills is expected to support the growth of the market.

The cold pain therapy market in regions such as Latin America, the Middle East, and Africa is growing owing to the increased awareness of cold pain therapy, increased focus on exercise and fitness activities to maintain health and personal care, developing economies, and an increase in the use of generic drugs.

KEY MARKET PARTICIPANTS:

Metrum Cryoflex, Medtronic Mediccale S.r.l., Zimmer MedizinSystems, CSA Medical, Inc., Erbe Elektromedizin, Special Medical Technology Co., Ltd, Galil Medical, Inc., CryoConcepts LP, PHYSIOMED AG, and Wallach Surgical Devices are some of the noteworthy players in the cold pain therapy market.

RECENT HAPPENINGS IN THIS MARKET:

• In June 2022, Hisamitsu's new Salonpas brand product is their Lidocaine Flex Pain Relief Patch 4%, a thin, flexible, highly adhesive patch that is probably the strongest lidocaine available without a prescription.
• In April 2022, to expand its mobile health business globally and speed up the licensing of its PixoTech platform, iXensor, the pioneer of mobile healthcare, partnered with Rohto Pharmaceutical Co., Ltd, a multinational pharmaceutical company with headquarters in Japan. As a result, innovative self-testing portfolios for consumers, including those for women's health and infectious diseases in the Japanese market, are now available.