Cold Pain Therapy Market worth 1,087.7 Million USD by 2021
Cold Pain Therapy Market worth 1,087.7 Million USD by 2021
The report "Cold Pain Therapy Market by Product (OTC (Pharmaceuticals - Gel, Cream, Patch, Spray) (Medical Devices - Wraps, Ice Pack), Prescription (Non-Motorized Devices)), Application (Musculoskeletal Disorders, Sport Medicine, Physical Therapy) - Forecast to 2021", that analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Browse 59 market data tables and 63 figures spread through 223 pages and in-depth TOC on “Cold Pain Therapy Market “
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This report studies the global cold pain therapy market over the forecast period of 2016 to 2021. The market is expected to reach USD 1.08 Billion by 2021, at CAGR of 5.0% from 2016 to 2021. A number of factors such as aggressive marketing and promotion activities by major players, active participation of people in sports and other outdoor activities, easy availability of cold packs from a variety of Chinese manufacturers, growing aging population and arthritis incidences, and clinical evidence in favor of menthol-based topical analgesics are driving the growth of the global cold pain therapy market. On the other hand, factors such as the availability of alternative non-drug/device pain management therapies, stringent regulations on ammonium nitrate usage, and the high usage of low-priced analgesic pills to obtain immediate relief pose challenges to market players.
The report covers two major product types OTC and prescription-based cold pain therapy products. OTC products are further segmented into pharmaceuticals (gels, ointments, creams, sprays, foams, patches, and roll-ons) and medical devices (cold packs and cooling towels, compresses, wraps, and pads). Prescription-based cold pain therapy products are categorized into motorized and non-motorized devices. The OTC segment is expected to account for the largest market share in 2016, whereas the prescription-based segment is expected to grow at the highest CAGR, mainly due to the rising incidence of sports-related injuries, continuously increasing aging population, increased incidences of deep vein thrombosis (DVT), and the increasing number of surgeries.
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This report covers five major applications musculoskeletal disorders, sport medicine, post-operative, post-trauma, and physical therapy. The musculoskeletal disorders segment is expected to account for the largest share of the global cold pain therapy market in 2016 and grow at the highest CAGR during the study period. This can be attributed to the increasing number of individuals suffering from arthritis, osteoarthritis, back pain, joint pain; rising proportion of geriatric population; aggressive marketing strategies employed by market players; and increasing preference for self-care in the management of musculoskeletal pain.
In 2016, North America is expected to hold the largest share of the global cold pain therapy market, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors, such as increasing baby boomer population and high preference to topical analgesics, especially patches, to manage pain, aid the growth of this market segment. For instance, 60% of OTC pain remedy treatments preferred by the Japanese population is in topical form, and most of it is in patch. Additionally, in China, around 50% of patients use topical pain relief products, such as patches and creams, for pain relief; on the other hand, in the U.S., more than 80% of the population suffering from pain use pills for pain management (Source: Pain Stop Clinics).
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In 2015, Hisamitsu Pharmaceutical Co., Inc., (Japan), 3M Company (U.S.), and Breg Inc. (U.S.) were the major players in the global cold pain therapy market.
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