June 13, 2024

Cold Pain Therapy Market Size to Worth USD 3.48 Billion by 2033

The global cold pain therapy market size accounted for USD 2.11 billion in 2023 and is predicted to grow around USD 3.48 billion by 2033, growing at a CAGR of 5.12% from 2024 to 2033.

Key Points

  • The North America cold pain therapy market size accounted for USD 870 million in 2023 and is expected to attain around USD 1,440 million by 2033, poised to grow at a CAGR of 5.16% between 2024 and 2033.
  • North America dominated the market with the largest revenue share of 41% in 2023.
  • Asia Pacific is expected to hold the fastest-growing market during the forecast period.
  • By product, the OTC segment has held the biggest revenue share of 64% in 2023.
  • By product, the prescription segment is expected to grow at the fastest rate in the market during the forecast period.
  • By application, the musculoskeletal disorders segment has contributed more than 40% in 2023.
  • By application, the post-trauma therapy segment is expected to expand notably in the market over the projected period.
  • By distribution channel, the retail pharmacies segment led the global market in 2023.
  • By distribution channel, the hospital pharmacies segment is expected to grow rapidly in the market during the forecast period.

Cold Pain Therapy Market Size 2024 to 2033

The cold pain therapy market is a segment within the broader medical devices industry that focuses on providing relief from pain and inflammation through the application of cold therapy. Cold therapy, also known as cryotherapy, involves the use of cold temperatures to reduce discomfort and promote healing in various conditions, including injuries, post-operative recovery, arthritis, and muscle soreness. This market encompasses a range of products such as cold packs, ice packs, cooling pads, and cryogenic chambers, among others.

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Growth Factors

The cold pain therapy market is experiencing steady growth, driven by several key factors. One significant factor is the increasing prevalence of musculoskeletal disorders and sports injuries, leading to a greater demand for non-invasive pain management solutions. Moreover, the growing aging population worldwide is contributing to the expansion of the market, as older individuals are more prone to conditions such as arthritis and chronic pain, which can benefit from cold therapy.

Region Insights:

The market for cold pain therapy products exhibits variations across different regions. Developed regions such as North America and Europe have well-established healthcare infrastructures and higher awareness regarding pain management techniques, resulting in a significant market share. However, emerging economies in Asia-Pacific and Latin America are witnessing rapid growth due to improving healthcare facilities, rising disposable incomes, and increasing awareness about the benefits of cold therapy.

Cold Pain Therapy Market Scope

Report Coverage Details
Cold Pain Therapy Market Size in 2023 USD 2.11 Billion
Cold Pain Therapy Market Size in 2024 USD 2.22 Billion
Cold Pain Therapy Market Size by 2033 USD 3.48 Billion
Cold Pain Therapy Market Growth Rate CAGR of 5.12% from 2024 to 2033
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Product, Distribution Channel, Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Cold Pain Therapy Market Dynamics

Drivers:

Several drivers propel the growth of the cold pain therapy market. One of the primary drivers is the shift towards non-pharmacological pain management methods, particularly amidst concerns about opioid addiction and the adverse effects of long-term medication use. Additionally, advancements in technology have led to the development of innovative cold therapy devices that offer improved efficacy, convenience, and patient comfort, thereby driving market growth.

Opportunities:

The cold pain therapy market presents various opportunities for expansion and innovation. For instance, there is a growing trend towards the adoption of portable and wearable cold therapy devices, which provide on-the-go pain relief and enhanced mobility for users. Furthermore, expanding into untapped markets, such as veterinary cold therapy for animals, presents new avenues for revenue generation and market penetration.

Challenges:

Despite the positive growth prospects, the cold pain therapy market faces certain challenges. One challenge is the limited reimbursement coverage for cold therapy products by healthcare payers, which may hinder adoption, especially among cost-conscious consumers. Additionally, regulatory requirements and compliance standards can pose barriers to entry for new market players, thereby limiting competition and innovation to some extent.

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Cold Pain Therapy Market Recent Developments

  • In October 2023, IBM and the EY announced the release of EY.ai Workforce, a cutting-edge HR solution that makes it easier for businesses to incorporate artificial intelligence (AI) into their essential HR business operations. This is a critical next step in the firms’ partnership and a major turning point in the way AI is being used to boost productivity in the HR department.
  • In October 2023, Hyloris Pharmaceuticals, a Belgian firm, said that the U.S. health authorities had approved its new tab medication for post-operative pain. The company anticipates launching the non-opioid treatment in the United States by early next year. Branded as Maxigesic IV, the injectable medication was authorized for use in hospitals following surgery or in cases where patients are unable to take oral medication.

Cold Pain Therapy Market Companies

  • Romsons Sustaining the Life Force
  • 3M
  • DJO, LLC.
  • Hot and Cold Company
  • Polar Products Inc.
  • Medline Industries, Inc.
  • Hisamitsu Pharmaceutical Co., Inc.
  • Sanofi

Segment Covered in the Report

By Product

  • OTC Products
  • Prescription Products

By Distribution Channel

  • Hospitals Pharmacies
  • Retail Pharmacies
  • Online Pharmacies

By Application

  • Musculoskeletal Disorders
  • Post-Operative Therapy
  • Sports Injuries
  • Post-trauma Therapy

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

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