The global cold pain therapy market size is expected to reach USD 2.3 billion by 2026, according to a new report by Radiant Insights, Inc., exhibiting a CAGR of 4.9%. Rising incidence of orthopedic diseases has led to high growth of the market. CDC estimated that nearly 78 million people in the U.S., aged 18 years or above, are expected to be diagnosed with arthritis by 2040.
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Rising number of road accidents and traumatic injuries is leading to a high growth of the market. According to WHO data, every year nearly 10 million people suffer injuries in road accidents or incur a disability as a result of injuries in head, chest, arms, and legs. Thus, with the increasing number of road accidents, the demand for therapy products for pain management is rising. Increasing number of sports injuries also play a pivotal role in the rising demand for these products. The most common types of sport injuries are dislocated joints, muscle sprains & strains, tear of ligaments & tendons that hold the joints together, and fractured bones, including the vertebrae.
Geriatric population is a significant target population driving the market. Countries such as Germany and China have high geriatric population base. This factor is contributing to market growth. According to CDC, 1 in every 4 adults are affected by osteoarthritis. Thus, rising geriatric population is expected to increase the demand for cold pain therapy products.
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• OTC products dominated the market in 2018 due to affordability and easy availability of products such as creams, gels, sprays, and roll-ons
• Orthopedic conditions held a significant market share in 2018 owing to rising prevalence of various musculoskeletal and joint disorders, such as osteoarthritis
• The sports medicine segment is expected to witness a significant growth during the forecast period due to increasing number of sport-related injuries
• Retail pharmacies accounted for a considerable revenue share in 2018, owing to increase in their demand due to easy availability of products
• Among all distribution channels, e-commerce is expected to grow at the highest CAGR during the forecast period, owing to lucrative offers and discounts available online
• North America dominated the cold pain therapy market in 2018 due to factors such as an increase in the prevalence of orthopedic disorders and presence of key market players in the region
• Asia Pacific is likely to grow at a high rate over the forecast period due to rising geriatric population, coupled with growing healthcare awareness in the region
• Some of the major companies in the market are Beiersdorf; Breg, Inc.; DJO Global; Hisamitsu Pharmaceutical Co., Inc.; Johnson & Johnson; and ossur Corporate.
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