Cold Pain Therapy Market Size And Forecast To 2029

The global cold pain therapy market size was valued at USD 2,628.1 million in 2022 and is poised to grow at a CAGR of 5.7% during the forecast period 2023 to 2029. The main reasons propelling the market for cold pain therapy are the rising prevalence of cancers including skin, prostate, retinoblastoma, cervical, and others as well as the rising frequency of sports and accidental injuries. Another aspect propelling the market is an increase in the elderly population. Due to their high risk of developing joint problems like arthritis, this population is likely to see an increase in the market for goods that use cold therapy. Moreover, another significant reason driving the growth of the market for cold pain therapy is the rise in the number of traumatic injuries brought on by slips, trips, and falls as well as accidents on the road.

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The Sprays Segment is Dominating the Cold Pain Therapy Market:
Increase in prevalence of arthritis and other bone-related conditions, diabetic neuropathy, leading to pain. Other factors that boost the spray segment include rise in adoption of topical pain relief products as they cause lesser side effects as compared to oral pain relief, upsurge in geriatric population across the world, and increase in demand for topical spray relief by sports players.

North America Leads Cold Pain Therapy Market:
North America is expected to hold significant market share in the global cold pain therapy market and is projected to grow at a prominent growth rate over the forecast years owing to extensive usage of these products, rising health consciousness of people, and government initiatives about health awareness. Moreover Asia Pacific is expected to witness significant growth rate during the forecast period primarily due to, increasing popularity for cold pain therapy among aged women, increase in the number of injuries caused during sports activities, rise in emphasis on exercise & gym activities to maintain health, and increasing adoption of analgesic patches and self-care.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global cold pain therapy market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, Sanofi in December 2020 renewed its partnership with WHO to fight some of the neglected diseases and to eliminate sleeping sickness before 2030. Sanofi shares a fixed amount as a financial support for disease management, campaigns, drug donations, etc. The partnership is already 20-year-old and supports in screening, control and treatment of sleeping sickness, one of the most neglected tropical diseases.

The cold pain therapy market is segmented based on product type, by application, by distribution channel and geography.

Based on the Product Type, the market is segmented into the following:
• Gels, Ointments, and Creams
• Sprays & Foams
• Patches
• Roll-Ons
• Cold Packs
• Cooling Towels, Compresses, Wraps, and Pads
• Motorized Devices
• Non-Motorized Devices

Based on the By Application, the market is segmented into the following:
• Musculoskeletal Disorders
• Post-operative Therapy
• Sports Injuries
• Post-trauma Therapy

Based on the By Distribution Channel, the market is segmented into the following:
• Retail Pharmacies
• Hospital Pharmacies
• E- Pharmacies

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the cold pain therapy market report are Beiersdorf AG (Germany), DJO Global, Inc. (US), Hisamitsu Pharmaceutical Co., Inc. (Japan), Össur (Iceland), Johnson & Johnson (US), Pfizer (US), Sanofi (France), Rohto Pharmaceutical (Japan), 3M (US), Cardinal Health Inc. (US), Bird & Cronin (US).

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This release was published on openPR.