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Cold Pain Therapy Global Market is Projected to Increase Revenues Growth, Business Insights, Future Demand and Forecast 2024-2033
Cold Pain Therapy Global Market
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According to The Business Research Company's, The cold pain therapy market size has grown strongly in recent years. It will grow from $1.66 billion in 2023 to $1.79 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to rise in sports injuries, chronic pain management, post-surgery recovery, orthopedic applications, fitness and rehabilitation.
The cold pain therapy market size is expected to see strong growth in the next few years. It will grow to $2.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to professional endorsements, innovative marketing strategies, digital health adoption, supportive regulatory environment, geriatric population demand, rise in orthopedic conditions. Major trends in the forecast period include increased sports and fitness focus, shift towards non-pharmacological methods, at-home treatment preference.
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Market Drivers and Trends:
The rising number of road accidents is significantly contributing to the growth of the cold pain therapy market going forward. Road accidents refer to incidents that occur on roadways involving vehicles such as cars, motorcycles, bicycles, pedestrians, and other modes of transportation. The growing number of road accidents worldwide increases the market potential for cold pain therapy products, as these offer a non-invasive and accessible means to alleviate pain and promote recovery. For instance, according to the French Road Safety Observatory (ONISR) 2023 update, there were 53.5 thousand injury traffic accidents and 67 thousand injured people during the accident in mainland France last year. Therefore, the rising number of road accidents will drive the cold pain therapy market.
Technological advancement is the key trend gaining popularity in the cold pain therapy market. Major companies operating in the cold pain therapy market are trying to come up with new technological advancements in their product offerings to gain a competitive edge in the market. For instance, in April 2022, Jenburkt Wellness, an India-based company operating in cold pain therapy unveiled Zixa Strong, an innovative fast-acting pain relief range. This involves innovative oil-in-water flash micelle technology, a combination of ultra-rapid mixing techniques, and a uniquely powerful approach to modify the structure with oil-based formulations that improve therapeutic efficacy.
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Major Key Players of the Market:
Unexo Lifesciences Pvt. Ltd., Össur Corporate, Hisamitsu Pharmaceutical Co. Inc., Johnson & Johnson, Pfizer Inc., Sanofi S.A., Rohto Pharmaceutical Co. Ltd., 3M Company, Cardinal Health Inc., Compass Health Brands, Breg Inc., Medline Industries LP, Performance Health Supply Inc., Romsons Group of Industries, Beiersdorf AG, DJO Global Inc., Gilead Sciences Inc., Astellas Pharma Inc., AstraZeneca plc, Novo Nordisk A/S, Polar Products Inc., The Bristol-Myers Squibb Company, Mueller Sports Medicine Inc., Eli Lilly and Company, Bruder Healthcare Company LLC, ThermoTek Inc., Boehringer Ingelheim International GmbH, GlaxoSmithKline plc, Medtronic plc, Performance Health LLC
Cold Pain Therapy Market 2024 Key Insights:
• The cold pain therapy market size is expected to see strong growth in the next few years. It will grow to $2.36 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%.
• The Symbiotic Rise Gym Activities Fueling The Surge In Cold Pain Therapy Market
• Technological Advancements Paving The Way In The Cold Pain Therapy Market
• North America was the largest region in the cold pain therapy market share in 2023
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