The Global Cold Pain Therapy Market in terms of revenue was estimated to be worth $1.8 billion in 2022 and is poised to reach $2.4 billion by 2027, growing at a CAGR of 5.1% from 2022 to 2027. A total of 25 companies have been profiled. The current edition of the report covers pricing analysis, case study analysis, value chain analysis, supply chain analysis, ecosystem analysis, market mapping, trade analysis, regulatory landscape analysis, technology analysis, trends and disruptions impacting the business of customers, key conferences and events in 2022–2023, key stakeholders in the buying process, and Porter’s five forces analysis in the market overview chapter. This edition also covers the product and geographical footprint of the key players in the competitive landscape chapter. Market growth is driven by the rising geriatric population, coupled with the increasing prevalence of musculoskeletal disorders and the easy availability of products for cold pain therapy.
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Key Players:
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), Compass Health Brands (US), Breg, Inc. (US), Medline Industries (US), Performance Health (US), Romsons Group of Industries (India), Unexo Life Sciences (India), Polar Products (US), Rapid Aid (Canada), Mueller Sports Medicine (US), Pic Solution (US), Bruder Healthcare Company (US), Brownmed Inc. (US), Medichill (Australia), and ThermoTek, Inc. (US)
Market Dynamics
Driver: Increasing number of hip and knee surgeries
There has been observed an aging-related changes in the musculoskeletal system increase the propensity to osteoarthritis (OA), and the severity of the disease is closely related to other OA risk factors such as joint injury, obesity, genetics, and anatomical factors that affect joint mechanics. OA is not an inevitable consequence of growing old, although older age is the greatest risk factor for OA. The market demand for surgical treatment, including joint replacement surgery (hip and knee replacement), is expected to increase significantly, owing to the rapidly increasing aging population worldwide.
Opportunity: Increasing adoption of analgesic patches
Analgesic patches feature a transdermal drug delivery system, which is a non-invasive mode of medication delivery through the skin. Patches deliver an analgesic drug at a fixed rate across the dermis, while placed on the skin. The use of analgesic patches through transdermal drug delivery systems offers various advantages over oral medications.
Restraint: Growing use of low-priced analgesic pills for immediate pain relief
The most widely used OTC analgesic drugs are paracetamol or acetaminophen, ibuprofen, and aspirin. These drugs are widely available at lower costs. This, coupled with the lack of awareness of the adverse effects of painkillers, is a key factor contributing to the high adoption of analgesic pills for immediate pain relief. Additionally, due to the lack of awareness about new therapies for pain management, availability of low-priced generic versions of drugs, and increasing health concerns are contributing to the high usage of analgesic pills which cause a high adoption of OTC drugs by customers in emerging nations.
Challenge: Alternative pain management therapies
The alternative treatment options available for acute and chronic pain management in patients are non-drug/device therapy approaches, such as physical therapy/exercise, meditation, relaxation techniques, yoga, cognitive-behavioral therapy (CBT), acupuncture, biofeedback, chiropractic manipulation, the application of heat, ultrasound, compression therapy, and massages.
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In 2021, OTC products segment accounted for the largest share of the post-operative therapy industry, by product.
The cold pain therapy market is segmented into OTC products and prescription products. The OTC products accounted for the largest share of the cold pain therapy market in 2021, mainly due the easy accessibility of OTC products in retail and online pharmacies.
In 2021, musculoskeletal disorders segment accounted for the largest share in the industry, by application.
The cold pain therapy market has been segmented into musculoskeletal disorders, sports medicine, post-operative therapy, and post-trauma therapy. In 2021, the musculoskeletal disorders segment accounted for the largest share of the cold pain therapy market. Factor such as the immediate pain relief provided by cold pain therapy products is driving the growth of the market.
In 2021, retail pharmacies segment accounted for the largest share in the market, by distribution channel.
The cold pain therapy market has been segmented into hospital pharmacies, retail pharmacies, and e-pharmacies. In 2021, the retail pharmacies segment accounted for the largest share of the cold pain therapy market. The easy availability of the all the essential cold pain therapy products in retail pharmacies is driving the growth of this segment.
North America is the largest regional market for post-operative therapy.
The global cold pain therapy industry is segmented into five major regions North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of the cold pain therapy market. The North American cold pain therapy market growth can be attributed to the growing sports participation.
Report Objectives
To define, describe, segment, and forecast the global cold pain therapy market by product, application, distribution channel, and region
To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall cold pain therapy market
To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
To forecast the size of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies
To track and analyze company developments such as product launches, agreements, partnerships, and acquisitions in the cold pain therapy market
To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Recent Developments
In June 2021, Hisamitsu Pharmaceutical CO., Inc. (Japan) launched Air Salonpas Z, an analgesic and anti-inflammatory spray for muscle pain, bruises, and sprains, among other conditions.
In November 2020, Beiersdorf AG (Germany) invested USD 72.9 million (EUR 60 million) in Hamburg to develop technological centers for strengthening its R&D unit.
In September 2019, Rohto Pharmaceutical (Japan) announced the launch of an advanced technology research laboratory at the Hong Kong Science Park in New Territory, Hong Kong.
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