Global Cold Pain Therapy Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,185 Million by 2024 from $824 Million in 2016, growing at a CAGR of 4.6% from 2016 to 2024. By geography, Asia-Pacific and Europe are expected to grow at a CAGR of 6.3% and 4.4%, respectively, during the forecast period.
"Cold Pain Therapy Market (By Product: OTC-Based Products (Pharmaceuticals And Medical Devices) And Prescription Based Products (Motorized Devices and Non-Motorized Devices); By Application: Musculoskeletal Disorder, Sport Medicine, Post-Operative, Post-Trauma, And Physical Therapy; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the factors propelling the growth of the global cold pain therapy market includes increasing importance of physical activities such as exercise and gym, commonness of injuries during sports activities, and growing awareness among end user’s due to several promotions. Though, possibility of side-effects, and limited clinical evidences supporting the cold pain therapy would limit the adoption among consumers. Furthermore, rising healthcare spending and stringent regulatory approval for oral pain medicines would create growth opportunities for the market.
Product type, application, and geography are the major segments considered in the global cold pain therapy market. Product type includes OTC based products and prescription based products. Among which, OTC based products accounted the largest market share in 2016. By application, the segment includes musculoskeletal disorder, sport medicine, post-operative, post-trauma, and physical therapy. Musculoskeletal dominated the segment with maximum market share.
By geography, the cold pain therapy market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America and Europe dominated the market with largest market share in 2016, with 35.8% and 28.9%, respectively. In terms of growth, Asia-Pacific will attain the fastest CAGR during the forecast period, driven by increased investments, owing to presence of large patient base, rising use of generic drugs, and improving healthcare services.
Major market players in the cold pain therapy market include Hisamitsu Pharmaceutical Co., Inc., 3M Company, Breg Inc., Johnson & Johnson, Ossur hf, ROHTO Pharmaceutical Co., Ltd., Sanofi, DJO Finance LLC, Beiersdorf AG, and Medline Industries Inc., among others.