Cold Pain Therapy Market Insights
The global cold pain therapy market is expected to grow at a steady rate over the forecast period. This growth is mainly attributed to the increasing number of knee and hip surgeries in countries around the world. The industry is also anticipated to be influenced by factors such as growing inclination towards gym activities and exercise coupled with rising sports injuries.
Along with this, growing adoption of safe pain management modalities over oral drug therapy is also likely to positively impact the overall industry. Cold Pain Therapy can be used in treating runner's knee, arthritis pain, sprains, tendonitis and lower back pain among others.
However, factors such as the absence of medical evidence in favor of cold pain therapy along with the lack of reimbursement for cold pain therapy are projected to hinder the growth of the industry in the forecast period.
Cold Pain Therapy Market: Product Insights
Based on the product, the market is segmented into prescription based and OTC (Over the counter) products. While the prescription based segment can be further segregated into motorized and motorized devices, the OTC segment is segregated into pharmaceuticals and medical devices. The pharmaceutical segment is divided into gels, ointments & creams, sprays and foams, patches & roll-ons. The medical devices are divided into cold packs & cooling towels, compresses, wraps, and pads.
The OTC segment is projected to hold the largest share of the industry in the coming years. Increasing adoption of tropical pharmaceutical over oral medication on account of factors such as user-friendly nature, fewer side-effects, and fast pain relief is likely to propel market growth.
Cold Pain Therapy Market: Application Insights
On the basis of application, the industry is segmented into musculoskeletal disorders, post-operative therapy, sports medicine and post-trauma therapy. The musculoskeletal disorders segment is anticipated to grow at a healthy CAGR in the forecast period owing to factors such as rising adoption of OTC based products such as gels, ointments & creams, sprays and foams, patches & roll-ons in the treatment of musculoskeletal disorders. The market is further expected to be driven by growing incidence of back pain, arthritis, joint pain, and osteoarthritis. Moreover, increasing adoption of tropical pharmaceutical over oral medication to treat musculoskeletal disorders is also likely to have a positive influence on the overall market.
Cold Pain Therapy Market: Regional Insights
North America has occupied the largest share of this market for the past few years. This can be associated with a growing geriatric population and rising incidence of sports injuries and arthritis. The regional growth is also attributed to stringent government regulations associated with medical use of opioid analgesics. The market is further expected to be driven by increasing product launches and brand promotion activities.
Cold Pain Therapy Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase cold pain therapy over the coming years. Some leading consumers of cold pain therapy are Comprehensive Musculoskeletal Center, Arthrex, ArthroCare Corporation, Biomet, ConMed Corporation, Smith & Nephew, Inc. and Tornier, Inc.
Cold Pain Therapy Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Cold Pain Therapy Market Share & Competitor Analysis
Some of the players operating in the global cold pain therapy market include Sanofi, Hisamitsu Pharmaceutical, Johnson & Johnson, DJO Finance, Rohto Pharmaceutical, Pfizer, 3M, Medline Industries, Össur, Performance Health, Romsons Group of Industries, Custom Ice, Breg, Unexo Life Sciences and Beiersdorf.
In March 2018, the Food and Drug Administration (FDA) announced clearing Myoscience, Inc.'s in order to allow surgeons which uses Iovera’s targeted cold therapy platform to access nerves in the shoulder, hip, and knees. The treatment includes stopping nerves from sending pain signals for a period.
In October 2017, CryoREV, announced setting their second cryotherapy business in Sioux Falls by October. The company provides cryotherapy treatment by exposing whole-body to subzero temperatures for 2-1/2 to 3 minutes or to a NovoTHOR Light Pod, a horizontal pod similar to a tanning bed that provides low-level red and infrared light therapy.
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