The Global Cold Pain Therapy market is projected to reach USD 2.12 Billion by 2023 from USD 1.69 Billion in 2018, at a CAGR of 4.6% during the forecast period.
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Factors such as the increasing incidence of sports injuries and a rising emphasis on exercise, the growing number of hip and knee surgeries across the globe, and a rising need for safer pain management modalities (as compared to oral therapy) are expected to drive the demand for cold pain therapy during the study period.
The OTC products segment is expected to register the highest growth rate during the forecast period
Based on product, the cold pain therapy market is divided into OTC products and prescription products. OTC products are expected to grow at the highest CAGR during the forecast period.
The high patient preference for topical pharmaceuticals as compared to oral medications, owing to their lower side effects, fast pain relief, and convenience, is expected to drive the growth of the OTC products segment in the next five years.
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Musculoskeletal disorders are estimated to form the largest segment of the market, by application
The cold pain therapy market is segmented, by application, into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy. The musculoskeletal disorders segment is expected to account for the largest share of the cold pain therapy market in 2018, owing to the increasing incidence of arthritis, osteoarthritis, back pain, and joint pain; increasing trend of self-care; and the growing preference for topical analgesics to manage musculoskeletal pain.
In 2017, North America accounted for the largest share of the cold pain therapy market
Geographically, the cold pain therapy market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2017. The growing geriatric population, the high incidence of arthritis and sports injuries, product launches, the large number of surgeries, and stringent regulations on opioid prescription are expected to drive the growth of cold pain therapy products this region.
As of 2017, the major players in the cold pain therapy market are Sanofi (France), DJO Finance (US), and Pfizer (US). Other players in this market include 3M (US), Hisamitsu Pharmaceutical (Japan), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Beiersdorf (Germany) Rohto Pharmaceutical (US), Breg (US), Romsons Group of Industries (India), Custom Ice (US), and Unexo Life Sciences (India).
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