Market Size of Cold Pain Therapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Cold Pain Therapy Market Analysis
The Cold Pain Therapy Market is expected to register a CAGR of 4.5% during the forecast period.
The increasing cases of injuries related to sports, the growing geriatric population, and the adoption of quick pain-relieving technologies are expected to propel the market growth. In a survey conducted in January 2023 in the United States and published in the January 2024 issue of the International Journal of Innovative Research in Medical Science, about 60% of participants highlighted the prevalence of sports-related injuries in American football. Thus, the high prevalence of sports injuries is expected to increase the popularity of cold pain therapy, which reduces blood flow to specific areas, effectively alleviating inflammation and the resulting pain and accelerating market growth.
The rising number of road accidents also creates a demand for cold therapy since it constricts the blood vessels, reducing inflammation and swelling and propelling market growth over the forecast period. For instance, as per the report Road Accidents in India, published in October 2023, the number of traffic accidents in the country increased to 461 thousand in 2022, an increase of 11.9% in accidents compared to 2021. The high burden of road accidents and the resulting injury and trauma may increase the need for cold therapy, thereby boosting the market growth.
Furthermore, the growing funding for pain research is expected to increase the development of cold pain therapies, which is likely to drive market growth over the forest period. For instance, as per the data published by the National Institutes of Health (NIH) in May 2024, funds amounting to USD 1,019 million were provided by NIH for pain research, and this amount is expected to increase to USD 1,111 million by 2025 in the United States. Therefore, the growing research funding encourages companies to develop novel cold pain therapy products, boosting market growth.
Therefore, the high burden of sports injuries and traffic accidents, coupled with growing research studies on pain, is expected to boost the market growth over the forecast period. However, the lack of awareness regarding cold therapy and reimbursement policies for cold pain therapy is estimated to restrain the market growth.
Cold Pain Therapy Industry Segmentation
As per the report's scope, cold pain therapy uses cold to relieve the pain caused by injuries or other causes. The products range from pharmaceuticals, medical devices, and OTC products. Cold pain therapy is primarily used on fresh injuries, such as ligament sprains, muscle sprains, and severe bruises. This therapy is used for tissue fatigue injuries, such as tennis elbow, supraspinatus tendinitis, iliotibial band syndrome, and patellofemoral pain syndrome.
The cold pain therapy market is segmented by product, application, and geography. By product, the market is segmented into OTC products and prescription products. OTC products include creams, gels, patches, and other OTC products. Prescription products include pharmaceuticals and medical devices. By application, the market is segmented into sports medicine, post-operative therapies, trauma and orthopedics, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers market sizes and forecasts in terms of value (USD) for the above segments.
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Cold Pain Therapy Market Size Summary
The cold pain therapy market is poised for steady growth, driven by the increasing prevalence of sports-related injuries and the rising adoption of rapid pain-relief technologies. The market experienced initial setbacks due to the COVID-19 pandemic, which led to a decline in soft tissue repair procedures and disruptions in supply chains. However, the market has since rebounded as restrictions were lifted, and it is now expected to maintain a stable growth trajectory. The demand for cold pain therapy is further bolstered by the high incidence of road accidents, which necessitate the use of cold therapy to reduce inflammation and swelling. Strategic initiatives by market players, including technological advancements, product launches, and partnerships, are also contributing to the market's expansion.
The segment of cold pain therapy is anticipated to grow significantly due to the high burden of sports injuries worldwide and the increasing number of product launches. The prevalence of soft tissue injuries in sports, such as hamstring and groin injuries, is driving the demand for cold pain therapy in sports medicine. Additionally, partnerships and innovative product offerings by market players are expected to enhance market growth. The North American region, in particular, is projected to witness substantial growth due to the high rates of road accidents and sports injuries, coupled with the active involvement of market players in launching new products and forming strategic alliances. Despite challenges such as limited awareness and reimbursement issues, the market is expected to continue its upward trajectory.
Cold Pain Therapy Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Number of Road Accidents and Sports-related Injuries
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1.2.2 Increasing Geriatric Population and Adaptation of Cold Therapy Products
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1.3 Market Restraints
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1.3.1 Lack of Awareness Regarding Cold Therapy
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1.3.2 Lack of Reimbursement Policies For Cold Pain Therapy
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Buyers/Consumers
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1.4.2 Bargaining Power of Suppliers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD)
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2.1 By Product
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2.1.1 OTC Products
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2.1.1.1 Creams
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2.1.1.2 Gels
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2.1.1.3 Patches
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2.1.1.4 Other OTC Products
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2.1.2 Prescription Products
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2.1.2.1 Pharmaceuticals
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2.1.2.2 Medical Devices
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2.2 By Application
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2.2.1 Sports Medicine
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2.2.2 Post-operative Therapies
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2.2.3 Trauma and Orthopaedic
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2.2.4 Other Applications
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2.3 By Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Cold Pain Therapy Market Size FAQs
What is the current Cold Pain Therapy Market size?
The Cold Pain Therapy Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)
Who are the key players in Cold Pain Therapy Market?
Breg Inc., Brownmed Inc., Össur hf, Cardinal Health Inc. and Enovis Corporation (DJO Global Inc.) are the major companies operating in the Cold Pain Therapy Market.
