Cold Pain Therapy Market Expected to Reach $3 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Cold Pain Therapy Market," The cold pain therapy market size was valued at $1.9 billion in 2022, and is estimated to reach $3 billion by 2032, growing at a CAGR of 5.1% from 2023 to 2032.

Cold application is a simple and inexpensive therapy which has been accepted for decades as an effective nonpharmacologic intervention for pain management. It increases the pain threshold, decreases the inflammatory reaction and spasm. Cold is commonly used in the treatment of acute soft tissue injuries and has been shown to reduce pain effectively in the post-operative period after orthopedic surgery procedures. 

It is commonly used to decrease blood flow to a targeted area by constricting blood vessels. This can reduce inflammation and swelling, particularly around a joint or tendon. To avoid skin, tissue or nerve damage, cold therapy should not be used more than 20 minutes at a time, several times each day. A cloth or towel should always be placed between the skin and cold therapy products.

The growth of the cold pain therapy market size is majorly driven by an increase in the number of sports related injuries. For instance, according to the National Safety Council (NSC), in 2022 exercise equipment accounted for an estimated 445,642 injuries, the most in any sports and recreation category. Moreover, the increase in the prevalence of chronic diseases and upsurge in the number of surgeries performed are the major factors that propel the growth of the market. In addition, the increase in the shift towards homecare and self-treatment has driven the demand for cold pain therapy products that can be used at home. Thus, the rise in number of sports related injuries and global rise in surguries is expected to drive the global cold pain therapy market share.

Furthermore, the surge in the number of geriatric populations increases the demand for cold pain therapy products as geriatric populations are more prone to falling and getting injured. In addition, the increase in the number of key market players and the strategies they adopt such as collaborations between pharmaceutical companies, medical device manufacturers, and healthcare providers can drive innovation and promote the development of new cold pain therapy solutions. Thus, such partnerships may result in the introduction of more effective and targeted products that boost the growth of the cold pain therapy market share.

On the basis of product, the cold pain therapy industry is bifurcated into OTC products and priscription products. The OTC Products segment generated maximum revenue in 2022 and is expected to remain dominant over the forecast period, owing to high adoption of the creams and gels. 

On the basis of application, the musculoskeletal disorders segment dominated the market in 2022. According to the cold pain therapy market analysis the dominence of the musculoskeletal disorders segment is attributed to high prevalence of the musculoskeletal disorders and rise in geriatric population.

On the basis of distribution channel, cold pain therapy industry is divided into hospital pharmacies, retail pharmacies and online pharmacies. The retail pharmacies segment dominated the market in 2022, owing to the immediate availability of the cold pain therapy product such as creams, gels and other OTC products. However, the online pharmacy segment is expected to witness the highest CAGR during the forecast period, owing to growing trend towards the online pharmacies.

On the basis of region, North America generated maximum revenue in 2022 owing to presence of advanced healthcare infrastructure, increasing prevalence of chronic diseases such as cancer that has increase the number of surgical procedures being performed and supportive regulatory agencies such as the U.S. FDA that have established clear pathways for the approval and commercialization of cold pain therapy products, providing a conducive environment for companies to develop and market cold pain therapy products.                                                      

However, according to the cold pain therapy market forecast, Asia-Pacific is expected to witness the highest CAGR during the forecast period owing to large geriatric population, increase in healthcare infrastructure and the increase in the number of sports related activities being conducted that leads to sports injuries.

Additionally, increase in trend toward self-care and home-based treatments in developing countries has driven the demand for cold pain therapy products that can be easily used by individuals at home. This includes products like cold packs, wraps, and topical analgesics. Thus, accoring to cold pain therapy market trends analysis the rising trend towards self-care and home-based pain management technique is expected to drive the growth of the market.

The major players profiled in the report are Romsons Group of Industries, Cardinal Health Inc, Sanofi, Breg Inc., Medline Industries LP, Ossur, Hisamitsu Pharmaceutical Inc, Beiersdorf AG, 3M and ThermoTek Inc. 

Key findings of the study

• On the basis of product, the OTC products held the largest share in the cold pain therapy market in 2022.
• On the basis of application, the musculoskeletal disorders dominated the market in 2022.
• On the basis of distribution channel, the retail pharmacies dominated the market in 2022. However, the online pharmacy segment is expected to register fastest growth during the forecast period.
• On the basis of region, North America was the major shareholder in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period