Cold Pain Therapy Market Research Report and Outlook by 2028

The global market for cold pain therapy is projected to expand from US$ 2,189.94 million in 2021 to US$ 3,143.88 million by 2028, reflecting a compound annual growth rate (CAGR) of 5.3% from 2022 to 2028.

The growth of this market is significantly influenced by the increasing numbers of elderly and overweight individuals. Additionally, heightened investments in research and development, along with new product introductions, are anticipated to shape future trends in the market throughout the forecast period.

Countries such as the United States, the United Kingdom, Canada, Japan, China, India, and South Korea are experiencing substantial advancements in healthcare infrastructure and services. This modernization has led to increased life expectancy, contributing to a growing elderly demographic. According to the World Health Organization (WHO), the global population aged 60 and older was 1 billion in 2019, with projections suggesting it will reach 1.4 billion by 2030 and 2.1 billion by 2050. Furthermore, the US Census Bureau indicates that the population aged 65 and older in the United States is expected to rise from 46 million in 2016 to approximately 98 million by 2060, increasing from about 15% to nearly 24% of the total population during that time. Eurostat reports that in 2021, 20.8% of Europe's population was over 60 years old, the highest percentage among all regions. By 2050, all regions except Africa are expected to have around 25% of their populations aged 60 and above. Notably, 80% of the population growth will occur in developing and underdeveloped nations. The Osteoarthritis Action Alliance states that osteoarthritis is the most prevalent form of arthritis in the United States, affecting 32.5 million individuals, with 43% of those aged 65 and older impacted in 2020. Consequently, the increase in the elderly population has led to a rise in various orthopedic issues, including osteoarthritis, joint pain, joint replacements, and osteoporosis, thereby driving the demand for cold pain therapy.

In addition, obesity is a significant contributor to orthopedic injuries, further escalating the need for cold pain therapy, as individuals with obesity are more susceptible to conditions such as soft tissue damage, osteoarthritis, muscle spasms, and sprains. The Trust for America's Health report from 2020 estimated the obesity rate in the United States at 42.4%, marking a 26% increase since 2008. The National Library of Medicine notes that obese individuals are at higher risk for tendinopathies, rotator cuff tendonitis, shoulder impingement, plantar fasciitis, Achilles tendonitis, and posterior tibial tendon dysfunction. Thus, the growing elderly and obese populations have led to an increase in orthopedic injuries and disorders, which in turn propels the growth of the cold pain therapy market.

Geographical Insights into the Cold Pain Therapy Market

North America dominates the cold pain therapy market, while the Asia Pacific region is the fastest-growing area. Within North America, the United States represents the largest market for cold pain therapy. The US is the leading medical device market globally, driven by a rising incidence of sports injuries and an increasing number of orthopedic procedures that create demand for cold pain therapy. According to recent statistics, the population aged 65 and older in the US is projected to double from 52 million in 2018 to around 95 million by 2060, with this age group increasing from 16% to 23% of the total population. The rising prevalence of arthritis is expected to further boost the demand for cold pain therapy. The Centers for Disease Control and Prevention (CDC) reported that approximately 23% of the US population had arthritis in 2020. Additionally, around 10 million individuals aged 50 and older in the US suffer from osteoporosis, with over 43 million people, including 16 million men, having low bone mass, which increases their risk for osteoporosis. The occurrence of vertebral compression fractures (VCFs) rises significantly with age, representing nearly half of all osteoporotic fractures annually in the US. Sports injuries also contribute to cartilage damage, resulting in joint pain, stiffness, and swelling. The National Safety Council (NSC) reported that biking caused 426,000 injuries in 2020, the highest among all sports and recreational activities, followed by exercise-related injuries and off-highway vehicle incidents. Furthermore, the presence of key market players in the region, such as DJO Global, Cardinal Health, and ThermoTek, along with various strategic collaborations, is expected to enhance overall market growth. For example, Enovis has formed a strategic partnership with Kelvi, a company specializing in digital hot and cold therapy products, to provide advanced heating and cooling therapies for rehabilitation and recovery. As part of this collaboration, DJO, LLC will serve as the exclusive distributor of Kelvi's products in the orthopedic market. These factors are anticipated to significantly contribute to the growth of the cold pain therapy market in the US during the forecast period.

Future Trends in the Cold Pain Therapy Market

The cold pain therapy market features a mix of numerous small and large enterprises. To enhance their market presence, companies are employing various strategies, including launching new products, expanding into new regions, investing in research and development, and advancing technology. With ongoing innovation and increased R&D investments, cold pain therapy is becoming more widely accepted. Leading companies are focusing on R&D to improve the efficacy of cold pain therapy and capture a larger market share.

Recent Developments in the Cold Pain Therapy Market

• In April 2021, Battle Creek Equipment Co, based in Fremont, Indiana, introduced a new line of Stay-Put cold therapy wraps designed to treat chronic or acute pain, manage inflammation, and expedite recovery from injuries. These wraps utilize proprietary gel technology that remains flexible even at temperatures below 0?F, ensuring effective cold pain therapy.
• In February 2021, Breg, Inc. partnered with Club Warehouse, an Australian distributor, to enhance the availability of its premium orthopedic products, including cold pain therapy solutions, in the Australian market. The company supplies its products to orthopedic practices and sports organizations, such as the Australian Football League (AFL), National Rugby League (NRL), and Rugby Union Clubs across Australia.
• In March 2019, Performance Health expanded its offerings with the launch of the Biofreeze Pain Relief Patch, the first adhesive patch of its kind. This patch provides a targeted, mess-free application of a clinically recommended formula that penetrates quickly to deliver approximately eight hours of cold pain relief for sore muscles, backaches, joint pain, and arthritis. Biofreeze patches are individually packaged for convenience and made from flexible fabric for enhanced performance and comfort.
• In September 2019, DJO, LLC unveiled the DonJoy IceMan CLASSIC3 cold therapy unit, designed to alleviate pain and swelling through controlled delivery of extended cold therapy.
• In January 2019, ThermoTek announced its selection for the FDA's Opioid Innovation Challenge, partnering with WRS, a musculoskeletal healing company, to gather outcome data. ThermoTek's VascuTherm technology was recognized as an effective alternative to addictive opioid therapies for managing post-surgical, traumatic, and chronic pain.

The active involvement of companies in product innovation, development, and regulatory approvals, along with increasing R&D investments, is expected to drive the growth of the cold pain therapy market in the years ahead.

Key secondary sources referenced in the preparation of this report on the global cold pain therapy market include the Food and Drug Administration (FDA), Canadian Institute of Health Information, National Osteoporosis Foundation, National Federation of State High School Associations, Japanese Orthopedic Association, and the Australian Orthopedic Association National Joint Replacement Registry.