cold pain therapy Market

The global cold pain therapy market is expected to grow from US$ 2,189.94 million in 2021 to US$ 3,143.88 million by 2028; it is estimated to grow at a CAGR of 5.3% from 2022 to 2028.

Significant rise in geriatric and obese population drives the market growth. Increasing R&D investments and product launches would act as a future trend in the market during the forecast period.

Various economies such as the US, the UK, Canada, Japan, China, India, and South Korea are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. As a result, life expectancy of people in these countries has increased, leading to an increase in the geriatric population. According to WHO, the population aged 60 years and above was 1 billion in 2019; it is expected to reach 1.4 billion by the end of 2030 and 2.1 billion by the end of 2050. Furthermore, the US Census Bureau report states that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to ~98 million by 2060, registering a surge in population from ~15% to ~24% during the same period. As per the report published by Eurostat, 20.8% of the population of Europe was aged more than 60 years in 2021, accounting for the highest percentage among all regions. Also, by 2050, all regions, except Africa, will have ~25% of their populations aged 60 and above. Additionally, 80% of the population growth will be registered in underdeveloped and developing countries. According to the Osteoarthritis Action Alliance, osteoarthritis is the most common form of arthritis in the US, which affected 32.5 million people and 43% of the population aged 65 years and above in 2020. Thus, the rise in the geriatric population has increased the prevalence of various orthopedic conditions such as osteoarthritis, joint pain, joint replacement, and osteoporosis, which is propelling the demand for cold pain therapy.

Moreover, obesity is also a major cause of orthopedic injuries, which is increasing the need for cold pain therapy as obese people are prone to orthopedic conditions such as soft tissue damage, osteoarthritis, muscle spasm, and sprains. According to the Trust for Americas Health report 2020, the obesity rate in the US was estimated to be 42.4%, which has grown by 26% since 2008. As per the National Library of Medicine, the obese population is prone to tendinopathies, rotator cuff tendonitis, shoulder impingement, plantar fasciitis, Achilles tendonitis, and posterior tibial tendon dysfunction. Thus, the rise in the geriatric and obese population increased the cases of orthopedic injuries and disorders, which fuels the growth of the cold pain therapy market.

Cold Pain Therapy Market: Geographical Overview

North America holds the largest share of the cold pain therapy market, whereas Asia Pacific is the fastest-growing region. In the market in North America, the US is the largest market for cold pain therapy. The US remains the largest medical device market across the world, owing to the rising prevalence of sports injuries and the increasing number of orthopedic procedures creating the demand for cold pain therapy. As per the Fact Sheet: in the US, population aged 65 and above is estimated to double from 52 million in 2018 to around 95 million by 2060, and the 65 and above age of the total population will increase from 16% to 23%. The growing prevalence of arthritis is likely to fuel the demand for cold pain therapy. As per the Centers for Disease Control and Prevention (CDC), around 23% of the US population had arthritis in 2020. According to the Office of Disease Prevention and Health Promotion, in the US, ~10 million people aged 50 years and above have osteoporosis. Over 43 million people - including 16 million men - have low bone mass, putting them at increased risk for osteoporosis in the US. The incidence of vertebral compression fractures (VCFs) increases markedly with age and is one of the most common sequels of osteoporosis, comprising almost half of all osteoporotic fractures in the US annually. Also, sports injury leads to cartilage damage leading to joint pain, stiffness, swelling, and others. According to the National Safety Council (NSC), biking caused 426,000 injuries in 2020, the most of any sport or recreational activity. Approximately 378,000 injuries due to exercise (with or without equipment) hold second position, followed by off-highway vehicles (OHVs), moped and minibike (230,000 injuries), skateboard, scooter, and hoverboard (218,000 injuries). Furthermore, the presence of major market players in the region such as DJO Global; Cardinal Health; and ThermoTek, Inc along with various strategic collaboration taking place in the market would propel the overall market growth. For instance, Enovis announced a strategic partnership with Kelvi, an innovator of digital hot and cold therapy products, to deliver industry-leading heating and cooling therapies for rehabilitation, recovery and performance enhancement to patients and athletes of all abilities. As a part of Enovis, DJO, LLC has agreed with Kelvi and will become the exclusive distributor of Kelvi's heating and cooling therapy products in the orthopedic market. Thus, the above-mentioned factors are expected to contribute to the growth of the cold pain therapy market across US during the forecast period.

Future Trend of Cold Pain Therapy Market

The cold pain therapy market is characterized by the presence of numerous small and large companies. To increase their market share, companies are adopting various strategies, such as new product launches, regional expansion, R&D investments, and technological advancements. With continued innovation, technological advancements, and increasing R&D investments, cold pain therapy is safe. Therefore, the acceptance of cold pain therapy is increasing. A few of the leading players are investing in R&D to enhance the effectiveness of cold pain therapy and gain significant market share.

A few of the recent developments related to the cold pain therapy market are mentioned below:

• In April 2021, Battle Creek Equipment Co, Fremont, Indiana, launched a new line of Stay-Put cold therapy wraps to help treat chronic or acute pain, manage inflammation, and accelerate recovery from injury. They are equipped with proprietary gel technology, which remains flexible even below 0?F, providing effective cold pain therapy.
• In February 2021, Breg, Inc. partnered with Club Warehouse-an Australia-based distributor-to expand the delivery of its premium, high-value orthopedic products, including cold pain therapy products, in the Australian market. The company offers its products to orthopedic practices and sports organizations, including the Australian Football League (AFL), National Rugby League (NRL), and Rugby Union Clubs, across Australia.
• In March 2019, Performance Health expanded its product portfolio with the launch of the Biofreeze Pain Relief Patch. Biofreeze is the first-ever adhesive patch. It provides a targeted, mess-free application of the unique, clinically-recommended formula that penetrates quickly to offer approximately eight hours of pain relief cold therapy for sore muscles, backaches, joint pain, and arthritis. Biofreeze patches are individually wrapped (in a box of five) for convenient grab-and-go and are made of flexible fabric for superior performance and comfort.
• In September 2019, DJO, LLC announced the launch of the new DonJoy IceMan CLASSIC3 cold therapy unit that helps reduce pain and swelling through controlled delivery of extended cold pain therapy.
• In January 2019, ThermoTek announced they had been selected for the FDA's Opioid Innovation Challenge. ThermoTek partnered with WRS, a musculoskeletal healing company, to collect outcome data. ThermoTek's VascuTherm technology was chosen as an effective alternative to highly addictive opioid therapies to treat and manage post-surgical, traumatic, and chronic pain.

The active participation of players in product innovation, development, and approvals and rising R&D investments are likely to boost the growth of the cold pain therapy market in the coming years.

Food and Drug Administration (FDA), Canadian Institute of Health Information, National Osteoporosis Foundation, National Federation of State High School Associations, Japanese Orthopedic Association, and Australian Orthopedic Association National Joint Replacement Registry are a few secondary sources referred to while preparing the report on the global cold pain therapy market.