(PharmaNewsWire.Com, November 27, 2020 ) According to the new market research report "Cold Pain Therapy Market by Product (OTC (Gels, Sprays, Patches, Cold Packs, Wraps, Pads, and Roll-Ons), Prescription-Based (Motorized, Non-Motorized Devices), Applications (Musculoskeletal Disorders, Post-Operative Therapy, Sports Medicine, and Post-Trauma Therapy) - Global Forecast" published by MarketsandMarkets™.
The Global Cold Pain Therapy Market is projected to reach USD 2.12 billion, at a CAGR of 4.6% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Increasing Incidence of Sports Injuries and Rising Emphasis on Exercise and Gym Activities
- Growing Number of Hip and Knee Surgeries Across the Globe
- Growing Need for Safer Pain Management Modalities as Opposed to Oral Drug Therapy
- Clinical Evidence in Favorof Menthol-Based Topical Analgesics
Worldwide Growth Opportunities:
- Aging Population Sensitive to Traumatic Injuries
- Growing Awareness Among Consumers Owing to Promotional Marketing Strategies
- Growing Use of Cold Pain Therapy Among Middle-Aged Women
- Increasing Regulatory Barriers for Oral Pain Medications
On the basis of product, is categorized into OTC products and prescription products. OTC products segment is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to factors such as high patient preference for topical pharmaceuticals compared to oral medications owing to its lower side effects, fast pain relief, and convenience in use.
Based on application, is segmented into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy. The musculoskeletal disorders segment is expected to be the fastest-growing segment of the market during the forecast period. OTC pharmaceuticals such as patches, creams, gels, and sprays are among the most commonly used cold therapy products for the treatment and management of musculoskeletal disorders. The increasing incidence of arthritis, osteoarthritis, back pain, and joint pain; rising geriatric population; increasing trend of self-care; and the growing preference for topical analgesics to manage musculoskeletal pain are some of the major factors driving the growth of this market segment.
The major players of the cold pain therapy market are Sanofi(France), Pfizer (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) among others.
SANOFI is the key player in the global OTC pharmaceutical cold pain products market. Due to its diverse product portfolio and wide distribution network, the company holds a significant position in this market. The company primarily adopted targeted acquisition of products and companies as its key growth strategy to mark its presence in various OTC markets. In line with this strategy, in 2010, it completed the acquisition of Chattem Inc. (US), a consumer packaged goods company focused on OTC and personal care products, for ~USD 1.9 billion.
Geographical Regions Mapped in Report:
The report covers the cold pain therapy market across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to command the largest share of the market in 2018. The strong market position of North America in the cold therapy market is mainly due to the growing geriatric population, increasing incidence of arthritis and sport injuries, product launches, stringent government regulations related to medical use of opioid analgesics, increasing adoption of pain relief patches, and growing brand promotion activities are expected to drive the growth of the North American market.
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