(PharmaNewsWire.Com, February 03, 2021 ) 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™, is projected to reach USD 2.12 billion, at a CAGR of 4.6% during the forecast period.
Growth Drivers in Depth:
# 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
Key Market Growth Opportunities:
- Growing Adoption of Analgesic Patches Because of the Advantages Associated With the Use of Them
- 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
The OTC products segment is expected to register the highest growth rate during the forecast period
Based on product, the cold pain therapy market is divided into OTC products and prescription products. OTC products are expected to grow at the highest CAGR during the forecast period. The high patient preference for topical pharmaceuticals as compared to oral medications, owing to their lower side effects, fast pain relief, and convenience, is expected to drive the growth of the OTC products segment in the next five years.
Musculoskeletal disorders are estimated to form the largest segment of the market.
By application, segmented into musculoskeletal disorders, post-operative therapy, sports medicine, and post-trauma therapy. The musculoskeletal disorders segment is expected to account for the largest share of the cold pain therapy market in 2018, owing to the increasing incidence of arthritis, osteoarthritis, back pain, and joint pain; increasing trend of self-care; and the growing preference for topical analgesics to manage musculoskeletal pain.
Geographical Scenario: 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.
Leading Key Players in the Worldwide Industry:
The major players of the 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. This enabled the company to strengthen its consumer offerings in the OTC pharmaceuticals market and enter the cold therapy market. In 2017, Chattem Inc., changed its name to Sanofi. This was done to align its local business with global operations. The Icy Hot brand marketed by Chattem is among the most accepted and recognized brands in the US for arthritis/joint pain and muscle aches and strains.
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