(PharmaNewsWire.Com, June 08, 2021 ) The study involved four major activities to estimate the current size of the Cold Pain Therapy Market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size.
Expected Revenue Surge:
The global cold pain therapy market size is projected to reach USD 2.0 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 4.4% during the forecast period
COVID-19 Impact on the global market;
The COVID-19 pandemic has significantly affected the cold pain therapy market. Due to the pandemic, the market experienced short-term negative growth, which can be attributed to a sharp reduction in access to hospital and retail pharmacies and the temporarily shutdown of orthopedic clinics and rehabilitation centers. The US witnessed a decline of 30–60% in hospital visits after the announcement of nationwide lockdown measures (Source: The Commonwealth Fund, 2020). The restricted or limited access to rehabilitation clinics, temporary closure of gyms and fitness centers, restrictions on outdoor sporting activities, and social distancing measures resulted in a reduction in the number of trauma and sports injuries. This further reduced the sales of cold pain therapy products. With the reopening of hospitals, clinics, and sports institutions and relaxations in lockdown measures, growth in this market is expected to pick up pace in the coming months.
Moreover, the improved access to cold therapy devices through online platforms and the growing number of patients opting for self-medication with over-the-counter cold therapy products (such as cold gel packs, ointments, and cold sprays) for pain management are some of the key factors likely to drive the long-term growth of the pain therapy market.
Cold Pain Therapy Market Segmentation in Detailed:
By Product;
The large share of this segment is attributed to factors such as the significant increase in the prevalence of musculoskeletal disorders such as osteoarthritis, back and neck pain and rise in arwarness among patients about the growing availability of OTC cold pain therapy products.
By Application;
The growing prevalence of musculoskeletal disorders gloablly and the demand for thecost effective pain relief ptroducts and the growing awareness about the avaolibility of effective cold therapy products for the musculoskeletal disorders pain management and rise in the geriatric patient population are likely to fuel the growth of this segment during the forecast period.
By Distribution channel;
The segment accounted for the highest share owing to the increasing growing awareness about the availability of effective cold pain therapy products in retail pharmacies, increase in the expansion of retail pharmacies through collaboration with e-pharacies and the major focus on strengthening the brand connection among customnesr by widening their personal consulatnat services are some of the factors anticipated to preopel the growth of this segment.
Asia Pacific likely to emerge as the fastest growing cold pain therapy market, globally
Geographically, the emerging Asian countries, such as China, India, South Korea, Japan and Singapore, are offering high-growth opportunities for market players. The Asia Pacific market is projected to grow at the highest CAGR of 5.6% from 2020 to 2025. Growing preference for topical products, especially cold patches, expansion of helathacre infrastructure, growing awareness of cold therapy products the region. Moreover, emergence of key players with established prpduct portfolio are driving the growth of the APAC market.
Prominent players in cold pain therapy market Sanofi (France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), ROHTO Pharmaceutical (Japan), Beiersdorf (Germany), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Breg (US), Romsons Group of Industries (India), Unexo Life Sciences (India), and Bird & Cronin (US)
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