Cold Pain Therapy Market Segment Analysis- By Product
The market is segmented into two categories, namely- OTC products while the other is Prescription Products. OTC segmented held the largest share and dominated the market in the year 2020. The accompanying reason for the surge is a rise of orthopedic diseases in the older generation, which can be well treated by using OTC medicines. Another reason for the demand within the segment is due to an easy experience of buying products, and the surrounding awareness created by different brands. Gels, patches and Creams are the go-to methods within the cold pain therapy used by multitudes.
The demand within the product segmented is to take a paradigm shift, as for the forecast period of 2021-2026, the pharmaceutical segment is bound to grow at the fastest CAGR of 2.8%. The technological advancement of medical devices will substantially increase the demand for this segment. As medical devices for cold pain are used across in, post-surgeries to reduce inflammation, provide relief in case of nerve damage, and can mitigate the severity of tissue damage. The following reasons will help to fuel this segment.
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Cold Pain Therapy Market Segment Analysis- By Distribution Channel
Based on the distribution channel, the market can be conjugated into two segments namely- E Commerce Pharmacies and the other Conventional Retail Pharmacies. The latter segment, which is the Conventional Retail Pharmacies dominated in the year 2020. The underlying reason for the demand is focused on the ease of purchasing products. Personal touch amongst the retailers offer an added value to the customers, and also the chance to choose from a wide variety of products. The growing number of pharmacies in both developed and undeveloped countries are another reason for the segment domination.
Although, over the forecast period of 2021-2026, the demand from E-Commerce pharmacies are supposed to grow at the swiftest CAGR of 2.6%. The attributed statement is based on the colossal investments across the pharmaceutical groups to establish an online presence. Another reason for the upcoming demand is that E-commerce vendors offer lucrative discounts to customers, making the same product cheaper than what is available in the conventional shop.
Cold Pain Therapy Market Segment Analysis- By Geography
North America provided a market share of 35.9% for the year 2020 that was the highest amongst all the regions. The surge within the region is attributed to the rise of cancer cases, which can be cured by using cryosurgery. Apart from the use in curing cancer, it is used in treating the pain associated with arthritis. The number of arthritis patients has risen, due to the rise in the obesity index of the USA. The obesity index has crossed the threshold of 40% in the year 2020, a dramatic rise of 16% from 2008.
Although, the Asia Pacific is bound to outgrow the North American market over the forecast period of 2021-2026. The underlying demand from this region is attributed to the rising cases of arthritis, followed by government initiatives to fund programs to eradicate such disease. Apart from arthritis, the rising cases of orthopedic problems above the age of 60 will further propel the industry.
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Cold Pain Therapy Market Drivers
Rising Prevalence of Obesity leading to Orthopedic Ailments is Driving the growth of Cold Pain Therapy
With a majority of the population falling under the category of obese, the average cases of orthopedic ailments have increased multifold, thereby fueling the demand for the cold pain therapy market. The obesity prevalence stood in USA as 42.4% of the entire population. Europe had a prevalence of 53% under the head of obesity index.
Rising Geriatric Life expectancy is set to drive the Cold Pain therapy market
As per the report of WHO, the average life expectancy of humans has increased owing to robust medical infrastructure, but with rising life expectancy the ailments have increased for the geriatric population. As given by WHO, the Geriatric Population will overtake the younger population by the year 2036. The current population composition entails of about 54 million in the year 2020. The following reason would drive the cold pain therapy market forward.
Cold Pain Therapy Market Challenges
Prolonged use of cold therapy treatment can hamper the tissue beneath the skin
As per the US FDA reports, the cases of tissue damages have risen significantly in the last decade owing to the uncontrolled use of cold therapy. The following can hamper the market growth. As per US CDC- a person diagnosed with Type-II diabetes should be careful while going for cold pain therapy. It is owing to the lesser amount of sensitivity in the joints which is caused by diabetes. The following can prevent the market in occupying a certain niche, and can hamper the overall market growth.
Cold Pain Therapy Market Landscape
The cold pain therapy industry progresses by using various strategies such as acquisitions, mergers and product launches. The top 10 companies operating in the cold pain therapy market include:
Hisamitsu Pharmaceutical Co Inc.
Johnson & Johnson.
De Royal Industries Inc.
Romsons Group of Industries.
In March 2019, Performance Health expanded its product portfolio by including Bio Freeze Pain Relief Patch, the objective of the launch was to provide a hassle-free solution to treat sore muscles, joint pain, and more. The unique part of the product is that it offers relief up to 8 hours, which is twice as much as ice treatment.
North America took the majority stake in the cold pain therapy market for the year 2020. Owing to the rising prevalence of cancer cases, and the increase in the incidents of obesity.
Asia-Pacific poses to grow at a lucrative growth, owing to fresh investments across the medical fraternity that will, in turn, support the cold pain therapy market.
Strength, Weaknesses, Opportunities and Threats would be provided in the premium report.
Upfront costs are impeding research and development affairs that may hamper the growth of this industry.
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