(PharmaNewsWire.Com, September 19, 2020 ) Houston, TX -- 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.
Recent Developments in Industry:
- In 2016, Breg launched its VPULSE Therapy Product
- In 2018, Hisamitsu Pharmaceutical and Olympic and Paralympic Games,
Tokyo 2020 entered into an agreement to be an official partner to provide external pain relief products during the 2020 Tokyo Olympic and Paralympic Games
- In July 2016, Breg and Novation (US), entered into a partnership. As per the partnership, members served by Novation will have access to improved pricing for Breg's portfolio of cold therapy devices, sports bracing products, and soft goods dedicated to advancing orthopedic care.
- In May 2016, Patterson Medical (US) acquired Performance Health (US)
Factors such as the increasing incidence of sports injuries and a rising emphasis on exercise, the growing number of hip and knee surgeries across the globe, and a rising need for safer pain management modalities (as compared to oral therapy) are expected to drive the demand for cold pain therapy during the study period.
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.
The cold pain therapy market is segmented, by application, 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 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.
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.
Key Market Players;
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.
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