(PharmaNewsWire.Com, October 05, 2021 ) According to the new market research report “Cold Pain Therapy Market by Product (OTC (Gels, Creams, Patches, Wraps, Pads), Prescription Devices (Motorized, Non-Motorized), Applications (Musculoskeletal, Post Op, Sports Medicine), Distribution Channel(Hospital, Retail) – Global Forecasts to 2025″, published by MarketsandMarkets™, 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.
Growth Driver: Increase in the prevalence of incidence of sports injuries;
Musculoskeletal injuries are the most common forms of sports-related injuries. Some of the common injuries include ankle sprains, knee injuries, fractures, joint injuries, tennis elbow (epicondylitis), and dislocations. Cold pain therapy products, such as ice packs and sprays, are the most commonly used products for the management of pain associated with sports-related injuries as they provide instant pain relief. Furthermore, with rising disposable income levels, growing health awareness, growing obesity rate, and growing stress levels, the emphasis on gym activities and workouts among adults across the globe has increased augmenting the market growth.
Asia Pacific likely to emerge as the fastest growing cold pain therapy market.
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 healthcare infrastructure, growing awareness of cold therapy products the region. Moreover, emergence of key players with established product 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)
ROHTO Pharmaceutical is engaged in the development, manufacturing, and marketing of the manufacturing, development, and marketing of pharmaceutical products, cosmetics, and functional foods. The company operates through four business units, namely, Eye Care, Skincare, Internal Medicines & Food, and Others. The company commercializes its cold pain therapy products and other OTC medicines (such as pain relievers) through its subsidiary Mentholatum Company, Inc.
The OTC product segment is expected to have the largest market share during the forecast period
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 awareness among patients about the growing availability of OTC cold pain therapy products.
Musculoskeletal Disorders accounted for the largest share of the cold pain therapy market.
The growing prevalence of musculoskeletal disorders globally and the demand for the cost effective pain relief products and the growing awareness about the availability 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.
Retail Pharmacies accounted for the largest share of the cold pain therapy market.
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-pharmacies and the major focus on strengthening the brand connection among customer by widening their personal consultation services are some of the factors anticipated to propel the growth of this segment.
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