Market Size of Cold Pain Therapy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cold Pain Therapy Market Analysis
The cold pain therapy market is projected to witness a CAGR of 4.5% over the forecast period.
The pandemic had an adverse effect on the market initially due to the reduction in the number of soft tissue repair procedures due to lockdown restrictions and supply chain disruptions. For instance, according to an article published in Clinics in Sports Medicine Journal in January 2021, during the early periods of the pandemic, restrictions on participation in sports and on performing elective surgeries left institutions with financial deficits or on the brink of bankruptcy. Despite pandemic restrictions, the number of road accidents was high during the pandemic. The patients were asked to take the cold therapy at home and directed through various telemedicine platforms. However, the market recovered since the restrictions were lifted. COVID-19 has no impact on the cold pain therapy market in the current scenario and is expected to register a stable growth rate during the forecast period.
The increasing cases of injuries related to sports and the adoption of quick pain-relieving technologies are expected to propel the market growth. For instance, a research study published in April 2022 in PubMed included 1,267 patients with a total of 1,341 hand fractures. They represented 29.7% of all upper limb fractures and 7.6% of all traumatological emergencies involving bone fractures. The study predicted the global incidence rate was 99 fractures per 100,000 persons/year. Thus, the high prevalence of bone injuries is expected to use cold pain therapy and thereby accelerating the growth of the market.
Additionally, the rising number of road accidents creates a demand for cold therapy since it constricts the blood vessels, reducing inflammation and swelling, thereby propelling the market growth. For instance, as per the Road Accidents in India report, the number of traffic accidents in the country increased to 422.7 thousand last year. Also, according to the French Road Safety Observatory (ONISR) 2023 update, there were 53.5 thousand injury traffic accidents and 67 thousand injured people during the accident in mainland France last year. The high burden of road accidents and increasing injury and trauma are boosting the market growth.
Furthermore, the strategic initiatives adopted by market players, such as technological advancements, product launches, and approvals, along with partnerships to expand the cold therapy offerings, contribute significantly to the market growth. For instance, in February 2021, Breg Inc. partnered with Club Warehouse, an Australian distributor, to expand the delivery of its premium, high-value orthopedic products in the Australian market, including cold pain therapy products. Such partnerships are expected to propel market growth during the forecast period.
Therefore, owing to the factors such as the high burden of injuries due to sports and road accidents and rising partnerships among market players, the studied market is anticipated to witness growth over the analysis period. However, the lack of awareness regarding cold therapy and the lack of reimbursement policies for cold pain therapy is estimated to restrain the market growth.
