Global Hot and Cold Therapy Packs Market Size

Hot & Cold Therapy Packs Market Analysis

The hot and cold therapy packs market studied was anticipated to grow with a CAGR of 5.6% over the forecast period, 2022-2027.

During the COVID-19 pandemic, the demand for hot and cold therapy packs has reduced due to movement restrictions, which have forced people to stay at home. Thus, there is a huge decline in the incidence of injuries among school and college students and professionals. In addition, the number of road accidents has also decreased due to the reduced usage of vehicles. Moreover, the COVID-19 pandemic has posed significant challenges for supply chains globally. For instance, according to a 2021 update by the National Safety Council (NSC) in America, the Consumer Product Safety Commission (CPSC) reports that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries fell by 24%. The highest decrease in injuries were sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a reduction of more than 60% from March through September 2020. As per the CPSC, these large decreases were due to the suspension of school and youth sports leagues in the spring and summer months of 2020 in response to the pandemic. These factors impacted the demand for hot and cold therapy across the world.

The key factors driving the growth of the market include the increasing adoption of non-pharmaceutical and non-invasive pain management therapies, the surging geriatric population, the rising prevalence of orthopedic diseases, increasing product launches, and a growing number of road accidents. Adoption of hot and cold therapies has increased in the long-term treatment of chronic pain diseases, such as arthritis, lower back pain, and others. For instance, according to the article published by Sarah Megginson in February 2020, titled ''Sport, Physical Activity and Our Health, 89% of Australian adults participate in sports every year, with 62% participating at least three times a week. Furthermore, according to the 2021 statistics by the World Health Organization (WHO), an estimated 305 million people across the globe suffer from musculoskeletal injuries. In addition, the rising burden of sports injuries such as tennis elbow, hip bursitis, concussions, Achilles' tendonitis, runners' knee, and other disorders is anticipated to fuel the adoption of hot and cold therapy packs. An increase in musculoskeletal injuries globally can lead to an increased demand for hot and cold therapy packs for treatment.

Moreover, the increasing aging population is playing a pivotal role in the growth of the hot and cold therapy packs market. According to the World Population Ageing 2020 report published by the United Nations (UN), there were 727 million people aged 65 years or above in 2020, and this number is set to rise to 1.5 billion by 2050. The elderly are more prone to long-term orthopedic disorders as their joints and bones are weak, which, in turn, results in the high demand for pain management products, such as hot and cold therapy packs. Which in turn is expected to boost the growth of the market over the forecast period.

However, the lack of awareness about treatment options for pain management is a factor hindering the growth of the market.