Market Trends of Global Hot and Cold Therapy Packs Industry
This section covers the major market trends shaping the Hot & Cold Therapy Packs Market according to our research experts:
Dry and Moist Hot and Cold Packs are Expected to Hold the Major Market Share in the Hot and Cold Therapy Packs Market
Dry and moist hot and cold packs are expected to account for the largest market revenue share during the forecast period. This dominance is owing to their proven efficiency in pain relief. Furthermore, increased demand for these products can be attributed to the availability of more products with advanced technologies in the market.
For instance, as per the research study titled 'Sports Participation and Injury Rates in High School Students: A Canadian Survey of 2029 Adolescents' published in July 2021, 889 participants out of 1,971 reported at least one injury during the past year with incidence rate of about 45.10 per 100 students per year and concluded that incidence rate of the injuries due to sports and recreation activities was high in high school students with 29% of adolescents reporting at least one medical attention injury within the past year. Musculoskeletal disorders lead to the weakening of limbs, which can further lead to musculoskeletal injuries increasing the need for Dry and moist hot and cold packs. Thus, the hot and cold therapy packs market is expected to surge with the increasing cases of sports injuries.
Moreover, according to the study published in Rheumatology International, titled 'The Global Prevalence of Rheumatoid Arthritis (RA): A Meta-Analysis Based on a A Systematic Review' in November 2020, the global prevalence of RA was estimated to be 0.46%. This will lead to increased adoption of dry and moist hot and cold therapy packs for RA, driving the segment's growth over the forecast period.
For example, Bruder Healthcare launched a product with media beads patented technology. The product provides deeply penetrating moist heat for prolonged periods enhancing the patient's quality of life and treatment. Such beneficial products are expected to boost the growth of the segment propelling the global market revenue.
North America Dominates the Market and is Expected to Remain the Same During the Forecast Period.
North America is expected to dominate the overall hot and cold therapy packs market. The dominance can be owing to a rise in the number of cancers, diabetes, and a huge geriatric population necessitating efficient pain management therapy. The presence of a huge target elderly population during the forecast period due to the presence of baby boomers in the United States will drive the market.
Additionally, according to the 2021 statistics by the Brain Injury Research Institute, about 1.6 million to 3.8 million recreation and sport-related concussions occur annually in the United States. Hence, this factor may contribute to the increasing demand for hot and cold therapy packs. With rising sports injuries, the incidence rate of visiting hospitals and doctors for the treatment of these injuries is increasing, subsequently boosting the demand for hot and cold therapy packs.
Moreover, as per the World Population Ageing Report, in the United States, the number of people above 65 years of age is projected to reach 70.84 million by 2030 from 53.34 million in 2019, and the 65-and-older age group's share in the total population may rise from 16.2% in 2019 to 20.3%, by 2030, showing a positive impact on the market. Furthermore, as per the 2021 report of the National Safety Council, injury from bicycles and accessories were 425,910, injuries reported from exercise and exercise equipment was 377,939, injuries reported from ATVs, mopeds, minibikes, etc., was 229,974, and from skateboard, scooters, hoverboards, total 217,646 injuries were reported for all ages in 2020. This prevalence of a high number of sports-related injuries in the region is expected to boost the demand for hot and cold therapy packs and drive market growth.
As per the International Diabetes Federation report, in 2019, about 48 million adults in North America were living with diabetes, among which more than half of the patients are over the age of 65 and are expected to continue in the future. Thus, a rise in neuropathic pains, such as diabetes and peripheral neuropathy, are expected to result in higher demand for the region's hot and cold therapy packs. Furthermore, increased health awareness among the public about pain management and the presence of key players in the region is also expected to propel the growth of the market in the region.
Therefore, owing to the above factors, the growth of the hot and cold therapy packs market in North America is expected to surge over the forecast period.
