Report : North America Cold Pain Therapy Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Application (Runner's Knee, Tendonitis, Sprains/Sports Sprain, Arthritis Pain, Pain and Swelling After Hip or Knee Replacement, Pain or Swelling Under Cast or Splint, Surgery Recovery, Lower Back Pain, and Others), Offering (Over-the-Counter, Prescription Products, Rehabilitation Exercises, Ice Wrap & Cold Packs, Pads, Compression Therapy, Ice Buckets Without Compression, and Others), and End User (Hospitals, Clinics, Rehabilitation Centers, Ambulatory Surgical Centers, Individuals, and Others)
At 4.9% CAGR, the North America Cold Pain Therapy Market is speculated to be worth US$ 1,367.59 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America cold pain therapy market was valued at US$ 1,025.57 million in 2022 and is expected to reach US$ 1,367.59 million by 2028, registering a CAGR of 4.9% from 2022 to 2028. Increasing sports injuries and orthopedic surgeries and significant rise in geriatric and obese population are the critical factors attributed to the North America cold pain therapy market expansion.
Economies such as the US and Canada, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. As a result, people's life expectancy in these countries has increased, leading to an increase in the geriatric population. According to WHO, the population aged 60 years and above was 1 billion in 2019, which is expected to reach 1.4 billion by the end of 2030 and 2.1 billion by the end of 2050.
Furthermore, the US Census Bureau report states that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to over ~98 million by 2060, registering a surge in population from ~15% to ~24% during the same period. According to The Osteoarthritis Action Alliance, osteoarthritis is the most common form of arthritis in the US, affecting 32.5 million people and 43% of the population aged 65 years and above in 2020. Thus, the rise in the geriatric population has increased the prevalence of various orthopedic conditions such as osteoarthritis, joint pain, joint replacement, and osteoporosis, which is growing the demand for cold pain therapy.
Moreover, obesity is also a major cause of orthopedic injuries, which is increasing the need for cold pain therapy as obese people are more prone to orthopedic conditions such as soft tissue damage, osteoarthritis, muscle spasm, and sprains. According to the Trust for Americas Health report 2020, the obesity rate in the US was estimated to be 42.4%, which has grown by 26% since 2008. As per the National Library of Medicine, the obese population is more prone to tendinopathies, rotator cuff tendonitis, shoulder impingement, plantar fasciitis, Achilles tendonitis, and posterior tibial tendon dysfunction. Thus, the increase in the geriatric and obese population has increased the number of orthopedic injuries and disorders, which is driving the growth of the North America cold pain therapy market.
On the contrary, lack of awareness, unfavorable reimbursement scenarios, and side effects of cold pain therapy hurdles the growth of North America cold pain therapy market.
Based on application, the North America cold pain therapy market is sub segmented into Runner's knee, tendonitis, sprains/sports sprain, arthritis pain, pain & swelling after a hip or knee replacement, pain & swelling under a cast or a splint, surgery recovery, lower back pain, and others. The surgery recovery segment held 18.1% of the North America cold pain therapy market share in 2022, amassing US$ 185.48 million. It is projected to garner US$ 267.62 million by 2028 to expand at 6.3% CAGR during 2022–2028.
Based on offering, the North America cold pain therapy market is segmented into over-the-counter, prescription products, rehabilitation exercises, ice wraps & cold packs, pads, compression therapy, ice buckets without compression, and others. With 30.1% the over-the-counter segment held the largest North America cold pain therapy market share in 2022. It accrued US$ 308.89 million in 2022 and is estimated to generate US$ 402.85 million by 2028 to grow at a CAGR of 4.5% over the forecast period.
Based on end user, the North America cold pain therapy market is segmented into hospitals, clinics, rehabilitation centers, ambulatory surgical centers, individuals, and others. With 44.9% share of the domain, the hospitals segment dominated the North America cold pain therapy market in 2022. It accrued US$ 460.05 million in 2022 and is estimated to generate US$ 610.18 million by 2028 to grow at a CAGR of 4.8% over the forecast period.
Based on country, the North America cold pain therapy market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.8% of the North America cold pain therapy market share in 2022. It was assessed at US$ 869.38 million in 2022 and is likely to hit US$ 1,150.28 million by 2028, exhibiting a CAGR of 4.8% during the forecast period.
Key players dominating the North America cold pain therapy market are Advanced Therapeutics of LI LLC; Battle Creek Equipment Co; Brownmed Inc; Bruder Healthcare Co LLC; Cardinal Health Inc; DJO Global Inc; Ossur hf; ThermoTek Inc; and Vive Health LLC, among others.
A few key developments by top market players are as follows:
- In June 2022, Enovis announced a strategic partnership with Kelvi, an innovator of digital hot and cold therapy products, to deliver industry-leading heating and cooling therapies for rehabilitation, recovery and performance enhancement to patients and athletes of all abilities. As part of Enovis, DJO, LLC has agreed with Kelvi and will become the exclusive distributor in the orthopedic market of Kelvi’s heating and cooling therapy products.
- In Sep 2022, DJO, LLC announced the launch of the new DonJoy IceMan CLASSIC3 cold therapy unit that helps reduce pain and swelling through controlled delivery of extended cold therapy.
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