At 7.1% CAGR, the Asia Pacific Cold Pain Therapy Market is projected to be worth US$ 476.61 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific cold pain therapy market was valued at US$ 315.63 million in 2022 and is expected to reach US$ 476.61 million by 2028, registering a CAGR of 7.1% from 2022 to 2028. Increase in R&D Investments and product launches and high adoption of cold pain therapy in emerging economies are the critical factors attributed to the Asia Pacific cold pain therapy market expansion.

The Asia Pacific cold pain therapy market is characterized by the presence of numerous small and large companies. To increase their market share, companies are adopting various strategies, such as new product launches, regional expansion, R&D investments, and technological advancements. With continued innovation, technological advancements, and increasing R&D investments, cold pain therapy is safer and more technologically advanced, resulting in increased acceptance of cold pain therapy. A few of the leading players are investing in R&D to enhance the effectiveness of cold pain therapy and gain more market share.

On the contrary, lack of awareness, unfavorable reimbursement scenarios, and Side Effects of Cold Pain Therapy hurdles the growth of Asia Pacific cold pain therapy market.

Based on application, the Asia Pacific 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 22.2% share of the Asia Pacific cold pain therapy market in 2022, amassing US$ 70.20 million. It is projected to garner US$ 110.74 million by 2028 to expand at 7.9% CAGR during 2022–2028.

Based on offering, the Asia Pacific 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 25.6% the over-the-counter segment held the largest market share in 2022. It accrued US$ 80.92 million in 2022 and is estimated to generate US$ 118.85 million by 2028 to grow at a CAGR of 6.6% over the forecast period.

Based on end user, the Asia Pacific cold pain therapy market is segmented into hospitals, clinics, rehabilitation centers, ambulatory surgical centers, individuals, and others. With 43.9% share of the domain, the hospitals segment dominated the Asia Pacific cold pain therapy market in 2022. It accrued US$ 138.68 million in 2022 and is estimated to generate US$ 208.30 million by 2028 to grow at a CAGR of 7.0% over the forecast period.

Based on country, the Asia Pacific cold pain therapy market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.3% market share in 2022. It was assessed at US$ 92.32 million in 2022 and is likely to hit US$ 137.98 million by 2028, exhibiting a CAGR of 6.9% during the forecast period.

Key players dominating the Asia Pacific cold pain therapy market are Cardinal Health Inc; DJO Global Inc; Ossur hf; and Sichuan Jiuyuan Medical Technology Co Ltd, 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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