China Cold Pain Therapy Market Analysis

China Cold Pain Therapy Market Analysis Executive Summary

The China Cold Pain Therapy Market is at around $177 Mn in 2022 and is projected to reach $297 Mn in 2030, exhibiting a CAGR of 6.7% during the forecast period.

Cryotherapy, referred to as cold pain therapy, is the use of cold substances to relieve pain which activates the body's natural anti-inflammatory response and endorphin production, resulting in decreased inflammation, and edema. Ice packs are the most popular form of cold pain management because they are inexpensive, convenient, and drug-free, making them useful for treating pain caused by sprains, fractures, strains, tendinitis, and superficial tissue injury. This therapy strategy is appropriate for both acute injuries (sprains and strains) and chronic illnesses (arthritis and musculoskeletal disorders). It comes in numerous forms, including ice packs, cooling cloths, compresses, wraps, and pads, as well as prescription-based motorized and non-motorized devices. Key companies offering products for this therapy include Beiersdorf AG, DJO Global, Inc., Hisamitsu Pharmaceutical Co., Inc., Ossur, Rapid Aid, and others.

China faces a substantial burden of chronic pain diseases affecting more than 30% population. Various factors contribute to the expansion of the market such as the rising prevalence of chronic conditions due to the aging population, technological advances in the industry, and changing consumer preferences. However, conditions such as affordability challenges, shortage of human resources, and complex regulatory environment restrict the growth and potential of the market.

Market Dynamics

Market Growth Drivers

Rising burden of pain disorders: China is experiencing an increasing burden of pain conditions due to factors such as a growing aging population, rising participation in sports activities, and an increasing prevalence of obesity. More than 30% of the Chinese population has chronic pain problems. The population also suffers from Musculoskeletal disorders (MSDs) and sports injuries, creating a significant demand for effective pain treatment methods such as cold therapy.

Changing consumer preferences and growth of the E-commerce sector: Competitive prices on cryotherapy products are easily available in China through E-commerce channels. Self-care solutions and preventative healthcare options are now being adopted by consumers which also promoted the use of cold therapy products.

Technological advancements: The Chinese market is constantly innovating in the field of cold therapy solutions, with the development of new devices like cryotherapy chambers, gel packs, wraps, and sprays, among others. These advancements provide precise and convenient pain relief, resulting in a growing preference among consumers.

Market Restraints

Affordability and price sensitivity: Affordability is a significant concern for numerous Chinese consumers. Although the market provides a variety of cold therapy products, imported brands, and sophisticated technologies are often costly, restricting their accessibility primarily to wealthier demographics. Reimbursement policies for cold therapy devices are constrained, adding to the financial strain on patients, particularly those dealing with chronic pain conditions that necessitate prolonged therapy.

Workforce shortage: Access to healthcare professionals proficient in the effective application and endorsement of cold therapy is constrained, particularly in regions outside major cities. This scarcity of expertise can result in uncertainty and reluctance among both patients and healthcare providers. Inadequate educational programs dedicated to cold therapy impede the optimal utilization of this therapeutic approach.

Regulatory challenges: The stringent processes involved in regulatory approvals have the potential to impede the introduction of innovative cold therapy devices into the market, slowing down both market growth and competitiveness. Worries about the quality and safety of products, especially counterfeit or substandard devices, pose concerns that could undermine consumer trust and harm market reputation.

Healthcare Policies and Regulatory Landscape

In China, the main regulatory body overseeing drugs and pharmaceuticals is the National Medical Products Administration (NMPA), formerly known as the China Food and Drug Administration (CFDA). The NMPA regulates and oversees the quality and safety of drugs, medical equipment, and cosmetics in China. It sets and enforces rules for product registration, manufacture, distribution, and post-market surveillance.

To obtain licensure for drugs and pharmaceuticals in China, companies typically need to submit a comprehensive set of documentation to the NMPA for product registration. This includes detailed information on the product's safety, efficacy, quality, and manufacturing processes.

New entrants into the Chinese pharmaceutical market should carefully navigate these regulatory procedures, adapting their strategies to meet the specific requirements set by the NMPA to ensure successful market entry. The regulatory environment for new entrants emphasizes the importance of adhering to rigorous standards to safeguard public health and maintain the integrity of the pharmaceutical market in China.

Competitive Landscape

Key Players

• Meditech Holdings
• Beiing Beike Biotech
• Shanghai Olympus
• Johnson & Johnson
• DJO Global Inc
• Hisamitsu Pharmaceutical
• Medline Industries
• Ossur
• Pfizer
• Jiangsu Aicare