Philippines Cold Pain Therapy Market Report 2022 to 2030

Philippines Cold Pain Therapy Market Analysis

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The Philippines Cold Pain Therapy Market was valued at $5 Mn in 2022 and is predicted to grow at a CAGR of 5.7% from 2023 to 2030, to $8 Mn by 2030. The key drivers of this industry include a surge in the prevalence of chronic pain disorders, supportive government initiatives, and technological advancements in the therapeutics industry. The industry is primarily dominated by players such as Breg, Polar Product, Ossur, Rohto, Pfizer, Hisamitsu, and Johnson & Johnson among others.

CATEGORY: Pharmaceuticals GEOGRAPHY: Phillipines AUTHOR: Riddhi Solanki

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Philippines Cold Pain Therapy Market Analysis Executive Summary

The Philippines Cold Pain Therapy Market is at around $5 Mn in 2022 and is projected to reach $8 Mn in 2030, exhibiting a CAGR of 5.7% during the forecast period.

Cryotherapy, known as cold pain therapy, is the use of cold substances that trigger the body's active anti-inflammatory response and the production of endorphins, resulting in reduced pain, swelling, and discomfort. Ice packs are the most popular type of cold pain therapy due to their low cost, convenience, and drug-free nature, 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, strains, and bruises) and chronic illnesses (arthritis and musculoskeletal disorders). It is available in diverse forms, including ice packs, cooling towels, compresses, wraps, and pads, as well as prescription-based motorized and non-motorized devices. Prominent companies offering products for this therapy include Beiersdorf AG, DJO Global, Inc., Hisamitsu Pharmaceutical Co., Inc., Romsons Group of Industries, Polar Products, and Rapid Aid, among others.

Chronic pain diseases are estimated to affect around 10% of the population in the Philippines. Several factors contribute to market expansion such as the rising prevalence of chronic pain diseases, supportive government initiatives, and technological advancements in the therapeutics industry. However, factors like limited accessibility and affordability challenges, poor awareness in the population, and regulatory hurdles limit the market's growth and potential.

Market Dynamics

Market Growth Drivers

Rising prevalence of pain disorders: Musculoskeletal disorders (MSDs), including arthritis, back pain, and joint pain, are highly prevalent in the Philippines, impacting Mns of individuals with an estimated prevalence of roughly 10% and resulting in chronic pain and discomfort. The growing prevalence of chronic diseases such as arthritis and osteoporosis among the aging population adds to the demand for pain treatment

Supportive government initiatives: The Philippine government prioritizes healthcare programs, particularly the promotion of preventive measures and pain management approaches. This results in increased adoption of cold therapy as a non-invasive and efficient option for managing pain.

Technological advancements: Manufacturers are consistently innovating and creating novel cold therapy products that boast enhanced features, including prolonged cooling effects, portability, and reusability. These improvements attract new consumers and accelerate market growth. The use of technology, such as adaptive temperature control and connected devices, has the potential to improve the user experience and effectiveness of cold treatment solutions, resulting in substantial market growth.

Market Restraints

Limited accessibility and affordability: Cryotherapy and associated products like cryotherapy chambers are considerably costly compared to traditional pain relief options, making them unaffordable especially in rural areas. Limited distribution channels and infrastructure also act as barriers for several products.

Limited awareness: The Philippines faces a shortage of skilled and qualified workforce that can administer cryotherapy to the patient population. Insufficient knowledge and understanding about the application of this treatment also limits its commercial acceptance

Stringent regulatory environment: The complex and time-consuming regulatory procedures involved in authorizing and registering devices for cryotherapy delay market entry and limit product availability. The lack of complete insurance coverage for treatment places an additional financial burden on patients, acting as a disincentive to market growth.

Healthcare Policies and Regulatory Landscape

The main regulatory body overseeing drugs and pharmaceuticals in the Philippines is the Food and Drug Administration (FDA), under the Department of Health. The FDA is responsible for ensuring the safety, efficacy, and quality of food, drugs, cosmetics, and medical devices in the country. The agency plays a crucial role in protecting public health by regulating the registration, licensing, and post-market surveillance of these products.

In order to obtain licensure for drugs and pharmaceuticals in the Philippines, manufacturers and distributors must go through a rigorous process outlined by the FDA. The FDA evaluates these submissions to ensure compliance with established standards and regulations.

Furthermore, the regulatory environment for new entrants requires strict adherence to international principles and standards. The FDA's rigorous evaluation process is designed to maintain a competitive and dependable pharmaceutical market while emphasizing public health and safety.

Competitive Landscape

Key Players

Hisamitsu Pharmaceutical
Johnson & Johnson
Breg
Beiersdorf
DJO Global Inc
Rohto Pharmaceutical
Ossur
Pfizer
Polar Products
Cardinal Health

1. Executive Summary
1.1 Disease Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Patient Journey
1.6 Health Insurance Coverage in Country
1.7 Active Pharmaceutical Ingredient (API)
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Epidemiology of Disease
2.2 Market Size (With Excel & Methodology)
2.3 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Philippines Cold Pain Therapy Market Segmentation

By Therapy Type

Icepack
Chamber
Cryosurgery

By Product Type

OTC Products
Prescription Drugs

By Application

Dermatology
Oncology
Musculoskeletal disorders
Pain management
Sports medicine
Ophthalmology
Others

By End Users

Hospitals and clinics
Sports person
Adults
Others

By Distribution channel

Hospital pharmacies
Retail pharmacies
Online pharmacies

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.