US Cold Pain Therapy Market Analysis

US Cold Pain Therapy Market Analysis Executive Summary

The US Cold Pain Therapy Market is at around $0.924 Bn in 2022 and is projected to reach $1.189 Bn in 2030, exhibiting a CAGR of 3.2% during the forecast period.

Cryotherapy, known as cold pain therapy, involves using cold substances to relieve pain. These compounds stimulate the body's active anti-inflammatory response and endorphin production, resulting in reduced inflammation, swelling, and discomfort. The primary aim is to reduce neuronal activity and hence alleviate pain. Ice packs are the most used type of cold pain therapy because they are inexpensive, convenient, and drug-free, making them useful for treating pain caused by sprains, fractures, tendinitis, strains, and superficial tissue injury. It comes in a variety of forms, including ice packs, cooling cloths, compresses, wraps, and pads, as well as prescription-based motorized and nonmotorized devices. Beiersdorf AG, Hisamitsu Pharmaceutical Co., Inc., Romsons Group of Industries, Polar Products, and Rapid Aid are some of the key firms that provide products for this therapy.

More than 20% of Americans are estimated to suffer from chronic diseases like musculoskeletal disorders. The market is being propelled by major contributors such as the rise in the aging demographic and the subsequent increase in the prevalence of pain disorders, increased demand for non-opioid alternatives, technological advancements, and others. However, conditions such as complex regulatory landscape, limited awareness, and market fragmentation limit the growth and potential of the market.

Market Dynamics

Market Growth Drivers

Rising prevalence of pain disorders: Around 20% of adults in the US suffer from chronic pain. The increased prevalence of conditions such as musculoskeletal disorders, which impact 1 in every 2 people, sports injuries, and post-surgical pain all contribute to an increasing demand for effective pain management options. The aging demographic is particularly prone to pain-related diseases, increasing the market potential.

Increasing demand for non-opioid alternatives: There are rising concerns about the safety and long-term use of opioid medicines resulting in patients and providers exploring alternative pain management methods, like cold therapy. The growing awareness of the potential negative effects of opioids supports the preference for these approaches.

Technological advances: Cold therapy device advancements improve mobility, and accuracy of application, making them more appealing to both patients. Common technical solutions that address consumer needs and preferences include wearable ice packs, cold-water circulation systems, and cryotherapy chambers.

Focus on sports medicines and rehabilitation: The popularity of sports and fitness increases the incidence of sports-related injuries, requiring the use of appropriate pain management measures during the rehabilitation process. Cold treatment is commonly utilized in sports medicine to reduce inflammation, edema, and discomfort, resulting in enhanced market exposure and acceptance.

Market Restraints

Complex regulatory environment: The FDA enforces strict controls on medical devices and therapies. Lengthy approval procedures and stringent restrictions hamper the introduction of novel cold pain treatment technologies to the market. The FDA requires precise, evidence-based claims for pain alleviation, which presents hurdles for some cold pain therapy devices.

Market fragmentation: In the US, the market for cold pain therapy is fragmented, with a variety of small and medium-sized businesses offering various devices and approaches. This fragmentation restricts expansion due to resource scarcity and competitive barriers. In comparison to other pain management methods, there is a lack of substantial research on cold pain therapy, particularly in terms of long-term effectiveness and cost-efficiency.

Limited awareness: Many Americans, including healthcare professionals, may not possess a comprehensive understanding of the diverse cold pain therapies and their potential advantages. This limited awareness has the potential to impede market expansion, as the adoption of these therapies is contingent on thorough comprehension and acceptance. Certain individuals may hold misconceptions about cold therapy, expressing concerns about potential side effects or injuries.

Notable Updates

March 2023, Sun Life U.S. is broadening its range of health-related services through a collaboration with Goodpath, a digital clinic based in Boston. The collaboration seeks to provide people with disabilities access to comprehensive and holistic treatment choices for musculoskeletal problems that affect the neck or spine.

Healthcare Policies and Regulatory Landscape

The primary regulatory authority for pharmaceuticals in the US is the Food and Drug Administration (FDA). The FDA plays an important role in ensuring the safety and effectiveness of medications and biologics before market entry. The process of securing approval for a therapeutic product typically entails undergoing a series of rigorous clinical trials, where the drug's safety and efficacy undergo a thorough evaluation.

Navigating the regulatory system in the US might be difficult for newcomers to the therapeutic sector, but it is designed to protect patient safety and the highest standards of efficacy.

Competitive Landscape

Key Players

• Zimmer Biomet
• DJO Global Inc
• Chattanooga
• Biofreeze
• Medtronic
• BREG
• Rapid Aid
• Hyperice
• Polar Products
• Ossur