Vietnam Cold Pain Therapy Market Report 2022 to 2030

Vietnam Cold Pain Therapy Market Analysis

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The Vietnam Cold Pain Therapy Market was valued at $11 Mn in 2022 and is predicted to grow at a CAGR of 5.43% from 2023 to 2030, to $17 Mn by 2030. The key drivers of this industry include a surge in the prevalence of chronic pain disorders, consumer demand for non-invasive approaches, and the evolving technological landscape in the industry. The industry is primarily dominated by players such as Ossur, Rohto, Pfizer, Hisamitsu, Johnson & Johnson, Sanofi, and Breg among others.

CATEGORY: Pharmaceuticals GEOGRAPHY: Vietnam AUTHOR: Riddhi Solanki

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Vietnam Cold Pain Therapy Market Analysis Executive Summary

The Vietnam Cold Pain Therapy Market is at around $11 Mn in 2022 and is projected to reach $17 Mn in 2030, exhibiting a CAGR of 5.43% during the forecast period.

Cryotherapy, known as cold pain therapy, is the use of cold substances to relieve pain. These substances activate the body's innate anti-inflammatory response and endorphin production, which causes reduced pain, swelling, and discomfort. It works by reducing neuronal activity ultimately decreasing pain. Ice packs are the most commonly utilized form of cold pain therapy due to their low cost, ease of use, and drug-free nature, treating pain caused by sprains, fractures, strains, tendinitis, and superficial tissue injury. This therapy is effective for both acute injuries (strains, and bruises) and long-term diseases (osteoarthritis and musculoskeletal conditions). It is available in various forms, including ice packs, cooling towels, 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., Romsons Group of Industries, Polar Products, and Rapid Aid, among others.

More than 30% of the Vietnamese population suffers from chronic pain disorders of some form. Several factors contribute to market expansion, including a surge in the prevalence of chronic pain diseases, consumer demand for non-invasive treatments, and a developing technology landscape in the industry. However, constraints such as limited population awareness, accessibility, and low reimbursement restrict the market's growth and potential.

Market Dynamics

Market Growth Drivers

Increasing prevalence of pain disorders: As Vietnam's population ages, the prevalence of age-related diseases such as osteoarthritis and musculoskeletal disorders increases, affecting around 30% of the Vietnamese population, and contributing significantly to chronic pain. Furthermore, lifestyle changes characterized by increased levels of physical inactivity and obesity are leading to a higher prevalence of pain across all age groups.

Consumer demand for non-invasive approaches: Concerns about the potential adverse effects and long-term use of painkillers are prompting patients to explore alternative treatments. Cold pain therapy is a non-invasive, drug-free solution that meets the needs of health-conscious consumers. Cold therapy's success in treating particular diseases such as sports injuries and arthritis allows for its greater adoption.

Evolving technological landscape: Advancements in Cold therapy, such as wearable devices and personalized treatment options, potentially improve user experience and increase adoption. Vietnamese companies developing unique cold therapy solutions tailored to individual needs help to expand the industry even further.

Market Restraints

Limited awareness: There is a poor understanding of cold pain therapy among the general population in Vietnam. Insufficient awareness causes reluctance to adopt this therapeutic approach, lowering market demand.

Limited accessibility: Individuals face difficulties finding qualified practitioners and equipment, particularly in remote regions, limiting the availability of these treatments. Furthermore, the cost of treatment or equipment serves as a constraint for many patients.

Limited reimbursement: Cold pain therapy equipment and treatments are comparatively expensive for many segments of Vietnamese patients. Furthermore, limited insurance coverage for these therapies acts as a barrier to access.

Healthcare Policies and Regulatory Landscape

The main regulatory body overseeing drugs and pharmaceuticals in Vietnam is the Ministry of Health (MOH), specifically its Department of Medical Equipment and Health Works (DMEHW) and the Drug Administration of Vietnam (DAV). These agencies are responsible for ensuring the safety, efficacy, and quality of pharmaceutical products in the country.

The regulatory process for obtaining licensure for drugs in Vietnam involves the submission of a comprehensive application by the pharmaceutical company to the DAV. The DAV evaluates the application and conducts inspections to ensure compliance with regulatory standards. Once the assessment is completed, the DAV may grant approval for the product to be marketed in Vietnam.

The regulatory environment for new entrants in the pharmaceutical industry in Vietnam is characterized by a set of well-defined regulations and procedures. New entrants need to navigate the regulatory framework established by the MOH to obtain necessary approvals and licenses. While the regulatory process aims to ensure the safety and quality of pharmaceuticals, it may pose challenges for new companies unfamiliar with the specific requirements and documentation needed.

Competitive Landscape

Key Players

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

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

Vietnam 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

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How Do We Get It?

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

1. Secondary Research

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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.