Growth Factors Driving the Market: The Factors such as increasing prevalence of arthritis and the rising number of sports injuries are the key factors boosting the demand for cold pain therapy products for the management of pain. Moreover, growing awareness about the availability of cost-effective cooling pain relief products and the ease of application of cold pain therapy products are anticipated to accelerate the adoption of these products in the coming years.
MarketsandMarkets™ View on Revenue: The Global Cold Pain Therapy Market size is projected to reach USD 2.0 billion by 2025 from USD 1.6 billion in 2020, at a CAGR of 4.4% during the forecast period.
Industry Segmentation in Detailed:
The OTC product segment is expected to have the largest market share during the forecast period;
The large share of this segment is attributed to factors such as the significant increase in the prevalence of musculoskeletal disorders such as osteoarthritis, back and neck pain and rise in arwarness among patients about the growing availability of OTC cold pain therapy products.
Musculoskeletal Disorders accounted for the largest share of the cold pain therapy market;
The growing prevalence of musculoskeletal disorders gloablly and the demand for thecost effective pain relief ptroducts and the growing awareness about the avaolibility of effective cold therapy products for the musculoskeletal disorders pain management and rise in the geriatric patient population are likely to fuel the growth of this segment during the forecast period.
Retail Pharamcies accounted for the largest share of the cold pain therapy market;
The segment accounted for the highest share owing to the increasing growing awareness about the availability of effective cold pain therapy products in retail pharmacies, increase in the expansion of retail pharmacies through collaboration with e-pharacies and the major focus on strengthening the brand connection among customnesr by widening their personal consulatnat services are some of the factors anticipated to preopel the growth of this segment.
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Leading Key Players Analysis:
Sanofi (France), Pfizer (US), Hisamitsu Pharmaceutical (Japan), ROHTO Pharmaceutical (Japan), Beiersdorf (Germany), Johnson & Johnson (US), Medline Industries (US), Össur (Iceland), Performance Health (US), Breg (US), Romsons Group of Industries (India), Unexo Life Sciences (India), and Bird & Cronin (US)
Sanofi is among the leading pharmaceutical companies in the world. It focuses on the research, development, manufacture, and commercialization of healthcare products (including medicines, vaccines, and therapeutic products). The company operates its business through three segments, namely, Pharmaceuticals, Vaccines, and Consumer Healthcare. Sanofi offers a wide range of cold pain therapy products, such as patches, creams, sprays, balms, and roll-ons,through its Consumer Healthcare segment and its subsidiary Chattem, Inc. (US).Sanofi has a strong geographic presence in over 100 countries, with distribution networks across more than 170 countries across the globe,including the US, France, Germany, Turkey, Brazil, and Japan. Some of its key subsidiaries include Aventis, Inc. (US), Sanofi-Aventis Deutschland GmbH (Germany), Aventis Pharma Limited (UK), Sanofi (Hangzhou) Pharmaceuticals Co., Ltd. (China), and Merial Japan Ltd.
Geographical Trends in Detailed:
North America (comprising the US and Canada) dominates cold pain therapy market. North America is a gaining traction with the increasing incidence and prevalence of orthopedic disoprders. Moreoer resence of major key platers in the region, facourable government scenarios, higher awarness of self tetsing and home care products and significant adoption of cold therapy products are likely to paly a major role in fueling the growth of the cold pain therapy market in the North America.
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