Published: June 2021 | Report Code: LS12194 | Available Format: PDF | Pages: 183
The global hot and cold therapy packs market was valued at $981.9 million in 2020, and it is expected to grow at a CAGR of 7.7% during the forecasted period of 2021–2030. The key factors driving the growth of the market include the increasing adoption of non-pharmaceutical and non-invasive pain management therapies, surging geriatric population, rising prevalence of orthopedic diseases, increasing product launches, and growing number of road accidents.
During the COVID-19 pandemic, the demand for hot and cold therapy packs has reduced due to movement restrictions, which have forced people to stay at home. Thu s, there is a huge decline in the incidence of injuries among school and college students and professionals. In addition, the number of road accidents has also decreased due to the reduced usage of vehicles. Moreover, companies faced disruptions in the supply chain during the first wave in 2020, which are again being observed in 2021. Thus, there has been a negative impact of the pandemic on the hot and cold therapy packs industry.
The cold therapy packs category held the larger share in 2020 in the hot and cold therapy packs market, based on type. The category is further projected to continue leading the market during the projected period. This is majorly attributed to the fact that cold therapy packs are highly preferred by people with chronic bone and joint pain. Besides, these are widely used by athletes in case of sports injuries, as they help in reducing pain and swelling (inflammation).
The market for hot and cold therapy packs is garnering the highest revenue from the sports injuries category, which is expected to further increase at a healthy rate during the forecast period. The market growth in this application category is primarily driven by the high demand for non-invasive pain relief therapies for the management of sports injuries, which are rising in incidence.
Geographically, North America was the largest market for hot and cold therapy packs in 2020, and it is expected to continue to be the leading market during the forecast period owing to the high prevalence of orthopedic diseases, such as osteoporosis and arthritis.
APAC is expected to be the fastest-growing market for hot and cold therapy packs during the forecast period, mainly due to the surging geriatric population in the region, which continues to generate a high demand for non-invasive pain management therapies.
Globally, the preference of patients is shifting toward non-pharmaceuticals and non-invasive pain management therapies from vaccination and medicines. It is observed as one of the key trends in the hot and cold therapy packs industry. Pharmaceutical medications are quite effective; however, people taking them are at a high risk of addiction or overdose. Thus, in order to reduce the chances of such issues, drug–body reactions, and side-effects, people are increasingly preferring non-pharmaceuticals. These treatments provide long-term pain relief with no side-effects. One example of non-pharmaceutical treatment is physiotherapy, which involves the use of hot and cold therapy packs.
The increasing aging population is playing a pivotal role in the growth of the hot and cold therapy packs market. According to the World Population Ageing 2020 report published by the United Nations (UN), there were 727 million people aged 65 years or above in 2020, and this number is set to rise to 1.5 billion by 2050. The elderly are more prone to long-term orthopedic disorders as their joints and bones are weak, which, in turn, results in the high demand for pain management products, such as hot and cold therapy packs.
The rise in the number of road accidents across the world is playing a vital role in the growth of the hot and cold therapy packs market. According to the WHO, 20–50 million people sustain non-fatal injuries every year, resulting in long-term disabilities. Since people with road injuries are often treated with hot and cold therapy packs for pain management, the rising number of road accidents is resulting in the surging demand for these products, thereby bolstering the market growth.
|Base Year (2020) Market Size||$981.9 Million|
|Market Size Forecast in 2030||$2,008.2 Million|
|Forecast Period (2021-2030) CAGR||7.7%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Profiling|
|Market Size by Segments||By Type; By Application; By Region;|
|Market Size of Geographies||U.S; Canada; Germany; France; U.K.; Italy; Spain; Japan; China; India; Brazil; Mexico; Argentina; Saudi Arabia; South Africa|
|Secondary Sources and References (Partial List)||Association for Safe International Road Travel (ASIRT); Centers for Disease Control and Prevention (CDC); European Alliance of Associations for Rheumatology (EULAR); International Osteoarthritis Foundation (IOF); National Health Service (NHS); Organisation for Economic Co-operation and Development (OECD)|
The global hot and cold therapy packs market is fragmented in nature with the presence of several key players. Major players in the industry include Kobayashi Pharmaceutical Co. Ltd., DJO LLC, Rapid Aid Corporation, Performance Health Holding Inc., Carex Health Brands Inc., IceWraps, Beurer Gmbh, Xiamen Artborne Industrial Co. Ltd., and Koolcare Technology Co. Ltd.
In recent years, the players in the hot and cold therapy packs industry have been involved in partnerships and acquisitions in order to attain a significant position. For instance:
The global hot and cold therapy packs market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Application
The global hot and cold therapy packs market revenue stood at $981.9 million in 2020.
The hot and cold therapy packs industry will progress at a CAGR of 7.7% during 2021–2030 and generate $2,008.2 million revenue by 2030.
The cold therapy packs category led the hot and cold therapy packs industry in 2020, due to the extensive usage of cold therapy packs by people suffering from chronic joint and bone pain.
The COVID-19 pandemic negatively impacted the market for hot and cold therapy packs.
The surging population of geriatric people is the major growth driver of the market for hot and cold therapy packs.
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