Hot and Cold Therapy Packs Market Research Report: By Type (Cold Therapy Packs, Hot Therapy Packs), Application (Sports Injuries, Neuropathic Pain, Post-Surgical Pain) - Global Industry Analysis and Demand Forecast to 2030

Market Overview

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.

Demand for Cold Therapy Packs Is More as Compared to Hot Therapy Packs

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).

Due to High Incidence of Sports Injuries, Sports Injuries Category Accounts for Largest Revenue Share

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.

North America Leads Global Market due to High Prevalence of Orthopedic Diseases

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.

Market To Grow Fastest in Asia-Pacific (APAC) due to Booming Geriatric Population

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.

Preference for Non-Pharmaceutical, Non-Invasive Pain Management Therapies Is Key Trend

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.

Surging Geriatric Population Is Driving Market Growth

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.

Increasing Number of Road Accidents also Driving Demand for 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.

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Market Players Involved in Mergers and Acquisitions to Gain Significant Position

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:

• In November 2018, DJO Global LLC announced a partnership with SirenMD, a workplace collaboration platform designed to increase the quality, efficiency, and timeliness of medical decisions by facilitating coordinated communication between caregivers and patient advocates. With this new partnership, DJO Global LLC offers its existing customers and sales channels a new coordinated care platform, which even includes the hot and cold therapy pack portfolio of the company.
• In June 2018, Halyard Health Inc. entered into a definitive agreement to acquire CoolSystems Inc., which is marketed as Game Ready and is a provider of cold therapy and compression therapy systems, for $65 million in cash. Game Ready offers products to assist in the pain management and rehabilitation of patients recovering from orthopedic surgeries or sports-related injuries. Game Ready’s product line includes the GRPro 2.1 cold and compression therapy system, Med4 Elite multi-modality therapy unit, ATX wraps, and a variety of product accessories, all of which complement Halyard’s existing pain management portfolio.

Key Players in Hot and Cold Therapy Packs Market Include:

Market Size Breakdown by Segment

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

• Cold Therapy Packs
• Hot Therapy Packs
  • Moist therapy packs
  • Dry therapy packs

Based on Application

• Sports Injuries
• Neuropathic Pain
• Post-Surgical Pain

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
• Latin America (LATAM)
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia