The high prevalence of orthopedic diseases, rising number of sports injuries, increasing number of road accidents, rising adoption of non-pharmaceutical and non-invasive pain management therapies, and growing geriatric population are the key growth drivers for the global hot and cold therapy packs market. Due to the above-mentioned factors, the industry is projected to generate $2,008.2 million revenue by 2030, growing at a CAGR of 7.7% during the forecast period (2021–2030).
Since the beginning of 2020, due to COVID-19, manufacturing facilities of hot and cold therapy packs were partially closed. Moreover, there has been a reduced demand for these products owing to the lockdowns and other strict government regulations, which forced people to stay inside their homes. This has also brought down the incidence of injuries, road accidents, and wounds. Thus, there has been a negative impact of the pandemic on the sale of hot and cold therapy packs.
The hot and cold therapy packs market is categorized into hot therapy packs and cold therapy packs, on the basis of type. Of these, the cold therapy packs category held the larger market share during the historical period (2014–2020), and it is expected to continue its dominance during the forecast period. This will mainly be due to the strong preference for cold therapy packs by people suffering from chronic bone and joint pain. Besides, these products are widely used by athletes for reducing the pain and inflammation caused by sports injuries.
Moreover, the hot and cold therapy packs industry is categorized into sports injuries, neuropathic pain, and post-surgical pain on the basis of application. Out of these, the sports injuries category is expected to witness the fastest growth during the forecast period. This will be primarily due to the fact that sportspersons prefer non-invasive pain relief therapies for the management of sports injuries.
North America was the leading contributor to the global hot and cold therapy packs market in 2020. This is mainly attributed to the rise in the demand for such products among the geriatric population, increasing prevalence of orthopedic diseases, and increasing number of injuries and road accidents in the region. The Asia-Pacific (APAC) market is expected to witness the fastest growth during the forecast period owing to the large geriatric population, along with the growing cases of orthopedic diseases and a high demand for non-invasive pain management therapies in the region.
Key Players in the global hot and cold therapy packs market have been involved in launching a number of products in order to gain a significant competitive advantage. For instance,
Similarly, in April 2018, Game Ready, a brand of CoolSystems Inc., announced the launch of its new full-leg boot, a full-leg wrap that provides compression, cold, and heat therapies to facilitate speedy recovery.
The key players operating in the global hot and cold therapy packs market are 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.